MGM, Wynn Held Talks with Officials on Thailand Casinos

• Deputy Finance Minister Amornvivat confirms talks with US casino giants
• Says discussions with two other gaming companies are on deck
• Reading of gaming bill in parliament scheduled for July 9

A high-ranking Thai official confirmed recent discussions with MGM Resorts International and Wynn Resorts regarding those operators’ interest in potentially pursuing casino gaming licenses in the Southeast Asian nation.

Deputy Finance Minister Julapun Amornvivat revealed Monday that he’s been in touch with the two Las Vegas-based companies and that at least two more unidentified global gaming firms expected to soon hold talks with Thai officials. In recent days, The Bangkok Post featured photographs Julapun meeting with Wynn executives. Today’s edition of the newspaper had a picture of Ed Bowers, president of global development at MGM Resorts, emerging from a meeting with the finance minister.

The deputy finance minister said the country is seeking investments from global gaming operators of at least $3.01 billion — a price point that’s likely palatable to companies such as MGM and Wynn.

MGM, Wynn Have Been Clear About Thailand Interest

Both MGM and Wynn have been clear about possibly pursuing Thailand casino licenses. Last year, MGM CEO Bill Hornbuckle told analysts and investors that if the company goes down that road, it will be its MGM China unit that oversees the bid. The Bellagio operator owns 56% of MGM China, which is run by Pansy Ho.

Wynn has also previously expressed interest in Thailand with CEO Craig Billings making comments to that effect on earnings calls over the past year. Julapun told The Post that both US operators are prioritizing regulations and anti-money laundering protocols.

They are interested in investing in Thailand and believe our legal framework is quite solid, especially regarding money laundering and gambling regulation,” he said in the interview.

In March, Thailand named Bangkok, Chon Buri, Chiang Mai, and Phuket as the initial homes to regulated gaming venues. Prior rumors indicated that two such venues would call Bangkok home, implying Thailand’s initial foray into casinos would consist of five properties.

Wynn Could Have Renewed Thailand Focus

It’s likely just a coincidence, but news of Wynn executives meeting with Julapun arrived on the same day the operator decided to scuttle its quest for a New York City casino license, citing “persistent opposition.”

With that bid scrapped, it could free up Wynn to focus more diligently on exploring Thailand though Billings said on the company’s first-quarter earnings conference call on May 6 changes to draft legislation are likely needed.

“Obviously, the bill there has been delayed, and there’s some components to the bill that probably won’t work if they stay in the bill,” he said in response to an analyst question. “But it’s an amazing potential market with unbelievable airlift, infrastructure, tourism, etc.”