Alongside Hornbuckle, present at the teleconference were Corey Sanders, COO; Jonathan Halkyard, CFO and Treasurer; Kenneth Feng, President and CEO of MGM China; and Andrew Chapman, Director of Investor Relations.
"We took BetMGM from the UK, as we've already mentioned. We already have well over 100,000 first-time depositors in just four and a half months, and we're already looking at another country to do the same," Hornbuckle informed.
"I'm heading to South America next week or the week after to explore a major partnership. Brazil is going to legalize internet gambling for casinos and sports betting, and we plan to be there when that happens. We're focused on turning this business into something real and essentially building a solid foundation for it," the executive said.
It is worth noting that BetMGM, owned by the MGM Resorts International Group, is one of the 134 companies on the priority list for the Ministry of Finance.
The Ministry of Finance will define a set of requirements for the companies. Some points, such as having headquarters in Brazil, are already described by law, but others, such as the minimum share capital, will be determined in ordinances that have not yet been published.
The trend is for the Finance Ministry to establish that betting houses have a minimum share capital, according to reports from those involved in negotiations between the government and companies.
The granting fee for a license was set at up to R$30 million (US$5 million), in addition to the obligation to declare betting exploration as an activity – an already existing nomenclature.
"We obviously want to be in our own sports betting business with our own technology. And over time, we have Kambi that we use for LeoVegas. We're about to close a deal for Live Dealer, where we've talked about and had a vision of broadcasting live games from Las Vegas to the rest of the world with some celebrities and entertainment tied to them, and we're about to finalize that," the Group executive said during the call.
Source: GMB
