According to the [draft script][1] for the film, the Grandmaster (ever the narcissist) is simply admiring his own youthful good looks *and expecting those around him to do the same*

> **Grandmaster:** *On any other world, I’d be like, millions of years old. But here on Sakaar..*
>
> [**Grandmaster beholds himself.** Then turns to Loki. A truly uncomfortable silence.]


  [1]: http://waltdisneystudiosawards.com/media/scripts/thor_ragnarok.pdf