MGM Resorts' Bill Hornbuckle Extends Tenure as CEO Through 2028
MGM Signs New Work Contract with CEO Bill Hornbuckle
Get ready to roll the dice, folks! MGM Resorts International's top honcho, Bill Hornbuckle, is sticking around till the end of 2028, keeping the reins as CEO.
Hornbuckle landed the big gig on a permanent basis back in 2020, and his responsibilities include overseeing MGM's entire strategy, operations, and hospitality and gaming development projects. Add to that his role in leading global development efforts and managing the digital gaming strategy. Talk about a full house!
Hornbuckle's been with MGM for 12 years, joining as president and COO in 2012. Before stepping up as CEO, he had a short stint as acting CEO.
Hornbuckle's Mission in Japan
As part of his new deal, Hornbuckle will lend a hand to MGM's plans in Japan via an advisory agreement. This role kicks off after he wraps up his term as CEO and will help MGM with their integrated resort project in Osaka until the new property opens.
MGM Resorts is partnering with Orix Corporation for this new integrated resort, set to be Japan's first of its kind, with a targeted opening date of mid-2030. MGM Osaka will be erected on Yumeshima, a manmade island on Osaka Bay, featuring Japan's first casino, 2,500 hotel rooms, a convention center, a shopping mall, and more amenities. The whole shebang is expected to cost roughly ¥1.27 trillion ($8.78 billion).
Hornbuckle, an 'Exceptional Visionary'
MGM Chairman Paul Salem hailed Hornbuckle as an "exceptional, visionary leader." Salem highlighted how Hornbuckle steered the group through the pandemic, dove headfirst into digital ventures, pursued strategic M&A opportunities, and expanded into new markets.
"Bill has the trust, respect, and admiration of his employees, peers, shareholders, and this board," Salem said. "We're over the moon that he's agreed to carry on in his role for the foreseeable future."
Hornbuckle chimed in, "I'm beyond stoked to keep leading this company at a time of digital growth and resort expansion in places like New York, Japan, Brazil, and the Middle East."
"Our best days are still ahead of us," Hornbuckle added. "I'm grateful to our board for their continued trust and support. The success we've enjoyed over the last five years is a testament to our leadership team and our employees who have embraced our culture of guest-centricity and continuous improvement."
MGM's Strong Q1 Performance
The announcement came on the heels of MGM publishing its financial results for Q1. The numbers showed revenue of $4.28 billion, just barely surpassing analysts' forecasts of $4.27 billion. MGM also reported that Q1 consolidated adjusted EBITDA had reached $637 million.
Hornbuckle's new deal includes an advisory role in MGM's Japanese plans, specifically aiding in their integrated resort project in Osaka, which will open in the mid-2030s.
In 2028, Hornbuckle will still be leading MGM Resorts International, overseeing their hospitality and gaming development projects, digital gaming strategy, and global development efforts.
Before this, in 2020, Hornbuckle officially became the permanent CEO of MGM Resorts, a position he had been acting in for a brief period before that. In this role, he will continue to steer the company through digital growth and expansion into markets like New York, Japan, Brazil, and the Middle East.
