MGM Resorts Bill Hornbuckle signs extension as company CEO
President Bill Hornbuckle has officially extended his contract with MGM Resorts, committing to his role until 2028. This announcement underscores Hornbuckle’s significant contributions during his tenure, particularly navigating the intricate challenges posed by the COVID-19 pandemic.
Since assuming the position of CEO and President in 2020, following Jim Murren’s departure, Hornbuckle has been instrumental in steering the company through turbulent times. His journey with MGM began in 1998 as the executive vice president of operations at MGM Grand Las Vegas, showcasing a deep-seated expertise that continues to shape the company’s trajectory.
Paul Salem, the chairman of the MGM Resorts Board of Directors, commended Hornbuckle’s leadership. He stated, “Bill is an exceptional, visionary leader who has effectively guided the company through the COVID-19 pandemic. His focus on long-term growth through digital ventures, strategic mergers and acquisitions, and international expansion has positioned us favorably within the industry.”
Salem further articulated the board’s confidence in Hornbuckle, emphasizing, “He has earned the trust, respect, and admiration of employees, peers, shareholders, and this Board. We’re thrilled to have him on board for the foreseeable future.”
### Strategic Expansion into Asian Markets
Under Hornbuckle’s leadership, MGM Resorts is actively expanding its footprint in Asia. He also assumes the role of co-chairman of MGM China Holdings, managing operations in Macau. Following the completion of his contract in 2028, Hornbuckle will transition to an advisory capacity for MGM’s ambitious project in Osaka, Japan.
In addition to these initiatives, Hornbuckle is overseeing MGM Resorts’ competitive bid for one of the three coveted casino licenses in downstate New York. This venture includes plans for a 5,000-seat entertainment venue alongside a cutting-edge BetMGM sportsbook, exemplifying MGM’s commitment to enhancing guest experiences.
Reflecting on his contract extension, Hornbuckle expressed his enthusiasm: “I am honored to continue leading this company at an exciting juncture characterized by digital growth and resort expansion across New York, Japan, Brazil, and the Middle East. Our best days are ahead, and I extend my gratitude to the Board for their continued trust and support.”
He further highlighted the importance of collective effort, stating, “The success we’ve enjoyed over the last five years is a testament to our leadership team and employees who embrace a culture of guest-centricity and continuous improvement. Together, we will pursue our vision to be the world’s premier gaming entertainment company.”
### BetMGM: A Driving Force for Growth
BetMGM has emerged as a vital component of MGM Resorts’ growth strategy, posting impressive results in Q1. The platform experienced a 34% revenue increase compared to Q1 2024, with online sports betting revenue soaring by 68% to $194 million.
However, overall consolidated revenue saw a slight decline to $4.28 billion, reflecting a 2.4% decrease year-on-year. Additionally, net income dropped from $217 million to $149 million, prompting strategic adjustments.
In alignment with its growth initiatives in New York and Japan, MGM Resorts has also announced a $2 billion share repurchase program, successfully buying back nearly 15 million shares, valuing $494 million. These strategic moves illustrate MGM’s commitment to long-term sustainability and shareholder value in a rapidly evolving gaming landscape.
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In conclusion, as Bill Hornbuckle continues to lead MGM Resorts, the company remains poised for significant advancements in the global gambling market, particularly through innovative technologies, geographic expansion, and a focus on enhancing customer experiences. The future of MGM Resorts appears bright, with a strong leadership team dedicated to navigating the challenges and opportunities within this dynamic industry.
