MGM Resorts, CEO Hornbuckle Agree On New Deal Through 2028

MGM Resorts announced Thursday it reached an agreement with CEO and President Bill Hornbuckle on a new contract through the end of 2028.

Hornbuckle, 67, has been with MGM Resorts since 1998 when he was named executive vice president of operations at the MGM Grand Las Vegas after previous stops across the Las Vegas Strip. He was named acting CEO in March 2020 right after the start of the COVID-19 pandemic and became CEO and president in July of that year, succeeding Jim Murren.

“Bill is an exceptional, visionary leader who successfully guided the company through the COVID-19 pandemic while also positioning the business for long-term growth through new digital ventures, strategic M&A opportunities, and expansion into new international markets,” said Paul Salem, chairman of the MGM Resorts Board of Directors, in a statement. “Bill has earned the trust, respect and admiration of his employees, peers, shareholders and this Board. We’re thrilled that he has agreed to remain in his role for the foreseeable future.”

MGM Resorts International moved slightly higher in Friday morning trading on the New York Stock Exchange after the announcement, trading at $32.41 as of 11 a.m. EDT. That, however, is well off its 52-week high of $47.26 established last July. The company reported positive EBITDA in its first quarter report last week and authorized a $2 billion share repurchase program.

A pivot to Asia post-contract

MGM Resorts has also offered Hornbuckle an advisory role to assist with its $10 billion integrated resort project in Osaka, Japan, upon the completion of his contract. Among his duties as CEO is leading the company’s global development efforts and its digital gaming strategy. Hornbuckle also serves as co-chairman of the Board of Directors of MGM China Holdings to deal with its Macau properties.

“I am honored to continue leading this company at an exciting time of both digital growth and resort expansion in places like New York, Japan, Brazil, and the Middle East. Our best days remain in front of us, and I’m thankful to our Board for their continued trust and support,” he said in a statement.

“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. Together, we will continue to pursue our vision to be the world’s premier gaming entertainment company.”

Hornbuckle has overseen tremendous growth in MGM’s digital footprint for both internet casino gaming and mobile sports betting. Net revenue for iGaming was up 27% compared to the first quarter of 2024, and digital sports betting net revenue surged 68%. Combined wagering in the two verticals was up 29% year-over-year.

Hornbuckle will also be overseeing MGM Resorts’ bid for one of the three available downstate New York casino licenses. The Yonkers-based Empire City Casino bid, which would be located 20 miles north of New York City and connected to Yonkers Raceway, is highlighted by an 845,000-square foot expansion as part of a $2 billion project. It also includes a 5,000-seat entertainment venue and state-of-the-art BetMGM sportsbook.