MGM Extends CEO Hornbuckle’s Contract Through 2028
Key Takeaways
MGM Resorts International has extended CEO Bill Hornbuckle’s contract through the end of 2028. Even after his term, Hornbuckle will remain involved as an advisor for the large-scale project in Osaka, Japan. Despite MGM’s stock dropping by 21.68% over the past year, the company continues to focus on international expansion and digital strategies. Hornbuckle is praised for his leadership during times of crisis and his long-term growth strategy.
Extended Contract Through 2028
MGM Resorts has extended Bill Hornbuckle’s contract as CEO and President through December 2028. Hornbuckle took over leadership in 2020, in the midst of the COVID-19 pandemic. Since then, he has guided the company through a period of significant transformation. After his term ends, he is expected to continue as an advisor for the integrated resort project in Osaka.
Focus on Global Expansion
Hornbuckle continues to emphasize MGM’s international focus. Key projects are underway in Japan, New York, Brazil, and the Middle East—regions considered strategically important for growth. MGM is pursuing an “asset-light” strategy, selling off real estate holdings to increase flexibility and use capital more efficiently. One example is the sale of the Gold Strike Casino in Mississippi for USD 450 million.
Digital Focus and Strategic Acquisitions
Under Hornbuckle’s leadership, MGM has made targeted investments in digital business areas, including online casinos and sports betting platforms. A major move was the acquisition of operating rights for The Cosmopolitan of Las Vegas for USD 1.6 billion. These efforts aim to reduce MGM’s reliance on traditional hotel and casino operations over the long term.
Stock Under Pressure Despite Long-Term Gains
Over the past five years, MGM has delivered a total return of 106.61%, outperforming both the MVIS Global Gaming Index and the S&P 500. However, its stock price declined by 21.68% over the past year, while the S&P 500 rose by more than 9%. Some investors view this as a disconnect between short-term market sentiment and long-term potential.
Leadership Style and Corporate Culture
Hornbuckle emphasizes the importance of a strong corporate culture, with a focus on customer experience and continuous improvement. He stresses that MGM is well-positioned despite current challenges. The combination of digital transformation, international projects, and strategic flexibility is designed to future-proof the company.
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Our Assessment
The extension of Bill Hornbuckle’s contract is a clear signal of continuity and long-term planning at MGM Resorts. His track record shows that he has successfully led the company through difficult times while identifying new growth opportunities. The expansion into international markets and the focus on digital offerings are strategically sound. Despite short-term stock weaknesses, MGM remains a compelling player in the global gaming market.
Sources
- Las Vegas Review-Journal
- Bloomberg
- Reuters
- Yahoo Finance
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