MGM pens new employment agreement with CEO Bill Hornbuckle
MGM Resorts International has announced a new employment agreement with its CEO and President Bill Hornbuckle to remain in his roles through 31 December 2028.
Hornbuckle took on the top job at MGM on a permanent basis in July 2020. As CEO, he will continue to oversee all aspects of MGM’s strategy, operations and hospitality and gaming development projects. Hornbuckle will also lead global development efforts at MGM, in addition to its digital gaming strategy.
Alongside serving as CEO, Hornbuckle is a member of the MGM board of directors. He is also co-chair of the board of MGM China Holdings, the entity that operates resorts in Macau.
Hornbuckle has been with MGM for 12 years. He joined in December 2012 as its president and chief operating officer and had a short spell as acting CEO before taking on the role full time.
Assist with MGM Osaka in Japan
As part of his new employment contract, Hornbuckle will support MGM with its plans in Japan via an advisory agreement to assist with the integrated resort project in Osaka, until the new property opens. This role will commence at the end of Hornbuckle’s term as CEO.
MGM Resorts has partnered with Orix Corporation for the new integrated resort, which will be the first of its kind in Japan. The companies have already secured the relevant certification to proceed with the project, which is expected to open in mid-2030.
MGM Osaka will be located on Yumeshima, a manmade island on Osaka Bay. It will include Japan’s first casino, 2,500 hotel rooms, a convention centre, a shopping mall and other amenities. The entire project is expected to cost approximately ¥1.27 trillion ($8.78 billion).
Hornbuckle an ‘exceptional, visionary’ leader
MGM Chairman Paul Salem described Hornbuckle as an “exceptional, visionary leader”, highlighting how he successfully led the group through the pandemic and has overseen digital ventures, strategic M&A opportunities and expansion into new markets.
“Bill has earned the trust, respect and admiration of his employees, peers, shareholders and this board,” Salem said. “We’re thrilled that he has agreed to remain in his role for the foreseeable future.”
Hornbuckle added: “I am honoured 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. I’m thankful 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.”
The announcement came on the back of MGM publishing its financial results for Q1. These revealed revenue of $4.28 billion, slightly ahead of analysts’ forecasts of $4.27 billion. MGM also said Q1 consolidated adjusted EBITDA had reached $637 million.