President Bill Hornbuckle signed a new deal with MGM Resorts to extend his contract to 2028, the company announced on Thursday.
Hornbuckle became CEO and President during the COVID-19 pandemic in 2020, succeeding Jim Murren. He has been at the company since 1998 when he was appointed executive vice president of operations at the MGM Grand Las Vegas.
Paul Salem, chairman of the MGM Resorts Board of Directors, wrote in a statement,
“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,”
He went on to add, “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.”
Expanding into Asia
Hornbuckle has been leading the company’s expansion into Asia and also serves as co-chairman of the Board of Directors of MGM China Holdings to deal with its Macau properties. Upon completion of his contract in 2028, he will move to an advisor’s role on MGM’s resort project in Osaka, Japan.
The company chief will also be overseeing MGM Resorts’ bid for one of the three available downstate New York casino licenses. Plans for the site include a 5,000-seat entertainment venue and a state-of-the-art BetMGM sportsbook.
On extending his contract, Hornbuckle commented,
“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 continued to add, “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.”
BetMGM leading the company forward
BetMGM saw favorable results in Q1 with an overall revenue increase of 34% compared to the first quarter of 2024, and online sports betting revenue surged 68% to $194 million.
Overall revenue was slightly down year-on-year, however, at $4.28 billion, which marked a 2.4% decrease from last year. In the figures released last week, net income also fell, down from $217 million to $149 million.
As well as the investments in New York and Japan, the company initiated a new $2 billion share buyback, repurchasing nearly 15 million shares for $494 million.
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
