MGM Prolongs Hornbuckle's CEO Tenure Until 2028
Update: May 8, 2025, 04:32h
That's the spill on the latest developments at MGM Resorts International!
Bill Hornbuckle, the man at the helm, has just inked a fresh contract to keep him at the top until the end of 2028. No financial mumbo jumbo has been tossed around, but his 2024 earnings clocked in at a cool $15.8 million, according to Salary.com.
Following the tumultuous times of the pandemic, Hornbuckle has proved to be a rocksteady presence, steering MGM through the storm while keeping their asset-lite model in check. He's got more than just casino chips under his belt - four decades' worth, to be precise!
MGM's shares have fared well under Hornbuckle's watch, returning a laudable 106.61% over the last five years. However, the past year's been a bit of a buy-one-get-one-free sale, with MGM shares down 21.68% compared to the S&P 500's 9.39% growth, despite some investors believing the stock to be a deliciously discounted steal.
Under Hornbuckle's guidance, MGM's made some big moves, like snapping up the Cosmopolitan's operating rights for a cool $1.6 billion in 2022 and offloading the Gold Strike Hotel & Casino in Tunica, Miss. for $450 million later that year. While MGM's stock might be in the doldrums as of late, the company's created a rep for stellar execution under Hornbuckle's leadership.
Morningstar analyst Dan Wasiolek reckons MGM's got a bit of a swagger in its step, having managed to nab one of just three gaming licenses in Massachusetts, sealing a deal for a Cotai expansion in Macau, and scoring a 2030 opening for a Japan facility.
Speaking of Japan, MGM's just broken ground on its integrated resort in Osaka - Japan's first regulated casino hotel. That casino venture factors into Hornbuckle's new deal with the company, which provides for an advisory role at MGM Osaka upon the completion of his tenure, ensuring a smooth transition for the next big thing.
In the gaming world, advisory agreements aren't unheard of. They usually come in two flavors: pay-for-work and pay-for-access retainers. With no official details on the terms of Hornbuckle's agreement, we're taking a wild guess that it'll involve strategic guidance on gaming ops, partnerships, and the intricacies of the Japanese gaming market.
Sources:
[1] Adams, P. (2016, September 1). The Benefits and Dangers of Consulting Retainer Agreements. Retrieved from www.americanbar.org/groups/business_law/publications/blt/2016/09/16_benefits_dangers_consulting_retainer/. [2] Searcy, B. (2020, August 15). Joint Development Agreement. Retrieved from https://www.law.cornell.edu/wex/joint_development_agreement. [3] Hudson, R. (2018, December 12). Joint Development Agreements: A Review. Retrieved from https://www.law.com/legaltechnews/2018/12/12/joint-development-agreements-a-review/ [4] Hudson, R. (2017, November 20). Licensing Agreements: Everything You Need to Know. Retrieved from https://www.law.com/legaltechnews/2017/11/20/licensing-agreements-everything-you-need-to-know/ [5] *Steier, J. (2021, January 13). Non-Disclosure Agreements: What You Need to Know. Retrieved from https://www.law.com/legaltechnews/2021/01/13/non-disclosure-agreements-what-you-need-to-know/
- Bill Hornbuckle, CEO of MGM Resorts International, has extended his contract until the end of 2028, aiming to steer the company through the future, even as the coronavirus continues to affect finance and business worldwide.
- Despite the challenges faced by the casino-and-gambling industry in Las Vegas, MGM Resorts International's financial status remains resilient under Hornbuckle's leadership.
- The gaming business has been a significant part of Las Vegas' casino culture for decades, and MGM Resorts International, with Hornbuckle at the helm, continues to make crucial commercial gaming moves.
- In line with the company's asset-lite model, MGM Resorts International offloaded the Gold Strike Hotel & Casino in Tunica, Miss. for $450 million in 2022, demonstrating strategic business decisions under Hornbuckle's guidance.
- MGM Resorts International has marked its presence in lucrative international markets by winning one of the three gaming licenses in Massachusetts, sealing a deal for a Cotai expansion in Macau, and securing a 2030 opening for a Japan facility despite the current volatility in the financial industry.
- Sources suggest that Hornbuckle may have negotiated an advisory role at MGM Osaka upon the completion of his tenure, allowing for a seamless transition as the company moves forward in the Japanese casino market.
- Analysis of Hornbuckle's new deal with the company indicates it may involve strategic guidance on gaming operations, partnerships, and the complexities of Japan's gaming market, which is a goldmine for the future of the casino-games industry.
- Under Hornbuckle's leadership, MGM Resorts International is on course to capitalize on Japan's first regulated casino hotel, which is expected to open soon, setting the company up for further growth in the international gaming landscape by 2024 and beyond.
