CEO and PRESIDENT
MGM Resorts
CHAIRPERSON and EXECUTIVE DIRECTOR
MGM China
POWER SCORE: 872
POSITION LAST YEAR: 24
CLAIMS TO FAME
- On the opening team of The Mirage alongside Steve Wynn
- Has continued “asset light” strategy started by predecessor Jim Murren
WHAT A YEAR of contrasting fortunes 2022 has been for MGM Resorts CEO and President Bill Hornbuckle.
Based in Las Vegas where his day-to-day focus remains very much on MGM’s US operations, Hornbuckle has witnessed first-hand his company’s triumphant domestic recovery from the COVID-19 pandemic – culminating in a 113% year-on-year increase in net revenues at its Las Vegas Strip properties alone in Q2.
Yet in Macau, which contributed around 23% of MGM’s pre-COVID revenues and 27% of EBITDAR, MGM continues to feel the effects of China’s strict zero-COVID policies, with MGM China reporting a loss attributable to owners of the company of HK$2.41 billion (US$306 million) for the six months to 30 June 2022.
Like its Macau peers, MGM has little choice but to ride out the Macau storm. Hornbuckle himself has been busy saying all the right things about his commitment to Macau, and the company was, as expected, front and center when bids were submitted in mid-September for new 10-year concessions under the government’s re-tender process. Successful bidders are expected to be announced by November.
Meanwhile, MGM is also awaiting the results of its bid to develop a US$9 billion integrated resort in Osaka, Japan. It remains to be seen what will become of Japan’s problematic casino scene, but at least in sticking to its guns in Osaka the company appears to have picked the right dog in the fight.
For the full list of 2022 Asian Gaming Power 50 winners, click here.
