MGM Resort International’s top executive went through a licensing hearing before the Nevada Gaming Commission on Thursday and said the company is eyeing the best convention calendar in Las Vegas history over the next 16 months.
William Hornbuckle, MGM’s president and CEO, who last appeared before regulators nearly 15 years ago, was unanimously cleared for a series of key licenses and fitness scores that needed to be updated since his last appearance.
The Nevada Gaming Control Board had recommended approval of Hornbuckle’s applications in October, but he had to postpone his appearance before the commission last month.
Hornbuckle told commissioners that MGM has been successful on the luxury side of its business, in the digital space in several states and with its overseas holdings in Macau and Japan.
“Fundamentally, our business is sound and solid,” Hornbuckle told commissioners. “It has been encouraging to see our convention business and our event business this fall take off.”
But Hornbuckle admitted that not all sectors are doing well.
“I still think there’s a market state where the haves continue to spend, and so our luxury properties continue to do exceptionally well. And frankly, value-oriented customers are still struggling, and that’s remained true this fall. But overall, I think we’re in a good position,” he said. “I think we’re looking forward to the first part of the year. We have a massive convention calendar. I think in the next 16 months there’s more convention business on the books for Las Vegas at our hotels than the city has ever seen before.”
MGM’s reach into Macau and Japan is key to the company’s Asian presence.
“Our business in Macau continues to flourish,” Hornbuckle said. “We came out of Covid strong. We’ve taken more than our fair share of that market, given our scale and our size, and we’re happy with that.”
Japan represents the company’s future in Asia.
“I was recently in Macao and also took time to stop in Osaka,” he said. “We’re now, after 16 years of this, coming out of the ground. It’s a $12 billion project. Thank you for stepping up in pricing. Japan is seeing inflation for the first time in like 40 years. Good timing for us. But we’re going to have 12,000 employees. It’s probably going to be the biggest casino in the world, if not one of the great casinos that have great success and we look at the great success and we look at Singapore. big hope We will be the only casino licensee in the whole of Japan with a population of 120 million people.And so we see it as a huge opportunity for the company.
The commissioners also noted the role of Hornbuckle and his wife, Wendy, in the development of a new children’s hospital in Las Vegas.
“We are the largest metropolitan area in the country without a single standing children’s hospital,” he said. “Intermountain, which you’ve seen pop up now in the community often between sponsorships and things that they’re doing to instill themselves in this community, wants to put together a children’s hospital. We’ve made a deal with UNLV and the research center for a piece of land that’s out on the research center’s land just outside (the 215 ring road that goes around $215). We’re hoping for about $1 billion this year. And my wife and I have agreed to get on board and help to raise money for this cause is desperately needed.
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