MGM CEO reports Asia project milestones during Nevada Gaming Commission session

MGM Resorts International CEO William Hornbuckle detailed progress in Macao and Japan during a Nevada Gaming Commission hearing, describing a $12 billion-plus Osaka project and continued momentum following the company’s post-COVID performance in Macao.

Hornbuckle said the company’s position in Asia continues to be shaped by activity in both markets. “Our Macao business continues to boom,” he said. “We came out of COVID strong. We’ve taken more than our fair share of that marketplace, given our scale and our size, and we’re pleased by that.”

He told commissioners he had recently visited Macao and Osaka to review developments in each location. “We are now, after 16 years of this, coming out of the ground. It is a $12 billion-plus project. Thanks for going up in pricing. Japan is seeing inflation for the first time in like the last 40 years. Great timing for us,” he said.

Hornbuckle said the Osaka integrated resort will employ 12,000 people. “It’ll be probably the world’s largest casinos, if not one of. And we look at the tremendous success that Singapore is having with great admiration and great hope. We’ll be the only casino licensee in all of Japan with a population of 120 million people. And so we see that as a massive opportunity for the company.”

Licensing approvals and regulatory appearance

According to Las Vegas Review-Journal, the discussion on MGM’s international plans followed the commission’s unanimous approval of several updated executive licenses and suitability findings for Hornbuckle. It was his first appearance before the commission in nearly 15 years. The Nevada Gaming Control Board had recommended approval in October, though the hearing was delayed by a month.

Hornbuckle also addressed MGM’s overall operations, saying the company continues to see activity in the luxury segment, digital operations in multiple states, and foreign holdings.

“Fundamentally, our business is sound and solid,” he said. “It’s been encouraging to see this fall our convention business and event activity in particular pick up.”

He drew a distinction between customer segments. “I still think there’s a market condition where those that have are continuing 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 I think generally speaking, we’re in good stead,” he said.

Hornbuckle told commissioners the company is preparing for significant convention traffic through 2025. “I think we’re looking forward to the first part of the year. We have a massive convention calendar. I think over the next 16 months, there’s more convention business on the books for Las Vegas in our hotels than the city has ever seen before.”

Children’s hospital initiative

Commissioners also discussed the involvement of Hornbuckle and his wife, Wendy, in the development of a children’s hospital in Las Vegas.

“We are the largest metropolitan area in the country without a single standing children’s hospital,” Hornbuckle said. He noted that Intermountain Health and UNLV are collaborating on the project, with the site located near the 215 Beltway. “We have hopes of breaking ground this year, it’s about a $1 billion-plus project. And my wife and I have agreed to step on board and help raise money towards this cause. It is desperately needed.”