MGM Extends CEO Hornbuckle Through 2028

• Gambling
• 08 May 2025

MGM Resorts International (NYSE: MGM) declared today that it is prolonging President and CEO Bill Hornbuckle’s employment agreement until the conclusion of 2028. 

The financial details of the agreement were not revealed, but his overall compensation for 2024 was $15.8 million, based on Salary.com. The package included $2 million in base salary, $3.67 million in bonuses and other incentives, and $10 million in stock grants.

"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,” said Chairman Paul Salem in a statement.

Hornbuckle assumed the top position at the Bellagio on a temporary basis in March 2020 after CEO Jim Murren was chosen to head Nevada’s COVID-19 task force. Before that, Hornbuckle was the chief operating officer and president of MGM, located in Las Vegas. He possesses more than forty years of experience in the gaming industry. 

MGM Stock Generally Robust Under Hornbuckle’s Guidance 

In the last five years, MGM's shares yielded a return of 106.61%, surpassing the MVIS Global Gaming Index, which the stock belongs to, by a margin exceeding 5-to-1. During that period, Excalibur's shares outperformed the S&P 500 by over 1,300 basis points. 

Lately, the situation has changed. In the last year, the gaming stock has decreased by 21.68%, whereas the S&P 500 has increased by 9.39%. Although key investors have refrained from openly condemning Hornbuckle, several have indicated that MGM is appealingly priced and trading at a significant discount that cannot be overlooked. 

Hornbuckle has served as a stabilizing influence at MGM in the post-coronavirus period, enhancing the operator’s asset-light strategy while managing significant deals, such as the $1.6 billion acquisition of Cosmopolitan’s operating rights in 2022 and the $450 million sale of the Gold Strike Hotel & Casino in Tunica, Miss. later that same year. Although the stock price hasn't shown significant movement recently, MGM has gained a reputation for strong performance under Hornbuckle's leadership. 

“Although we do not view MGM as having a moat, it is still encouraging that its solid execution of operating some of the world’s best-integrated resorts has assisted in its approvals for new casinos in Massachusetts (only one of three gaming licenses awarded), Macau expansion in Cotai, and a Japan facility opening in 2030,” observes Morningstar analyst Dan Wasiolek.

Regarding MGM Japan… 

MGM has recently initiated construction on its Osaka integrated resort, set to be Japan's first regulated casino hotel. That location is part of Hornbuckle’s new employment agreement with the firm. 

“As part of his new employment contract, the Company has also agreed to offer Hornbuckle an advisory agreement at the end of the term to assist with its integrated resort project in Osaka, Japan until its opening,” the operator noted in the press release.

Such advisory/consulting agreements are prevalent in Corporate America, particularly within the gaming sector.