Bill Hornbuckle took on the role of MGM Resorts International’s acting CEO five days after the company closed its nationwide casino portfolio in response to the spreading coronavirus pandemic.
On Wednesday – 100 days later – the “acting” designation was removed.
The Las Vegas-based casino giant said Wednesday that Hornbuckle is now the permanent CEO and president of the company, which has 29 properties in six states. He succeeded Jim Murren, who had announced his intentions to leave as chairman and CEO in February.
MGM also announced that Hornbuckle would join the company’s board.
In a statement, MGM Chairman Paul Salem said the board determined, following a “thorough national search,” that Hornbuckle was the best candidate “to lead MGM Resorts through these immensely challenging times and into a more promising future.”
Hornbuckle was previously in the No. 2 senior-level corporate role behind Murren. Since 1998, Hornbuckle has held numerous corporate roles, property executive roles, and development positions – nationally and internationally – with the company. He had previous experience operating Strip casinos with Mirage Resorts.
Hornbuckle also serves on the board of MGM China Holdings, the company’s joint venture in Macau, and on the board of real estate investment trust MGM Growth Properties, the CityCenter joint venture board with Dubai World, and the Las Vegas Stadium Authority.
At the end of March, Hornbuckle signed a new management agreement in which he took a $300,000 a year pay cut, earning $1.1 million in salary in 2020. He elected to take his salary for the rest of the year in restricted stock, rather than cash.
The contract expires in March 2024.
MGM furloughed much of its 63,000-person workforce nationwide at the pandemic’s outset. The company has begun bringing back workers as it has opened properties around the U.S. However, MGM filed WARN Act letters in the states that it operates, notifying workers they could be subject to layoffs, some potentially as soon as the end of this week.
The company did establish and fund an employee assistance program to help workers meet their financial obligations.
MGM has reopened much of its portfolio since late May, including all its Las Vegas properties except Park MGM and The Mirage. The company’s casinos in Detroit and New York have yet to reopen.
Salem said Hornbuckle’s hands-on approach during the COVID-19 pandemic was a primary reason he was given the CEO title permanently.
“There are few tests of leadership greater than what Bill has faced,” Salem said. “His seasoned global experience, depth of knowledge, and steady hand have provided reassurance and confidence to our employees, partners, guests, and shareholders during one of the most difficult periods in the history of our company. He has fully earned the opportunity before him.”
In a statement, Hornbuckle said he was “mindful of the thousands of MGM Resorts employees who have been profoundly impacted by the current circumstances.” His goal is to lead MGM toward long-term recovery.
“I am here today presented with this leadership role due to the tremendous accomplishments, passion, and courage of our people,” Hornbuckle said. “While we will continue to operate in this new normal for the near term, fundamentally I am incredibly optimistic about the future of our company and our industry. We will remain focused on taking care of our guests and each other as we look toward our best days ahead.”
MGM Resorts reports second-quarter earnings on Thursday afternoon.
Shares of the company closed at $16.25 Wednesday on the New York Stock Exchange, up 84 cents or 5.45%.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
