MGM Extends CEO Hornbuckle’s Contract as Osaka Project Begins
MGM and CEO Bill Hornbuckle have agreed to terms on a new employment contract.
MGM’s CEO Bill Hornbuckle elects to stay through the end of 2026. © Alex Vegas, Unsplash
Key Facts:
- MGM CEO Bill Hornbuckle signs an extension on his contract
- The new deal stretches to 2028
- Hornbuckle will earn $2 million a year, with a potential 250% bonus
- The contract also lays out a soft exit as an advisor on the company’s Osaka Casino
With the next few years looking to be a bumpy road from an economic standpoint, MGM elected not to attempt to switch horses midstream and finalized a new contract with CEO Bill Hornbuckle far ahead of its August 2026 termination.
From a lowly start as a room service attendant at the Old Jockey Club in Las Vegas, Mr. Hornbuckle spent decades leading some of the City’s biggest companies before landing at MGM.
When the Mirage opened, he was vice president and then COO at neighboring Treasure Island. He worked his way up to President at the Golden Nugget Laughlin and then President of Caesar’s Palace Las Vegas.
Bill is an exceptional, visionary leader who successfully guided the company through the COVID-19 pandemic while also positioning the business for long-term growth through new digital ventures, strategic M&A opportunities, and expansion into new international markets,– Paul Salem/MGM, Chairman Board of Directors, MGM Press Relase
Hornbuckle has been with MGM for over twenty years and has overseen some of the company’s most significant projects. As Chief Marketing Officer, he helped design and roll out the company’s M life rewards program. With more than 44 million members, this remains one of the country’s most successful casino loyalty programs.
As Chief Design and Construction Officer, he oversaw building multibillion-dollar casino properties in Macau and National Harbor. He also worked as COO of MGM Grand and President of Mandalay Bay before stepping in as President of MGM Resorts in 2012.
In that role, he oversaw the rollout of the company’s wildly popular BetMGM online casino and sports product. He became CEO in 2020.
The company recently broke ground on a $9 billion casino integrated resort in Osaka, Japan, and is nearing the finish line on its $4 billion hotel project near Dubai, where it hopes to be awarded a casino license.
With all of its ongoing projects and a very volatile year, not just for MGM’s stock but the markets as a whole, the company seems to have wisely decided it didn’t need any speculation on new management.
Any sense of a change in direction as they finalize projects that many believe will be the jewels in the crown of MGM’s plans for international dominance in the coming years could prove extremely costly.
So, it only made sense to finalize a new contract now that would see their extremely experienced CEO through the end of major construction.
Mr. Hornbuckle will continue to receive his $2 million a year in salary and be eligible for up to a 250% bonus based on various targets. He can also receive up to $10 million yearly in restricted or performance share units for the next four years. He also received an $8 million signing bonus.
While the massive Osaka project will not be open when this contract ends on 31 December 2028, it will be a short 18 months away, with most major construction completed.
Mr Hornbuckle, who is 67 currently, has agreed in this new contract to stay on in an advisory role and as a board member on the project, with a bonus tied to its successful launch.
It seems that MGM has locked down its long-time leader after the completion of its most ambitious project to date. At the same time, Mr. Hornbuckle is no doubt pleased to get a final chance to complete one last megaresort to put an exclamation point on an amazing career.
