At a Nevada Gaming Commission hearing, MGM Resorts International’s CEO, William Hornbuckle, shared updates on operations in Macao and Japan, emphasizing a significant investment exceeding $12 billion in Osaka and the company’s resurgence post-COVID in Macao.
Hornbuckle highlighted that MGM’s foothold in Asia is influenced by both regions. “Our business in Macao is thriving,” he remarked. “We emerged from COVID stronger than before. We’ve captured more than our fair share of the market due to our vast scale and influence, and we are happy to see this trend.”
He informed the commissioners that he had recently traveled to Macao and Osaka to assess ongoing projects. “After 16 years of planning, we are finally moving forward with our project, which exceeds $12 billion in cost. The rise in costs is timely, as Japan is experiencing inflation for the first time in four decades. This is ideal for us,” he noted.
The Osaka integrated resort is set to create 12,000 jobs. “It is poised to be among the world’s largest casinos, and we admire and aspire to replicate the great success of Singapore. We will be the sole casino operator in Japan, catering to a population of 120 million, which we view as a monumental opportunity for our enterprise.”
Licensing Approvals and Regulatory Review
As reported by Las Vegas Review-Journal, the discussion regarding MGM’s global ambitions followed the unanimous endorsement of updated executive licenses and suitability recommendations for Hornbuckle. This marks his first appearance before the commission in nearly 15 years. The Nevada Gaming Control Board had proposed approval in October; however, the hearing was postponed by a month.
Hornbuckle also discussed MGM’s broad operations, mentioning that the company is witnessing robust activity in the luxury segment, digital platforms across various states, and international holdings.
“Our business is fundamentally solid,” he affirmed. “It’s encouraging to observe an increase in our convention business and event activities, particularly this fall.”
He distinguished between customer demographics. “I believe there’s a market condition where affluent customers continue to spend, leading to impressive performance in our luxury properties. However, value-oriented customers still face challenges, which has been evident this fall. Overall, we view our situation positively,” he stated.
Hornbuckle informed the commissioners that the company is gearing up for substantial convention traffic anticipated through 2025. “We’re excited about the first part of the upcoming year. We have an expansive convention calendar. In the next 16 months, we have a greater volume of convention business booked at our Las Vegas hotels than the city has ever experienced before.”
Children’s Hospital Initiative
The commissioners also touched on Hornbuckle and his wife, Wendy, being involved in the establishment of a children’s hospital in Las Vegas.
“We stand as the largest metro area in the country without a dedicated children’s hospital,” Hornbuckle remarked. He mentioned a partnership with Intermountain Health and UNLV on the project, which will be situated near the 215 Beltway. “We aim to break ground this year; it’s projected to exceed a $1 billion cost. My wife and I are committed to raising funds for this vital initiative.”