The two have a long history: They started working at MGM the same month in 1998, and one of Murren’s first decisions upon becoming CEO in 2008 was to bring Hornbuckle to the C-suite. “Right now, at this time, given where we are as an industry … dealing with this crisis transparently and with empathy is critical.”. “People outside of gaming don’t always appreciate the complexity of this business, and this move shows that the board concluded that there was no better person for the job than this experienced company insider.”.
“After a thorough national search, the board unanimously concluded that Bill is the best candidate to lead MGM Resorts through these immensely challenging times and into a more promising future,” said Paul Salem, chairman of the board. Playing $125 a hand on a Double Double Bonus machine pays off for one high roller.
“(And) I’ve said from the beginning: Whoever MGM chooses needs to be a gaming guy … that’s Hornbuckle.”.
Share prices fell in after-hours trading following Murren’s announcement. “It would’ve been a devastating mistake if somebody from outside of MGM came in fresh,” Murren said. The Plaza announced Monday its plans to once again host meetings and events. Murren helped establish the presence of … “There are few tests of leadership greater than what Bill has faced.
But we’re a long way from home.
“(He’ll) be able to make quick and agile decisions.”, Nehme Abouzeid, president of consulting firm LaunchVegas LLC, said Hornbuckle has been at the forefront of the gaming industry “for a long time.”, “(He was) involved with the evolution of integrated resorts on the Strip, global expansion, mergers and acquisitions, as well as MGM’s big investment in sports and entertainment and its response to crises like the Oct. 1 shooting and the COVID-19 pandemic,” he said. We have a solid leadership team in place, and I am confident that they will work with my successor to continue the Company's trajectory of growth and expansion.".
Murren’s announcement comes months after MGM Resorts revealed the sales of several iconic properties on the Las Vegas Strip.
Mr. Murren has served as Chairman and CEO of MGM Resorts since 2008 and has been with the Company since 1998. “Obviously, we’ve enjoyed some return of business in the summer,” he said. Murren has served as chairman and CEO of MGM Resorts since 2008.
His impact and leadership has shaped not only MGM Resorts, but also Las Vegas as a whole.
Don't miss the big stories. “The board voted with confidence in me and therefore, everything we have accomplished here. The former MGM CEO remembers attending the first Vegas Golden Knights hockey game after the 1 October shooting with Hornbuckle.
"Leading MGM Resorts has been the most rewarding and fulfilling experience in my professional career," Murren said in a statement. "Jim has led the company through growth, transforming it into a global entertainment company with a worldwide footprint and creating value for MGM Resorts shareholders," said Roland Hernandez, lead independent director of the MGM Resorts Board of Directors, in a statement.
Celebrities flock to Las Vegas. Michigan Gov. I think collectively we look to that as a way to balance our portfolio where half of our income is coming domestically, and the other half is coming internationally with keen focus on Asia.”.
He joined the company in 1998.
Sign up for our free daily Morning and Afternoon Update newsletters. USA TODAY and Associated Press contributed to this report. More than a decade later, Murren said he’s confident Hornbuckle will excel in his new role. Josh Swissman, founding partner of The Strategy Organization in Las Vegas, said Hornbuckle is perfect for the job. Brendan Bussmann, director of government affairs for Global Market Advisors LLC, said the announcement came at no surprise.
“Our Macao license is coming up (for renewal),” Hornbuckle said.
MGM Resorts International executive Bill Hornbuckle has had the “acting” removed from his title: He’s now officially the company’s president and CEO. “The company is well-positioned to have Bill at the helm now to drive the core business model at MGM,” he said. The Hotel Apache on Fremont Street didn’t have a five-star spa when it opened.
The joint venture includes private-equity firm Blackstone and MGM Growth Properties LLC. Bill just ‘gets it’ and this appointment couldn’t have come at a more appropriate time.
Hornbuckle said MGM will also continue to push for additional market share in sports wagering with the company’s GVC Holdings partnership and its BetMGM products. The card was a joker, but it was no joke for a frequent visitor to Aliante Casino who won in a big way Sunday. “We’ve seen some decent return at McCarran (International Airport). This is not the time for that kind of change.
As the amounts of slot machine jackpots grow and the casino industry expands across the United States, the low threshold for issuing an IRS Form W-2G is becoming a bigger problem for the industry. Murren’s departure also comes less than six months after MGM Resorts International and lawyers representing victims and families in the Las Vegas shooting rampage that killed 58 people and wounded hundreds in 2017 reached a settlement deal that could total $800 million. Now, the board of directors, after a national search, has removed “acting” and has named him the new CEO.
Gaming industry analysts also reacted favorably to the appointment. Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233.
… Bill is the only leader who can lead MGM through this challenging time.”. “(If) some stranger came into our community and tried to motivate our community. Murren will continue in his role as CEO and chairman until a successor is appointed, MGM announced Wednesday. Copyright © 2019 Las Vegas Review-Journal, Inc. | Privacy Policy, By Richard N. Velotta and Bailey Schulz Las Vegas Review-Journal, Bill Hornbuckle during a Las Vegas Stadium Authority meeting at the Clark County Commission Chambers in Las Vegas, Thursday, March 1, 2018. LAS VEGAS – Jim Murren, chairman of MGM Resorts International, is stepping down. “There’s a keen focus on making sure we’re well-positioned for renewal.
Tentatively, the reopening date is Aug. 27, but that could change, he said.
September gross gaming revenue was off by 90 percent and 82.5 percent for the first three quarters as the coronavirus and associated border restrictions hurts casinos. Murren said he recommended Hornbuckle as CEO back in January, when he began discussing his plans to resign with MGM’s board of directors. The company is the largest employer in Nevada, with several Las Vegas Strip properties. In January, the company announced the sale of the MGM Grand to a joint venture for about $2.5 billion. The chief executive officer informed MGM's board of directors that he will step down before his contract expires. Follow @bailey_schulz on Twitter. The man who Hornbuckle replaced at MGM was enthused about the company’s move. Hornbuckle said a determination hasn’t been reached when the Strip resorts would reopen.
MGM Resorts also closed on the sale of Circus Circus Las Vegas and 37 adjacent acres for $825 million. “It won’t be a learning curve,” he said. Here’s what it will look like. “Appointing Bill Hornbuckle as the permanent president and CEO of MGM Resorts is a sharp move by the board,” Swissman said. Company stock closed Wednesday at $33.66, up 95 cents.
Greg Chase, founder and CEO of Las Vegas-based Experience Strategy Associates, said the promotion is something Hornbuckle has worked decades to achieve, having previously worked as a property-level president and chief operating officer in the late ’90s and early 2000s. Without their support — and I mean real support on this — I wouldn’t be positioned where I am today.”.
Blackstone is also angling to acquire the real estate assets of Mandalay Bay from MGM Growth Properties and lease both properties to MGM Resorts for an initial rent of $292 million. Oct. 1 of last year marked two years since Stephen Paddock fired into the crowd of 22,000 from the 32nd floor of Mandalay Bay hotel, owned by MGM, for more than 10 minutes before taking his own life. Harrah’s Reno to turn into Reno City Center. So we have to moderate and measure ourselves against what the total community’s needs are and what MGM Resorts’ needs are.
And ultimately, we’re excited by where we’ve left the Japan conversation.
Publicly traded MGM Resorts has some 80,000 employees at 29 casinos and hotels. The company announced Wednesday afternoon that after a nationwide search, MGM’s board of directors concluded that Hornbuckle was the right person to succeed Jim Murren, who stepped down as chairman and CEO earlier this year. Eldorado one step closer to Caesars acquisition after Lousiana board approval, Esports on the rise in Nevada: Atari plans a video game-themed resort in Las Vegas, Your California Privacy Rights / Privacy Policy.
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. “I’m proud of Bill, and I know it was the right thing to do.”.
Hornbuckle has held the acting president and CEO title since March. He also wants to get to Michigan where MGM operates in Detroit. “That’s Bill Hornbuckle in a crisis.
Murren described Hornbuckle as a “great motivator of people” who “literally grew up” in the gaming industry.
Hornbuckle also is paying close attention to MGM’s Asia holdings.
China’s Golden Week is typically a boon for Las Vegas, but not this year. Gretchen Whitmer on Wednesday permitted Detroit properties to reopen at 15 percent capacity.
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With the Detroit resort near reopening, only three MGM properties are left to come back — New York’s Empire City Casino in Yonkers and two Las Vegas Strip resorts, The Mirage and Park MGM. Since March, Bill Hornbuckle has held the title of acting CEO.
“Bill grew up in the gaming business at the front desk and earned his way to the top.
He added that the appointment comes at a difficult time, with MGM and other casino operators facing large revenue declines due to the pandemic. Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. He led the MGM's expansion in Asia, opening two properties in Macau and a current effort to get a gaming license in Osaka, Japan. Hornbuckle said he has already begun familiarizing himself with some of MGM’s domestic properties across the United States, having made a recent trip to Mississippi when that state reopened casinos.
He’ll put his arm around you,” Murren said. "It has been an honor to work with such a talented group of men and women who provide millions of guests with memorable life experiences every day all over the world. (John Katsilometes/Las Vegas Review-Journal) @JohnnyKats, Bill Hornbuckle, president of MGM Resorts International photographed for Premier Magazine on August 15, 2017.
Lawyers hope to complete the deal, which could involve thousands of people, by late 2020. Murren described Hornbuckle as an empathetic leader who pays attention to detail — two critical skill sets in a crisis.
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