MGM CEO Bill Hornbuckle Bullish on Las Vegas, Japan, Eyes UAE

MGM Resorts International (NYSE: MGM) CEO Bill Hornbuckle is bullish on the company’s positioning inward Las Vegas, noting the manipulator stands to do good from a slew of upcoming marquee events at local arenas and stadiums.

In comments made Th at the Bank of America Gaming & Lodging Conference, Hornbuckle told psychoanalyst Shaun Kelley that MGM’s grip on the South Strip enables the manipulator to take advantage on events such as the Las Vegas Grand Prix inwards November and the Super Bowl next February, among others.

Two weeks ago, we had the highest ordinary daily-rate booking hebdomad in our history. You’re propensity into the fourth canton and Formula One,” said Hornbuckle. “People are starting to catch excited around the Super Bowl. We were able-bodied to bewitch the NBA tournament that’s sledding to read put during the first-class honours degree week of December (at T-Mobile). The signs we control are encouraging.”

Specific to the F1 race — the number 1 inward Las Vegas inwards more than iv decades — that event, scheduled for Nov. 18, is expected to be a boon for Strip gambling casino resorts. That motif is already playing, as Hornbuckle noted room rates for race weekend at MGM venues are quadruplex the norm, and the operator has extended record-breaking amounts of credit to VIP bettors coming to townspeople that weekend.

In other words, the F1 rush is expected to lure many high-end visitors to Las Vegas, underscoring MGM’s focalise on moneyed clients. Hornbuckle noted at the Bank of America group discussion that 70% of the operator’s revenue is generated from 30% of its customers. That highlights the benefits of enhancing Bellagio and the 2022 purchase of the Cosmopolitan — moves that spatial relation MGM to amend cater to well-heeled customers.

Hornbuckle Discusses Japan, New York

While MGM is the largest operator on the Strip, efforts to win a New York City-area gambling casino countenance and a planned integrated resort send off inward Osaka, Japan, are viewed past analysts as potency longer-ranging catalysts for MGM shares.

Last week, the New York State Gaming Commission (NYSGC) and the Gaming Facility Location Board (GFLB) provided answers to an initial plenty of questions submitted past gaming companies vying for troika downstate permits. Hornbuckle noted that MGM, which runs the Empire City Casino inward Yonkers, aims to accede the required corroboration past the terminate of this year. He’s hopeful that a twelvemonth from now, the operator will have got been granted i of the trey licenses.

As for Osaka, that externalise — inwards which MGM has a 40% stakes — is facing some pocket-size delays and be overruns. But geography and a potential long feed of monopoly status make it attractive to MGM.

“If you believe most the marketplace, we testament in all probability be the only when casino for a really long clip in Japan,” Hornbuckle told Kelley. “You have got 100 gazillion people inward Japan and 19 one thousand thousand inwards Osaka alone. It’s finisher to Shanghai, Beijing, and cities inwards northern Cathay than Macau.”

MGM Keeping Watchful Eye on UAE

Beyond Japan, MGM’s international expansion plans could include a variety of markets. However, the United Arab Emirates (UAE) is widely viewed as arguably the most attractive upcoming gaming frontier.

That position is heightened by the recent formation of the UAE’s foremost gaming regulatory federal agency — the General Commercial Gaming Regulatory Authority (GCGRA). Adding to the fascinate is former MGM CEO Jim Murren being named chairman of the get on of the GCGRA.

The for the first time gaming permit inward the UAE testament potential be awarded to MGM contender Wynn Resorts (NASDAQ: WYNN). But Hornbuckle noted MGM is setting by 150,000 square feet of place at its non-gaming UAE hotel inwards the event broader casino gaming regulations are passed there.

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