MGM Resorts’ Global Ambitions: Expanding Horizons Beyond Las Vegas with Integrated Resorts and Digital Innovation
MGM Resorts Eyes Global Expansion Under Bill Hornbuckle’s Leadership
In a dynamic shift since Bill Hornbuckle stepped into the role of CEO at MGM Resorts, the iconic company has witnessed a transformation not only in its hometown of Las Vegas, but also in its aspirations for global expansion. With an eye toward new markets and innovative channels, MGM Resorts aims to broaden its horizons beyond its Las Vegas roots.
Transformational Changes in Las Vegas
Over the years, Las Vegas has evolved significantly, transforming into a global hub for entertainment. Under Hornbuckle’s direction, MGM Resorts has played a pivotal role in this evolution. However, Hornbuckle emphasizes that MGM is not confined to the constraints of Las Vegas. He is spearheading global development efforts, underscoring a strategy that includes expansion into lucrative markets in Asia and the Middle East.
Expanding Horizons: Focus on the East
One of MGM’s most ambitious pursuits is the development of a $10 billion integrated resort in Osaka, Japan. The plans received a green light earlier this year from the Japanese ministry of land, infrastructure, transport, and tourism, following finalized agreements with the Osaka Prefecture and City. This marks the culmination of a 12-year process for MGM Resorts, signaling a groundbreaking approach to gaming in the nation, where integrated resorts and casinos are a novel concept.
Hornbuckle also has his sights set on the United Arab Emirates, specifically Dubai. “We believe over time, there’ll probably be three or four licenses in the Emirates,’ he noted, highlighting MGM’s cautious yet focused approach to entering this market. Plans for a non-gaming project already incorporate the Bellagio, MGM Grand, and ARIA brands, aiming to create a spectacular resort on Porto Island, right at Jumeirah Beach.
Challenges in Europe
Despite the exciting prospects in Asia and the Middle East, Hornbuckle expressed skepticism about entering the European market, primarily due to a fragmented industry landscape and a tax environment that does not align well with MGM’s ambitions. He recalled MGM’s earlier interest in the UK’s proposed “supercasinos” in the early 2000s, which eventually fell through due to regulatory challenges. Hornbuckle emphasized that while he does not regret any missed opportunities, the complexities of the European gaming market present significant hurdles.
Charting the Future: Digital Expansion
While expanding physical properties internationally is a strategic focus, MGM Resorts is concurrently making significant strides in the digital gaming sector. The recent acquisition of LeoVegas for $604 million marks a significant step for MGM’s online presence, launching the BetMGM brand in Great Britain with a high-profile marketing campaign. Hornbuckle anticipates that digital platforms will become the new frontier for MGM as they seek to create “the world’s premier gaming entertainment company.”
‘The average Vegas visitor comes 1.2 times a year,’ he stated, elaborating on the necessity of providing a digital version of the MGM experience to engage customers year-round. As part of this strategy, MGM is also investing in gaming technology, having acquired game studio Push Gaming to develop exclusive content. This integration aims to enhance both digital and brick-and-mortar gaming experiences.
Looking Ahead: Global Aspirations
As MGM Resorts maneuvers through opportunities and challenges both at home and abroad, Hornbuckle remains optimistic about the company’s potential. With major projects in Japan and the UAE on the horizon, alongside a digital push fueled by BetMGM, MGM Resorts is positioned to solidify its standing as an industry leader.
Hornbuckle concluded with a forward-looking perspective: “If it works, great. If it doesn’t, on my watch.” As MGM Resorts prepares for exciting developments, including hosting the Super Bowl in Las Vegas, all eyes are on Hornbuckle’s leadership during this transformative era for the company.
If you’re interested in hearing more from Hornbuckle, he will be speaking live at the ICE VOX event on February 5, 2024, where he’s expected to share insights on MGM’s strategic initiatives and industry trends.