MGM Resorts International CEO Bill Hornbuckle addressed Nevada gaming regulators this week, pushing back against negative narratives about the Las Vegas tourism market and describing such views as “silly,” according to CDC Gaming.
Speaking during his licensing process before the Nevada Gaming Control Board, Hornbuckle highlighted long-term trends that show consistent growth in the city’s gaming revenue.
Key takeaways:
- MGM CEO dismisses negative views on the Las Vegas tourism market.
- Highlights consistent long-term growth and strong international projects.
- Emphasizes luxury market performance and digital expansion strategies.
Reviving Confidence in Las Vegas Tourism
Hornbuckle noted that Las Vegas’s gaming revenue has grown at an average rate of 4.5% to 5% annually over the past 30 years, contradicting claims that the market is in decline. He acknowledged that while the strong growth years of 2006 and 2007, which 2023 and 2024 have somewhat resembled, may not be quickly repeated, these years reflect solid underlying market fundamentals.
The CEO pointed to a split market dynamic, where the luxury segment is outperforming value offerings. He cited a recent promotion from the Las Vegas Convention and Visitors Authority that nearly doubled room reservations over five days as evidence of the city’s continuing appeal to visitors.
Hornbuckle also reaffirmed MGM’s growth plans, which include expanding in domestic markets such as New York and exploring opportunities in Texas, alongside ambitious international projects. These projects include a $12.5 billion casino resort in Osaka, Japan, expected to open by 2030, and a hotel platform in Dubai prepared for potential future gaming expansion.
MGM Expands Global and Digital Footprint
Despite projections of an approximately 11% decline in visitation for 2025 compared to the previous year, Hornbuckle expressed optimism about Las Vegas’s recovery prospects, per Las Vegas Review-Journal. The strong performance in 2024 was ascribed in part to major events like Super Bowl LVIII and the Las Vegas Grand Prix, while upcoming conventions are expected to support future growth.
Hornbuckle also highlighted MGM’s expanding digital presence through its BetMGM joint venture and increasing operations in Brazil. Board member George Assad praised MGM’s global initiatives, calling them “a great service to the state of Nevada and these 55,000 employees here.”
Hornbuckle’s remarks offer a measured response to skepticism about the vitality of Las Vegas tourism market, emphasizing that although cyclical fluctuations are natural, the city’s core strengths and MGM’s strategic investments support continued growth. His comments emphasize the need to address luxury versus value market dynamics and the role of international and digital avenues in sustaining competitiveness amid an evolving industry landscape.
