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Bill Hornbuckle

MGM Resorts International Announces Completion of Sale of the Operations of Gold Strike Tunica

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MGM Resorts International announced it has closed on the sale of the operations of Gold Strike Tunica to CNE Gaming Holdings, a subsidiary of Cherokee Nation Businesses, for $450 million in cash.

“Gold Strike is an iconic property in Mississippi, and the employees there represent southern hospitality at its finest. I wish Gold Strike well, and firmly believe a bright future is ahead for this property,” Bill Hornbuckle, CEO and President of MGM Resorts International, said.

“We plan to use the proceeds from this transaction to further fortify our balance sheet, deploy capital to growth opportunities, and return capital to shareholders,” Jonathan Halkyard, CFO and Treasurer of MGM Resorts International, said.

For the year ended December 31, 2022, Gold Strike reported net income of $47 million and Adjusted Property EBITDAR of $98 million. At the closing of the transaction, MGM Resorts’ master lease with VICI Properties that currently includes the Gold Strike property will be amended to reduce the annual rent by $40 million to account for the Company’s sale of the operations of Gold Strike. The Company expects net cash proceeds after taxes and estimated fees to be approximately $350 million.

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Bill Hornbuckle

MGM Resorts International COO Corey Sanders to Retire After More Than 30 Years of Service

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MGM Resorts International announced that Corey Sanders, Chief Operating Officer, will retire from the company after more than 30 years of dedicated service and leadership. Sanders has agreed to remain COO through Dec. 31, 2025, and to serve as an advisor to the President and CEO through Dec. 31, 2026. The Company intends to name a new COO to serve as Sanders’ successor later this month.

“It’s impossible to overstate what Corey has meant to this Company over the last 30-plus years. He has been a constant presence, providing foundational leadership for all the key moments that have defined our history – from our acquisitions of Mirage Group and Mandalay Resort Group to our regional property openings and expansions like Springfield, National Harbor, Empire City and Borgata. More importantly, Corey helped us put all the different pieces together to create one company and one culture. As a leader and as a person, Corey understood the importance of caring for employees and treating people with respect. He will be deeply missed,” said Bill Hornbuckle, President & CEO of MGM Resorts.

Sanders is currently MGM Resorts’ Chief Operating Officer, overseeing the company’s Las Vegas and regional properties as well as multiple corporate departments, including Hospitality, Gaming, Human Resources and Strategic Initiatives. Prior to that, he served as the company’s Chief Financial Officer and Treasurer. In his tenure with MGM Resorts, Sanders has also served as Chief Operating Officer for the company’s Core Brands, Executive Vice President of Operations for MGM MIRAGE, Executive Vice President and Chief Financial Officer for MGM Grand Resorts, Executive Vice President and CFO for MGM Grand, Assistant Vice President of Corporate Finance and Tax Director for MGM Grand.

The post MGM Resorts International COO Corey Sanders to Retire After More Than 30 Years of Service appeared first on Gaming and Gambling Industry in the Americas.

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Bill Hornbuckle

MGM Resorts Announces New Employment Agreement with CEO & President Bill Hornbuckle

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MGM Resorts announced that it has reached a new employment agreement with CEO & President Bill Hornbuckle through December 31, 2028. As part of his new employment contract, the Company has also agreed to offer Hornbuckle an advisory agreement at the end of the term to assist with its integrated resort project in Osaka, Japan until its opening.

“Bill is an exceptional, visionary leader who successfully guided the company through the COVID-19 pandemic while also positioning the business for long-term growth through new digital ventures, strategic M&A opportunities, and expansion into new international markets. Bill has earned the trust, respect and admiration of his employees, peers, shareholders and this Board. We’re thrilled that he has agreed to remain in his role for the foreseeable future,” said Paul Salem, Chairman of the MGM Resorts Board of Directors.

“I am honored to continue leading this company at an exciting time of both digital growth and resort expansion in places like New York, Japan, Brazil and the Middle East. Our best days remain in front of us, and I’m thankful to our Board for their continued trust and support. The success we’ve enjoyed over the last five years is a testament to our leadership team and our employees who have embraced our culture of guest-centricity and continuous improvement. Together, we will continue to pursue our vision to be the world’s premiere gaming entertainment company,” said Hornbuckle.

As CEO, Hornbuckle oversees all aspects of MGM Resorts’ strategy, operations and hospitality and gaming development projects. He leads the company’s global development efforts and its digital gaming strategy. He is a member of MGM Resorts’ Board of Directors and serves as Co-Chairman of the Board of Directors of MGM China Holdings, which operates resorts in Macau. He is also Chair of the U.S. Travel Association, a non-profit organization focused on growing travel and tourism to the United States, and he previously served as Chairman of the U.S. Travel and Tourism Advisory Board, which advises the U.S. Secretary of Commerce on policy, regulation, programs and issues that impact the travel and tourism industry in the US.

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MGM Resorts Appoints Donna Langley to its Board of Directors

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MGM Resorts International has appointed Dame Donna Langley, Chairman of NBCUniversal Entertainment & Studios, to the Company’s Board of Directors. Langley becomes the 13th member of the board.

Langley leads greenlight decisions across NBCUniversal with full oversight of all entertainment programming and marketing across Peacock, Bravo, and NBC, including primetime and late night. She continues to spearhead global creative strategy, business operations, production, acquisitions, and distribution for the portfolio of award-winning Film and Television Studios.

“Donna will be a tremendous asset to the board and to the Company as it continues pursuing its vision to be the world’s premiere gaming entertainment company. Her entertainment background and experience, especially in areas like content strategy, programming, distribution and marketing, will be invaluable as she offers her guidance to the Company and its leaders,” Paul Salem, Chair of the MGM Resorts board of directors, said.

MGM Resorts CEO & President Bill Hornbuckle said: “We welcome Donna to our board and look forward to leveraging her deep and valuable experience in the entertainment space as we continue developing and producing our own proprietary sports and entertainment content for our guests. Donna is globally recognized as an innovative and influential leader with a special skill for reshaping industries, invigorating brands and leading organizations through change. She will be a tremendous asset to our executive team at MGM Resorts.”

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“MGM Resorts is the global leader across gaming, hospitality and live entertainment. Joining their board as they continue to ideate and innovate on best-in-class experiences for multi-generational audiences is an exciting challenge I’m delighted to take on with my fellow board members and the incredible management team,” Langley said.

The post MGM Resorts Appoints Donna Langley to its Board of Directors appeared first on Gaming and Gambling Industry in the Americas.

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