Bill Hornbuckle, CEO at MGM Resorts International, is very blunt in his ambitions for the casino and gambling group.
“We have a vision to become the world’s premier gaming company,” he said. Hornbuckle was unveiling the group’s second quarter earnings that showed net revenues of $3.3bn and net income of $1.8bn.
The adjusted EB ITDA was $920m, the highest ever for the company, and, said Hornbuckle, the highest in the history of Las Vegas.
Some justification for Hornbuckle’s confidence may be drawn from several notable milestones achieved in the past year. Having bought the Cosmopolitan and Aria in Las Vegas, to help the revenue figure of $2.1bn, the group also shed some property.
The Gold Strike Tunica in Mississippi went to the Cherokee Nation, yielding $450m when the deal closes next year.
MGM has also concluded a deal to sell the Mirage casino in Las Vegas to Hard Rock International for $1.08bn. It sought to buy the LeoVegas online gaming company this year for $607m and is ambitious in the new New York market.
He confessed at a press conference an interest in buying 100 per cent of BetMGM, the sports betting company in which MGM partners with Entain.
