MGM Resorts International announced Bill Hornbuckle as the company’s chief executive officer and president on Wednesday, effective immediately. Hornbuckle had been MGM’s acting CEO and president since March. Hornbuckle will also serve on MGM’s Board of Directors.
“I am honored to lead this company as we look toward long-term recovery, future growth and opportunity. In doing so, I am especially mindful of the thousands of MGM Resorts employees who have been profoundly impacted by the current circumstances. Their dedication to the company’s mission and safety allows guests from around the world to experience moments of happiness and hospitality amid uncertain times. I am here today presented with this leadership role due to the tremendous accomplishments, passion and courage of our people,” said Hornbuckle in a written statement.
On the Las Vegas Strip, casinos began reopening June 4 but the industry is far from recovered, with rising cases of Covid-19 and limited air travel. Gambling revenue on the Strip was down 61% in June compared with a year earlier, according to Nevada regulators. Nevada casinos are limited to 50% occupancy on gambling floors, and workers and customers are required to wear masks.
Paul Salem, MGM Resorts’ chairman, said the board considered other candidates but unanimously selected Mr. Hornbuckle after observing his leadership through the pandemic, including difficult decisions for the company’s workforce. MGM Resorts in May warned 63,000 furloughed workers that they could be laid off starting Aug. 31 because of ongoing weak demand for travel. Mr. Hornbuckle said Wednesday that about 45% of the company’s workforce has been called back to the job.”
Todd Horwitz Chief Strategist BubbaTrading.com
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