MGM CEO Hornbuckle expounds on Las Vegas, prediction markets and more at BofA conference
Summary
MGM Resorts CEO Bill Hornbuckle spoke broadly at the Bank of America Securities 2025 Gaming & Lodging Conference, covering MGM’s growth strategy, the state of Las Vegas, New York licence bidding and the company’s stance on prediction markets.
MGM reported a record consolidated net revenue of $4.4 billion for Q2 and beat consensus forecasts. Hornbuckle reiterated that Las Vegas remains central to MGM’s identity but stressed diversification across markets and businesses. He also criticised recent New York licence-rule changes and confirmed BetMGM is improving while expressing clear opposition to sports-related prediction markets.
Key Points
- MGM posted a record quarterly consolidated net revenue of $4.4bn in Q2 and beat earnings expectations.
- Las Vegas remains core to MGM’s strategy, but management is focused on diversifying revenue streams.
- Lower-end visitation is under pressure — air and car traffic have fallen, affecting budget travellers.
- MGM is a frontrunner for a downstate New York licence with a $2.3bn Empire City proposal but is frustrated by rules tying licence length to spend.
- The New York framework ties investment bands to initial licence terms (10 to 30 years depending on spend).
- BetMGM is stabilising and regaining share, yet MGM remains wary of prediction markets due to potential federal involvement.
- Shares were slightly down on the day but up over recent months, reflecting mixed near-term sentiment versus longer-term investor confidence.
Context and relevance
Hornbuckle’s remarks give a snapshot of strategic priorities for one of the world’s largest casino operators as it navigates a soft Las Vegas tourism environment, regional expansion and evolving regulatory questions.
The discussion ties into wider industry trends: operators balancing core destination assets with geographic diversification, the race for lucrative US licences (and the political/regulatory trade-offs that come with them), and how new product categories such as prediction markets could redraw competitive dynamics in sports wagering.
Why should I read this?
Quick take: if you follow casino operators, US gaming policy or sports-betting competition, this is worth a skim. Hornbuckle lays out where MGM thinks money and risk sit — Vegas still matters, New York rules are changing the playbook, and prediction markets are a red line for MGM. We read it so you don’t have to — highlights only, no fluff.
Source
Source: https://igamingbusiness.com/strategy/mgm-hornbuckle-conference-discussion-gaming-issues/