MGM Re-Signs Contract with CEO Hornbuckle Until 2028

CEO and president Bill Hornbuckle has renewed his contract with MGM Resorts, meaning he will stay at the helm of the company for the next three years.

MGM Resorts Announces Re-Signing of CEO

The deal will see Hornbuckle extend his tenure in the position until the end of 2028. The previous agreement between the company and the CEO was supposed to expire in August of 2026. MGM board chair Paul Salem praised Hornbuckle, saying he is an exceptional and visionary leader. He pointed out how Hornbuckle led the company through the financially tough times of the Covid-19 pandemic while also placing the business in a position for long-term growth. 

Salem also noted how the CEO has earned the trust, respect, and admiration of his employees, peers, shareholders, and the board. He said that the board is thrilled that Hornbuckle has agreed to remain in his role for the foreseeable future.

Hornbuckle, who has led the company since 2020, has affirmed his ongoing commitment to MGM’s future and expressed his enthusiasm for continuing to lead the company during a period of digital growth. He also pointed out MGM Resorts’ expansion in key markets such as New York, Japan, Brazil, and the Middle East, noting that the company’s best days remain ahead. One major area of interest for the company is Osaka, where MGM announced a 20% increase in investment just last week.

In addition to his responsibilities at MGM Resorts, Hornbuckle also serves as co-chairman of MGM China Holdings and chairman of the US Travel Association. 

How Much Will Hornbuckle Make?

Considering the high position that the CEO will take in the next years, his salary and bonuses should not come as a surprise. Firstly, the renewed deal includes a one-time $8 million signing bonus. Second, according to a filing with the US Securities and Exchange Commission (SEC), Hornbuckle will maintain an annual base salary of $2 million and remain eligible for an annual target bonus equal to 250% of that amount. For comparison, in 2023, Hornbuckle’s total compensation from MGM was $17 million, which equates to roughly 374 times the median employee salary at MGM for that year.

Any portion of the bonus exceeding 150% of the target will be awarded in the form of deferred restricted stock units (DRSUs), which will vest in three equal installments over a three-year period. In addition, Hornbuckle is entitled to receive annual equity grants valued at $10 million for each of the next four years, divided equally between performance share units and restricted stock units, in alignment with the terms of his previous agreement.