At the MGM Resorts International 2025 Gaming and Lodging Conference, CEO Bill Hornbuckle spoke candidly in response to hot industry topics, from the debate over whether "Las Vegas is dead" to predicting market impacts and ambitions for the Osaka project in Japan. Hornbuckle emphasized, "For us, it's all about diversification."
Las Vegas "Not Dead," Challenges from Transportation
In response to rumors that "Las Vegas is on the decline," Hornbuckle firmly stated that this is not the case: "This weekend, we completed 98% of our shows. Las Vegas is not dead." However, he also admitted that the current environment is quite different from the boom of 2023/24.
The core challenge is not gambling demand, but transportation infrastructure. The bankruptcy of Spirit Airlines led to the suspension of eight routes in Nevada, severely affecting tourist flow from California, especially non-VIP groups. MGM's Excalibur and Luxor hotels were significantly impacted.
The Brightline West high-speed rail project is highly anticipated, but progress is slow due to construction costs. Hornbuckle stressed: "Las Vegas still holds great value for different levels of consumers, and we will continue to promote it through nationwide marketing campaigns." He also promised to reevaluate the pricing of some everyday consumer goods, such as hotel coffee and bottled water.
International Tourists and Entry Challenges
In July, Las Vegas saw a 12% drop in tourist numbers, with Canadian visitors decreasing by 40%, raising concerns about the international market. However, Hornbuckle believes that the tourist season, concentrated in February and October, still has room for rebound.
He pointed out that the challenges of international travel are not only an industry issue but also involve the overall foreign image and policies of the United States: "We—the government and destinations—need to do better in welcoming tourists."
BetMGM and the Prediction Markets
Discussing online operations, Hornbuckle revealed that BetMGM and MGM Resorts currently share 15% of their customer base, with increasing synergies between the brands.
Regarding the recently focused prediction markets, he cautiously responded: "This would bring the federal government into an area it has never been involved in, and we do not want to see that." Although not officially endorsing, he also acknowledged that the industry must face its development trends.
Osaka Project in Japan: A Once-in-a-Lifetime Opportunity
Hornbuckle showed great enthusiasm for the Osaka MGM Resort: "As of today, we have completed the 52nd foundation pile." The project is expected to open in Q3/Q4 of 2030 and will become one of the largest casinos in the world:
750 gaming tables, 6,000 slot machines
Over 70 dining venues and a 3,500-seat theater
Nearly one million square feet of convention space (MICE)
Outdoor theaters, bars, garden areas, and a helicopter landing pad
Hornbuckle compared it to Marina Bay Sands in Singapore, predicting huge potential in the Japanese market: "Just the slot and pachinko machine market in Osaka is close to $20 billion, this is a once-in-a-lifetime opportunity."
Latin American Market and Future Layout
In Latin America, MGM's focus remains on Brazil. Hornbuckle stated that the country's gambling market could reach a scale of $70–80 billion, and despite fierce competition, the company is confident in gaining a share.
Overall, Hornbuckle linked Las Vegas, international tourism, online gambling, Japan, and the Latin American market through "diversification," clarifying MGM's future strategic direction: to maintain traditional advantages while laying out new growth points.
