MGM Resorts has agreed fresh terms with its CEO and president, Bill Hornbuckle, through to the end of 2028.
The three-year deal is said to include an $8 million signing bonus, with the full agreement replacing his existing terms, due to expire in August next year.
Once Hornbuckle sees out his new contract, he will transition to an advisory role to assist MGM’s Integrated Resort project in Osaka, Japan.
A filing sent to the US Securities and Exchange Commission (SEC) detailed the $2m base salary that the senior executive will continue to receive, but his annual target bonus accrual will equal 250% of his salary.
However, any bonus over 150% of the target will be paid out in deferred restricted stock units (DRSUs) in three equal instalments over three years.
In addition, the Nevada-based 67-year-old is also eligible for annual equity grants worth $10m in each of the next four years.
Exceptional, visionary leader
Hornbuckle’s new contract with MGM will see him turn his attention to the landmark IR venture in Osaka, from the beginning of 2029, when he will serve as a special advisor and member of the Japan Integrated Resort project board.
He is set to earn $25,000 per month through to the opening of the resort, expected during 2030.
MGM Resorts board chair Paul Salem said of the company CEO: “Bill is an exceptional, visionary leader who successfully guided the company through the Covid-19 pandemic while also positioning the business for long-term growth through new digital ventures, strategic M&A opportunities, and expansion into new international markets.”
“Bill has earned the trust, respect, and admiration of his employees, peers, shareholders, and this board. We’re thrilled that he has agreed to remain in his role for the foreseeable future,” he added.
Hornbuckle, who also serves as co-chairman of MGM China Holdings and chair of the US Travel Association, conveyed his satisfaction with the new agreement:
“I am honoured to continue leading this company at an exciting time of both digital growth and resort expansion in places like New York, Japan, Brazil, and the Middle East,” he said.
“Our best days remain in front of us.”
Image credit: MGM Resorts
