MGM names casino veteran Bill Hornbuckle as its acting CEO

Bill Hornbuckle, acting chief executive officer of MGM Resorts

MGM Resorts International named Bill Hornbuckle as its acting chief executive officer effective immediately, tapping the casino giant’s top lieutenant to take the reins during a time of crisis.
The move accelerates the succession for longtime CEO Jim Murren, who had said in February he would step down when a replacement was found. The company decided to speed up the process in light of the impact of the coronavirus on the industry.
Hornbuckle, 62, is a four-decade veteran of the casino business and one-time protege of Steve Wynn. He opened the Mirage resort in Las Vegas for Wynn in 1989.The company also elevated board member Paul Salem to the chairman role. He’s senior managing director emeritus of private equity firm Providence Equity Partners and already chairs MGM’s real estate committee.
“We believe continued steady, skilled leadership is needed in this time of great upheaval and uncertainty,” Salem said in a statement.
MGM, the largest casino operator on the Las Vegas Strip, has closed all its U.S. casinos to help prevent the spread of the virus, which has infected casino workers and guests.
Last week, Murren attended a White House meeting of travel-industry leaders asking President Donald Trump for aid for their businesses and employees, many of whom find themselves out of work.
Casinos are asking for grants, loan guarantees or tax credits. The administration is considering an array of responses for the country, including giving every U.S. citizen $1,000 to help weather the virus storm.
For MGM and its staff, the cost of the early days of the pandemic has been stark: The company furloughed 70,000 workers when it closed its resorts this week.
“Las Vegas, as you know, will come back rapidly once you give us the green light,” Murren said at a press conference after the meeting with Trump. “But it’s very important that we keep these people on our payrolls as soon as possible.” MDT/Bloomberg