He noted recovery is slower in the gaming hub compared to the US market, but during the Alliance Bernstein 37th Annual Strategic Decisions Conference, Hornbuckle assured he believes the return to the norm, though slower, is inevitable.
“We’ll see ebbing and flowing over the next couple of quarters, but I can’t imagine as they continue to get jabs into their arms, albeit slower than the US, that we’re not going to return to a new norm,” he said.
MGM Resorts International's mass business has now reached 60% of pre-pandemic levels, and MGM China’s VIP rose from single-digit numbers to around 11%.
While Hornbuckle noted that recovery in Macau might take a while, he believes that fundamentally, Macau’s market is in good shape. When asked about US operations, he said the domestic market in Las Vegas is steadily stabilising and is ready to capitalise on pent-up demand.
“Las Vegas and our regional markets are on an extended streak,” said Hornbuckle. “I think there is a huge pent-up demand that is going to last several quarters. I think we’ll see stabilisation in the first quarter of next year.”
Hornbuckle also mentioned the company’s increasing online presence, with digital gaming options and BetMGM highlighted as two key points of focus for the operator. He also noted that MGM Resorts is still thinking about Japan’s market, considering the country’s upcoming plans to allow casinos.
