While Las Vegas remains MGM Resorts International’s core market, CEO Bill Hornbuckle believes the company’s most transformative opportunity lies thousands of miles away in Japan.
Speaking at the J.P. Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum, Hornbuckle made a striking admission about the company’s Osaka integrated resort project.
“I’m betting my career on it, literally,” he said.
The remark underscores the strategic importance MGM places on Japan’s long-awaited entry into the integrated resort market – a project that could reshape the company’s global footprint.
Why does MGM see Japan as comparable to Singapore?
MGM is currently developing an integrated resort in Osaka, expected to open around 2030. According to Hornbuckle, the company believes the project could rival some of the most successful casino destinations in the world.
“We think that that’s going to be the largest and most successful integrated resort globally since Marina Bay Sands,” MGM CFO Jonathan Halkyard said during the same discussion.
Hornbuckle framed the opportunity using Singapore as a benchmark.
“If it just manifests itself [like] what’s going on today in Singapore… we’re going to net about $800m out of this thing,” he said.
That estimate is based on a projected $2bn cash-flow business, adjusted for MGM’s ownership stake.
For MGM, that scale of profitability would represent a significant new earnings engine.
What market fundamentals make Japan attractive?
Hornbuckle highlighted several structural factors that could make Japan an attractive gaming market.
First is population scale.
“Put it in perspective – 120 million people,” he said.
Second is geographic proximity to key Asian travel markets.
“We are an hour and a half closer from Shanghai and Beijing than Macau.”
Finally, there is an existing appetite for gambling-style entertainment. Japan’s pachinko industry alone generates more than $30bn annually.
“That… we’re pretty assured about,” Hornbuckle said.
Combined, these factors suggest Japan could support a large-scale integrated resort ecosystem once regulatory frameworks fully mature.
I'm betting my career on it, literally. You can quote me on that
What role does Macau play in MGM’s Asia strategy?
While Japan represents the long-term play, Macau remains a core part of MGM’s Asian strategy.
Hornbuckle described the Chinese gaming hub as highly competitive but stable.
“The market remains competitive… it’s a dogfight,” he said.
However, MGM has been expanding its offering in the region, particularly within the premium mass segment – a key growth area following regulatory changes that reduced reliance on traditional junket-driven VIP play.
One of the most notable upgrades involves expanding suite inventory at MGM Cotai.
“We open up… 124 new… suites in Cotai,” Hornbuckle said. “We’ve converted three floors to just suites.”
These “workhorse suites,” as he described them, are designed to capture higher-value premium mass players, a segment MGM believes will remain critical to Macau’s long-term recovery.
How much growth is left in Macau?
MGM’s market share in Macau has grown significantly since the pandemic.
“We’ve enjoyed a 15% or so share,” Hornbuckle said.
That figure is roughly double pre-Covid levels and reflects the operator’s focus on premium mass players and upgraded property offerings.
Yet Hornbuckle acknowledged that further gains may be limited.
“I don’t know that we’d go much higher than where we are,” he said, suggesting that the company sees the mid-teens share range as a realistic equilibrium given its footprint.
How does Japan fit into MGM’s long-term strategy?
Taken together, Hornbuckle’s comments reveal how MGM views its long-term growth trajectory.
According to the CEO, the company’s strategy can be broken down into three stages:
“Steady growth Las Vegas, steady growth regional. Mid-term is all about digital, and long-term is Japan.”
That framework highlights how Japan fits into MGM’s broader vision – not as a single project, but as the potential centrepiece of its next era of global expansion.
If Hornbuckle’s bet pays off, the Osaka resort may eventually become one of the most important assets in MGM’s portfolio.
And by the CEO’s own admission, a significant portion of his legacy may depend on it.
MGM Resorts plans to invest roughly $450m in equity into the Osaka integrated resort project in 2026 alone, with further capital commitments expected in subsequent years ahead of its anticipated 2030 opening
