A hospitality and gaming powerhouse, MGM Resorts International is best known for its portfolio of iconic Las Vegas properties, including the Bellagio, MGM Grand and Aria; last year, the company added the Cosmopolitan of Las Vegas to its roster. Hotels editor Christina Jelski recently sat down with MGM Resorts International CEO Bill Hornbuckle, who also serves as chairman of the Department of Commerce's Travel and Tourism Advisory Board, to talk Las Vegas trends.
Bill Hornbuckle
Q: With a baseball stadium looking likely to come to the Tropicana site and the Oakland A's exploring relocation, Las Vegas seems to be cementing its reputation as a sports capital. What are your thoughts on this evolution?
A: It's been surreal. We've always been a boxing capital, and with [Ultimate Fighting Championship] coming along, it's been nice. But we got serious about sports in 2014. We said, we need a new arena in town, and the T-Mobile Arena was built, and the NHL's Golden Knights were born. We then got focused on Allegient Stadium, and the Oakland Raiders raised their hand. And that project has paid dividends. The busiest booking day we had this year, or any year, was the day the Raiders announced their schedule. We also have the Formula 1 Las Vegas Grand Prix coming soon, and we're going to be hosting the Super Bowl in February. And so, if baseball does come in, it looks promising.
Q: What's the latest update on the Cosmopolitan?
A: We're reorganizing a couple of restaurants, and we're still looking for something permanent to put in the theater, something meaningful that will kind of fit the rest of our portfolio and be wildly accretive for us. We basically traded the Mirage for the Cosmopolitan, and the way the economics worked out was pretty favorable to the company. And just as importantly, it provided access to a market segment we didn't necessarily have, which is that thirty-something millennial excited to come to Las Vegas and have fun, but gaming isn't necessarily their primary focus. And if the A's land next door, I think you'll see some further enhancements to that district, which is great.
Q: Are there any other revamps in the pipeline?
A: We're currently finishing up the renovation at New York, New York, as well as updates of the Spa Tower and the suites at the Bellagio. By next February, we'll have completely redone every key at the Bellagio. And I think the next big push will be into the MGM itself. It's our marquee brand, it's 30 years old. It's time to do a major face-lift.
Q: As part of the Travel and Tourism Advisory Board, which policy issues are top of mind for you?
A: There has continually been a focus on air, whether that's helping carriers, the airport experience, immigration, etc. All important and relevant, but in Las Vegas, we now have 43 million visitors, and that continues to grow. And one thing has never changed: Half of our visitation comes via auto. When you think about last Memorial Day weekend, 37 million people took to the car, while 10 million people took to the airplane. So, there's a consistent and continued need to invest in infrastructure. Now, coming out of the pandemic, President Biden has passed the bipartisan infrastructure law, and the average budget for public transportation went from $750-$800 billion to $1.1 trillion. And there's $110 billion earmarked for new opportunities. So, our ability to coordinate and push agendas that promote tourism is important, whether that's a project for I-15 -- where traffic can double travel time between Los Angeles and Las Vegas -- or the I-73 corridor from Michigan to Myrtle Beach, S.C., that's been under consideration since 1991. The idea is to keep people focused on what we can do to move some of these initiatives. Because, frankly, it's equally, if not more, important as air.