Hornbuckle and CFO Jonathan Halkyard spoke at the invitation-only J.P. Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum that took place this Thursday (13) in Las Vegas.
MGM Resorts International CEO told investors that the company’s biggest focus this year is on its digital presence with growing possibilities in different iGaming markets.
“I think you will see our BetMGM business at US$2.5 billion give or take and our internet interactive group go to about a half-billion with Brazil on the horizon,” Bill Hornbuckle said. “The inflation of that business is priority No. 1. Obviously, we continue to stay focused on Las Vegas. If you think about our assets, from Bellagio to the Cosmopolitan and Aria, that leans into our strength.”
Speaking specifically about new or growing iGaming markets for the company, Hornbuckle said a couple of more Unites States regions are open for it in the near future. Expansion is most likely in Democratic states that have more programs and need the tax dollars, such as Maryland, New York, and Illinois.
“It’s not the panacea we’d hoped,” Hornbuckle said. “iGaming is in seven states, but in three is two-thirds of our top line. What happens in Pennsylvania, Michigan, and New Jersey is meaningful. If a single state comes onboard, there are big numbers to be had there.”
In Brazil, Hornbuckle said operators are struggling with getting people online by dealing with facial recognition and an extensive signup process. But he said MGM will ultimately excel in the country and that the company’s efforts will be dialed up “in the next four to six weeks.”
“Brazil will be that story and BetMGM in a couple more markets goes from a half-billion to a billion top-line business,” Hornbuckle added.
He commented that the group would lean on its partnership with LatAM media conglomerate Grupo Globo, a media giant in Brazil. “We’ve found something special and very specific to us in Globo because of the way they sign up people for movie subscriptions and other products. There is leverage off that database which will ultimately position us to really excel there,” Hornbuckle explained.
Hornbuckle said Globo’s viewership in Brazil is “equivalent to CBS, NBC, and Disney combined in the US.”
MGM Resorts International, one of the largest entertainment and hospitality groups in the world, launches in February BetMGM Brasil, its online betting platform in the country, in partnership with Grupo Globo.
The company obtained a definitive license to operate in Brazil on December 31, 2024, granted by the Secretariat of Prizes and Betting (SPA) of the Ministry of Finance with the authorization valid for five years.
The local team has more than 200 professionals, led by Chief Executive Officer (CEO) Almir Silva, who has more than 20 years in the sports betting industry.
“MGM has over 40 years of experience in the entertainment and gambling market, with exclusive assets, including its own studios for game development,” explains Silva when the company launched in the country. “Our differentiator will be the ability to create a truly enjoyable experience for Brazilian users, placing them at the center of the journey. This will be crucial for us to become market leaders.”
Source: GMB / CDC Gaming
