MGM Resorts’ CEO says that the extremely competitive market in Macau means that “it’s a dog fight” for market share.
Despite the intense competition, the company’s CEO Bill Hornbuckle noted that “the luck gods were with us” in 2025 and in the first quarter, however expectations are not as high for the rest of this year.
“The expectations we’ve set for the market for the year particularly are on track, and then some,” noted the executive.
This is boosted by assets “put in play mid-season last year”, set to benefit the company for the full year in 2026, including the Alpha Club in Macau, 124 new “workhorse suites in Cotai”- set to debut “next month” and converted suites across three floors.
“Premium […] has really made a difference. We’re pushing hard into that. We’ve enjoyed a 15 percent or so [market] share, and I think over time we’ll continue to do that. I don’t think the market changes much in that context,” noted Hornbuckle.
The executive noted that the conversion of former VIP spaces is dependent on a focus on VIP or premium mass, noting that “of our 10 biggest customers there, six or seven of them are considered in premium mass, the other three or four are VIP […] the way they want to deal and play the game […] I don’t see that changing greatly”.
Looking ahead, Hornbuckle indicates that “Macau is on a pretty steady path now for the next year or two in the context of the shape of the market, the scale of the market, and how it’s being catered to and addressed”.
The CEO furthered that how it’s doing its casino marketing for Macau is unlikely to change but expressed interest to see how its non-gaming asset investment “gets manifested over the next couple of years”.
Hornbuckle furthered that, of its total non-gaming commitment under its 10-year gaming concession, “we’re about 35 percent into that spend”.
The CEO also noted that “how we then spend the next money, particularly given our scale and scope and footprint, is a bit more challenged. We’re gonna have a lot of conversations around that with the government of how to make it more effective and efficient”.
The comments come even as Macau’s gaming regulator indicated that it would be speaking with operators to adjust the scope of their non-gaming investments, aiming to better align them with the city’s economic diversification goals.
While Hornbuckle notes that Macau’s market “was at $45 billion” at one point and “had aspirations to be in the 60s”, it currently sits “in the low 30s”.
“I think there’s more controlled, rational market growth because the government […] will be very focused on that”. However, Hornbuckle indicated that “I still see growth in that market”.
