For the quarter, MGM Resorts reported Adjusted EBITDA of $12.3 million from its share in BetMGM, up considerably from the same quarter a year ago. MGM Resorts International owns a 50% stake in BetMGM with Entain, a major European gaming conglomerate. MGM has already sold out its ticket allotment for the F1 race, which features a grandstand adjacent to the company’s iconic Bellagio fountain.

While MGM has seen strong interest from international tourists for the F1 race, the company is particularly focused on corporate clients for the Super Bowl, according to MGM Resorts COO Corey Saunders. The fundamentals have changed, we have gone from distress to the biggest event we’ve ever seen with Formula 1.” “I am proud with what we’ve accomplished. “Candidly, this quarter we went through hell and back with the cyberattack,” he told Wall Street analysts on the call. Hornbuckle took some time during MGM’s 2023 third-quarter earnings call to laud his team for its resiliency in responding to the crippling breach. While Hornbuckle indicated that MGM will receive reimbursements from insurers over the next several quarters, he is bracing for higher cyber insurance premiums next year and beyond. The September breach forced MGM to temporarily shut down its IT systems at numerous properties, leading to approximately $100 million in insured losses. From there, he will move on to preparations for Super Bowl LVIII in February, when the NFL’s showcase event comes to Sin City for the first time ever.įor now, Hornbuckle is just glad the perilous cyberattack is in his rearview mirror. 16-18, an event that is expected to produce the largest economic impact in the history of the city.

With the fallout of a massive cybersecurity breach now contained, Hornbuckle will turn his attention to the inaugural Formula 1 Las Vegas Grand Prix from Nov.

Hornbuckle is coming off one of his company’s most trying periods since he inherited the position three years ago. MGM Resorts CEO Bill Hornbuckle has had little time in recent weeks to kick back poolside at one of his company’s palatial Las Vegas Strip resorts.

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