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Earlier today, I caught up with the CEO of MGM Resorts International. Take a listen.

The Skift Global Forum is wrapping up in New York City. It is known as the travel industry's premier annual event, and joining us from that event now, Bill Hornbuckle. MGM Resorts International President and CEO. Bill, it is good to see you.

Great to see you. Thank you.

Uh Bill, you know, I'm talking to some analysts today. I want to dig right in to Vegas and the trends you're seeing there. Um you know speaking to these analysts they said, you know, Bill has done very well in Vegas. No doubt. But the question investors have is they said how does he keep this momentum going? How does he uh kind of build off the elevated base from here? How do you answer that question, Bill?

Look, I think that's been a question. Uh I just saw a cover of Life Magazine back in the 60s, and it asked the exact same question. Has Las Vegas hit its peak? Um we'll ebb and flow. 2023 was an amazing year. Uh we obviously started the show with the Super Bowl, Formula One, all within like 90 days of each other. Um but at our core, convention business remains strong. International business after the pandemic has returned, uh less China. China is still a challenge for us all. Uh and it's an important sector for us. Um and so you know, the event activity case itself has never been stronger. We this weekend alone, massive UFC fight at the sphere. We hosted Canelo at T-Mobile. And so our ability as a destination to run in the low 90s has never ceased, even during the 2008 great recession. It went down to 82%. So driving traffic, driving people is kind of what we do, and we do it well, we think. Um ultimately it's about return, but Vegas has ebbed and flowed and will continue to ebb and flow. And long haul, there's nothing like it anywhere in the world. The experiences we provide are like nothing else at scale that anyone can provide. And so I'm pretty confident going into the future.

Your portfolio there in Vegas, Bill, it does cater to all kinds of consumers. I'm curious how healthy, how resilient the consumer looks to you? Or does it does it depend and differ Bill, where you sit on that socioeconomic ladder?

It it look, it's it's universal when the tide goes up. Most participate. I will tell you last couple years it has been about the luxury sector. Our ability to drive event activity, drive weekends, drive average rates on the weekends has been very strong. Um although, other side of the spectrum, we have eight regional casinos, all performing on par and as best as they've ever performed. And so obviously, that that tends to attract a different clientele base. And so we see it's pretty universal. Um but generally, particularly on the high end, um those who've enjoyed those kinds of experiences continue to come. We're looking forward to Formula One again coming up with some of the other activity we have.

You mentioned the Sphere, uh Bill, and incredible what UFC's Dana White pulled off there. I am interested those non-gaming events, Bill. How are they impacting MGM?

I they do a lot. Look, I I think over half of visitation is driven by event activity. People have always wanted and needed an excuse to come to Las Vegas, and we continue to provide it. So whether it's fight weekend like we just had, or now with Allegiant Stadium, a football game, you know last year Allegiant was programmed for 43 events, everything from Taylor Swift to the Super Bowl. And so continuing that activity case will continue to drive. Um obviously, we've now ventured into sports in a meaningful way. We have baseball's coming down the road here in 27, 28. We're after and want and hopefully seek an NBA team. And so how that has flushed itself out has been very meaningful for visitation and particularly around higher premium end customer.

Bill, I want I want to switch gears talk about what you're seeing internationally. You mentioned China, economy there is weak. How are you navigating that?

Um look, pretty straightforward. I mean, we've now reached a plateau, I think, in Macau. I think that marketplace is going to come to about 25 or 26 billion. Uh it was at 35 pre-pandemic. Our particular company has plateaued in terms of share. We now enjoy mid-teens in terms of market share. So we're equally excited by that. And remember something, to to fill Macau, to keep it active, it's literally less than a 1% penetration rate into the population of China. And while it matters, and it does, um what we need, who we focus on, and the type of customer that comes today, um continues to be strong, and we're excited by what we think will happen in 25 and beyond.

And Bill, let's talk sports betting as well. You got a big online betting company there. You've been investing in that product. NFL is underway, Bill. I'm curious, what are the trends you're seeing play out in the business?

Well, for us, um it's always an adage. I don't know what team to root for. I always root for the dog because the dog provides generally a win in sports betting. Uh this weekend was a good example of that. So the first couple weeks have been great for the business. But for us, particularly, it's been transformational. You know, we've done a transformation on our product offering. We now have single account, single wallet that simply means someone can come to Las Vegas, put money on an account, and if they win, take it home and continue that activity case in a place like Colorado. So for us, that notion of Omni channel is a big deal. Um our iGaming products, we think are unique and special. We have one of the largest jackpots in the world online. Um we bought a content company called Push that enables us to put out our own branded MGM products, which are really resonating in certain markets. And we've just begun live dealer uh gaming out of Bellagio and MGM into the UK and some of our other Leo Vegas markets, um which is extremely exciting. I think it has a really long-term uh tail on it.

And you touched on this, but I just want to I want to double tap on it. Uh Bill, when you think about BetMGM, how how is it different than the competition, FanDuel, DraftKings?

Well, I I think the key differentiator is ultimately as a loyal customer and a connected customer, what it can mean for enjoying experiences. Which I think our opportunity to bring things to life to then bring you to Las Vegas, to bring we had customers at the Super Bowl last year, to bring you to something like Formula One, to take the activity case and make it real, we think is compelling and meaningful, and we've we don't know. We've seen people do it. We're excited by it, particularly the VIP segment of that business is motivated by that kind of activity.

Bill, appreciate your time. Thanks for joining us today.

Thanks. Have a great day.