To start Wednesday’s earnings call, MGM Resorts International President and CEO put a stop to rumors about a possible acquisition by People Incorporated, the operator’s largest shareholder.
Hornbuckle stated that People Inc. and an MGM Resorts special committee came to terms on a price, but “People was unable to assemble a syndicate that met their objective and they withdrew their offer.
“Earlier today, we announced an amendment to the existing voting agreement with People, which restricts them from purchasing additional shares once their ownership reaches 29.9% and confirms that they will vote with the Board in connection with a change of control transaction,” Hornbuckle said. “We believe this amended agreement aligns our largest shareholder not only with our long-term strategic plan, but also with our ongoing commitment to maximizing value for all of our shareholders. The discussion between MGM and People ends there.
“Look, we’re done and I meant that. We’re going to refocus on our business,” Hornbuckle later said after he opened the earnings call by stating he wouldn’t answer questions. “The dialog between us and People on you-buy-us-we’ll-buy-you was all about trying to unlock the value of that 25% of our shares. We’re done and that’s our position. That’s People’s position.”
MGM reported revenue of $4.2 billion for the third quarter of 2026, a 1% decrease year over year. Net loss attributable to MGM Resorts was $17 million in 3Q26 compared to a net loss of $285 million in the same quarter in 2025.
Hornbuckle said the operator remains bullish about prospects in Las Vegas and other regional operations.
“We remain optimistic about Las Vegas and its long-term future,” Hornbuckle said. “We always have and, frankly, we always will.
“We love the stability our regionals bring. The activity case that the team has brought in Macau is second to none, literally, and it’s proving that.
“And I’m most excited by digital. Despite predictives, despite everything else, digital had a great quarter.”
Hornbuckle said his optimism about Las Vegas remains despite some headwinds.
“If you look at last summer, airfares are up literally 45%,” he said. “This market, between the loss of Spirit, how certain carriers have looked at this market and are now pricing it at all, jet fuel, etc., it has changed the market dynamic, no doubt. We’ve had this whole narrative around value, and we still believe Las Vegas is an amazing value. So that’s something we continue to talk about and push our way through, if you will.”
Hornbuckle said that while Maryland and Virginia didn’t approve the legalization of igaming in recent legislative sessions, MGM remains optimistic.
“Virginia came very close. We’ve had real dialog with the government of Maryland and I think there’s opportunity in both,” Hornbuckle said. “I can tell you this, we will be all over it. … Those two (states) would be extremely accretive to our business. We’ve got lobbyists, we’ve got ourselves. I’ve been involved in this for a while with certain government officials as well and will continue to be. No promises, but we’re hopeful for both of those, actually.”
MGM Resorts stock closed at $27.26 on the Nasdaq, down $0.73, or 2.6%.
