MGM Resorts management check
MGM · Consumer Discretionary · Casinos & Gaming · CEO William Hornbuckle
Filings as of
5 good · 1 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $116, against $82 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.86 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
4.9% of net income$25.3m of reported pay in fiscal 2025, against $520.9m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 0.2 years of payThe CEO holds 139,594 shares, directly or through trusts (unvested awards not counted): about 0.2 years of pay. Light activity: no buys, $257k sold in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -12.1% a year over the last three fiscal years. Stock-based pay was 0.5% of revenue in the latest year.
- Good
Is leadership stable?
6 leadership filings in 3 yearsCEO in the pay table: Mr. Hornbuckle. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Discretionary.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 70 | |
| Pay for performance | 93 | 79 | |
| CEO cost | 0 | 44 | |
| Skin in the game | 0 | 36 | |
| Dilution | 100 | 74 | |
| Stable leadership | 95 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Casinos & Gaming, by management score. MGM Resorts is 25th of 47 in its sector.
- 160LVSLas Vegas Sands72
- 174FFord Motor Company71
- 176DHID. R. Horton71
- 184MGMMGM Resorts70
- 191ABNBAirbnb69
- 266WYNNWynn Resorts64
Pay versus performance
From the proxy statement filed March 27, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Hornbuckle | $25.3m | $25.9m | $6.7m | $116 | $82 | $520.9m |
| 2024 | Mr. Hornbuckle | $15.8m | $438k | $5.9m | $110 | $85 | $1.1bn |
| 2023 | Mr. Hornbuckle | $17.0m | $38.0m | $6.1m | $142 | $85 | $1.3bn |
| 2022 | Mr. Hornbuckle | $16.2m | $6.4m | $5.5m | $106 | $65 | $206.7m |
| 2021 | Mr. Hornbuckle | $13.3m | $29.1m | $5.7m | $142 | $87 | $1.2bn |
The board says pay is tied most to RELATIVE TSR. Its other key measures: Total Shareholder Return (“TSR”)., Relative TSR, measured with respect to the S&P 1500 Hotels, Restaurants and Leisure Index., Stock Price..
Insiders and the CEO's stake
William Hornbuckle (CEO AND PRESIDENT) held 139,594 shares directly after their latest Form 4 on Oct 7, 2026, roughly $4.2m at that filing's price.
Light activity: no buys, $257k sold in six months.
- SoldDaniel J TaylorDirector$257kMay 22, 2026
Leadership and governance on file
- Jan 16, 2026Leadership change8-K 5.02
- Sep 19, 2025Leadership change8-K 5.02
- Sep 5, 2025Leadership change8-K 5.02
- May 8, 2025Leadership change8-K 5.02
- Mar 12, 2025Leadership change8-K 5.02
- Aug 21, 2024Leadership change8-K 5.02
- Mar 1, 2023Leadership change8-K 5.02
- Aug 22, 2022Leadership change8-K 5.02
- Jun 24, 2022Leadership change8-K 5.02
- May 9, 2022Leadership change8-K 5.02
- Dec 30, 2021Leadership change8-K 5.02
Latest shareholder vote results: May 8, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $9.4bn returned to owners in buybacks and dividends, 195% of net income, and $380.8m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.7bn | $13.1bn | $16.2bn | $17.2bn | $17.5bn |
| Net income | $1.3bn | $1.5bn | $1.1bn | $746.6m | $205.9m |
| Stock-based pay | $65.2m | $71.3m | $73.6m | $80.2m | $90.5m |
| Buybacks | $1.8bn | $2.8bn | $2.3bn | $1.4bn | $1.2bn |
| Dividends | $4.8m | $4.0m | $0 | $0 | — |
| Diluted shares | 487m | 413m | 359m | 310m | 277m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.