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Hornbuckle, 54, will continue to serve as the chief marketing officer of MGM Resorts, a position he has held since 2009.
MGM Resorts Chairman and Chief Executive Officer Jim Murren had previously held the title of president.
In his new role, Hornbuckle will report to Murren and will assume expanded responsibility to include gaming development.
Murren credited Hornbuckle with growing the company's M Life customer loyalty program.
"Bill Hornbuckle is widely regarded as one of the most strategic and effective leaders in the hospitality and entertainment industry," Murren said in a statement. "He has been focused on growing the company's relationships with our customers and guests. He has achieved this with significant success."
In November, Murren, 51, signed a new employment agreement that keeps him in his current position through 2016. The contract calls for Murren to receive a base salary of $2 million per year along with various bonuses, benefits and stock awards.
Murren said the Hornbuckle appointment was part of the company's strategic plan to expand MGM Resorts' presence domestically and internationally.
Murren also announced expanded responsibilities for Chief Operating Officer Corey Sanders, CityCenter CEO Bobby Baldwin, and Chief Financial Officer Dan D'Arrigo.
Sanders will have expanded oversight and leadership of the company's operating functions including retail, corporate advertising and sales divisions.
On Monday, MGM Resorts said Baldwin would assume day-to-day oversight for Aria, CityCenter's centerpiece, replacing Bill McBeath who resigned. Baldwin is also responsible for the nongaming Vdara and Mandarin Oriental hotels, CityCenter's residential division and the Crystals retail center.
Hornbuckle has held several corporate and property level position with MGM Resorts since the company's buyout of Mirage Resorts in 1999. He has overseen the company's expansion efforts in Macau and now leads the company's quest for a casino license in Massachusetts.
Hornbuckle has worn multiple hats at times for MGM Resorts. He oversaw the company's aborted efforts in Atlantic City while still serving as president of Mandalay Bay.
He served as president of MGM Mirage Europe after serving as president of the MGM Grand.
Before joining the company, Hornbuckle was president of Caesars Palace and held several senior management positions with Mirage Resorts.
He helped open The Mirage in 1989.
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