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Posting date: March 28, 2020, 04:48h
Last updated on: March 28, 2020, 04:54h
Bill Hornbuckle (CEO of MGM Resorts International, NYSE: MGM), was part of a delegation of chief executives from US-based companies who met with Chinese president Xi Jinping at Beijing on Wednesday.
The meeting was also attended by Stephen Schwarzman of Blackstone Group, Evan Greenberg of Chubb, Raj Subramaniam as Chairman and CEO of FedEx, and Cristiano Amon, CEO at Qualcomm. Craig Allen, President of US China Business Council and Stephen Orlins of the National Committee on US China Relationships also attended the meeting.
China’s reforms won’t stall and our opening up won’t stop,” said Xi according to China state-run media sources. “China’s development, having overcome various difficulties and challenges, has not collapsed . . . in the past, nor will it ‘peak’ now.”
MGM’s Hornbuckle, the only gaming executive present, was believed to have been one of 20 US business leaders who attended the 90 minute meeting with China’s president.
MGM Has Significant China Interests
Hornbuckle attending the meeting with Xi is a logical decision, given that MGM has a significant stake in China. China, after the US, is the second-largest economic powerhouse in the world.
MGM China is owned by the Las Vegas-based casino giant, which operates two integrated resorts on Macau. MGM China Market share is a great way to increase sales In the only Chinese territory where gambling is legal, it is important to maintain good relations with Beijing. MGM is among three US-based Macau concessionaires.
MGM operates a number of hotels and residences, including Bellagio, MGM and Mirage, in mainland China, through a partnership Diaoyutai MGM Hospitality.
Recent speculation on Chinese social platforms suggests Diaoyutai MGM Hospitality will open a brand new hotel in Shanghai with the Mirage by MGM label in 2027. Diaoyutai MGM Hospitality will open its third hotel in the city.
Meeting Could be Positive for US/China Relationship
It is a positive sign that Xi met Hornbuckle and other US CEOs, given the icy tone in US/China geopolitical relationships. Scores of US multinational companies, Gaming and other formsChina is a major source of revenue and earnings. It is important that companies maintain good relations with Beijing.
The history of China and US relations is a record of friendly interactions that have taken place between the people of both countries,” said Xi. “It was written in the past by the citizens of both nations and must continue to shape by them in the future.” Individuals in both countries from all sectors should be more engaged, communicate more and cooperate more.”
MGM is also a company that places a high priority on maintaining strong ties with the Chinese leadership. Like other operators Las Vegas StripMGM depends on Chinese tourists to drive international traffic. These guests are a key demographic at high-end resorts such as Bellagio or Cosmopolitan.
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