MGM Resorts International (NYSE: MGM) CEO Bill Hornbuckle was a voice of a mathematical group of chief executive director officers of U.S.-based companies that met with Chinese President Xi Jinping in Beijing on Wednesday.
Other participants included Blackstone Group CEO Sir Leslie Stephen Schwarzman, Chubb CEO Evan Greenberg, FedEx Chairman and CEO Raj Subramaniam, and Qualcomm CEO Cristiano Amon. President of the National Committee on U.S.-China Relations Stephen Orlins and President of the U.S.-China Business Council Craig Grace Ethel Cecile Rosalie Allen also tended to(p) the meeting.
China’s reforms testament non stall, and our opening night upwards will not stop,” said Xi, according to Communist China land media sources. “China’s development, having get over various difficulties and challenges, has not collapsed . . . in the past, nor will it ‘peak’ now.”
It’s believed 20 U.S. stage business leaders tended to(p) the 90-minute coming together with the Chinese president, and that MGM’s Hornbuckle was the only when gaming executive there.
MGM Has Significant Communist China Interests
Hornbuckle’s attending at the meeting with Xi makes sense, because MGM has significant interests inwards China, the world’s second-largest thriftiness behind the U.S.
The Las Vegas-based gambling casino colossus is the bulk proprietor of MGM China, which operates deuce integrated resorts inwards Macau. MGM mainland China is adding market share inwards the lone Chinese territory where betting is legal, implying electropositive ties with Beijing are essential. MGM is ace of leash U.S.-based Macau concessionaires.
Through a partnership with Diaoyutai MGM Hospitality, MGM also operates a slew of nongaming hotels and residences inwards mainland China. They make so below brands including Bellagio past MGM, MGM, and Mirage past MGM, among others.
Recent conjecture on Chinese social media platforms indicates Diaoyutai MGM Hospitality is provision to undecided a new Shanghai hotel with the Mirage past MGM brand in 2027. That testament live Diaoyutai MGM Hospitality’s 3rd hotel in the city.
Meeting Could Be Seen as Positive for US/China Relations
Given the often icy whole step of U.S./China geopolitical relations, it could follow seen as a prescribed that Xi met with Hornbuckle and the other U.S. CEOs. Likewise, scores of U.S. transnational firms, gaming and otherwise, depend on Cathay for substantial percentages of earnings and revenue. That way corporations must defend well-disposed dealings with Beijing.
The history of China-US relations is a chronicle of well-disposed interactions 'tween the peoples of the II countries,” said Xi. “It was written by the people inwards the past and must uphold to be shaped by the people of both nations inward the future. Individuals from all sectors of both countries should lock more, communicate more, and cooperate more.”
Specific to MGM, maintaining warm ties to Chinese leading is polar for another reason. Like other operators on the Las Vegas Strip, MGM counts on Chinese visitors to driving international traffic. Those guests piddle upwards an indispensable demographic at high-end venues, such as Bellagio and Cosmopolitan.
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