MGM CEO Hornback was among U.S. business bosses who met with Chinese leader Xi Jinping
MGM Resorts International (NYSE: MGM ) CEO Bill Hornbuckle met with Chinese President Xi Jinping in Beijing on Wednesday.
Other attendees included Blackstone Group CEO Stephen Schwarzman, Chubb CEO Evan Greenberg, FedEx Chairman and CEO Raj Subramaniam and Qualcomm CEO Officer Cristiano Amon. Stephen Olins, Chairman of the National Committee on U.S.-China Relations, and Craig Allen, Chairman of the U.S.-China Business Council attended the meeting.
According to Chinese state media sources, Xi Jinping said: "China's reform will not stop and its opening up will not stop." Despite overcoming various difficulties and challenges, China's development has not collapsed. . . Nor will it reach its peak in the past. "
MGM's Hornback was the only gaming executive present at a 90-minute meeting with the Chinese president that was believed to have been attended by 20 U.S. business leaders.
MGM has significant interests in China
Hornback's participation in the meeting with Xi makes sense because MGM has significant interests in China, the world's second-largest economy after the United States.
The Las Vegas-based casino giant is the majority shareholder of MGM China, which operates two integrated resorts in Macau. MGM China is gaining market share in the only Chinese region where gaming is legal, meaning a positive relationship with Beijing is crucial. MGM is one of three American franchises in Macau.
Through cooperation with Diaoyutai MGM Hotel Group, MGM also operates a number of non-gaming hotels and residences in mainland China, including Bellagio by MGM, MGM and Mirage by MGM ).
Recent speculation on Chinese social media platforms suggests that Diaoyutai MGM Resorts plans to open a new hotel in Shanghai in 2027, branded Mirage by MGM. This will be Diaoyutai MGM Hotel Group’s third hotel in the city.
The meeting can be seen as having a positive impact on Sino-US relations
Given the often icy tone in U.S.-China geopolitical relations, Xi Jinping's meeting with Hornback and other U.S. CEOs could be viewed as a positive. Likewise, many U.S. multinationals, in the gaming industry and others, rely on China for a large portion of their profits and sales. This means companies must maintain friendly relations with Beijing.
The history of Sino-US relations is a chronicle of friendly exchanges between the two peoples. “It was written by the people of the past, and the future must continue to be shaped by the people of both countries. People from all walks of life in the two countries should participate more, communicate more, and cooperate more. "
For MGM in particular, maintaining close ties with China's leadership is crucial for another reason. Like other operators on the Las Vegas Strip, MGM relies on Chinese tourists to drive international traffic. These guests form a significant demographic at high-end venues such as the Bellagio and the Cosmopolitan.
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Source: www.casino.org
