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MGM Resorts CEO meets with Chinese President Xi Jinping

April 1, 2024 China Industry Updates

President and CEO of MGM Resorts Bill Hornbuckle was among the US business leaders that met with President Xi Jinping of China on Wednesday in Beijing.

The goal of the meeting, which took place at the Great Hall of the People’s East Hall, was to strengthen relations between the two superpowers, with a focus on China’s efforts to attract foreign investment and address its economic crisis. Official estimates indicate that in 2023, foreign direct investment into China will drop by 8%.

The CEOs of Blackstone Group, Qualcomm, FedEx, Evan Greenberg, Chubb, and Bloomberg Chairman Mark Carney are among the US group’s members, along with FedEx Chairman Raj Subramaniam and CEO Stephen Schwarzman. Craig Allen, the president of the US-China Business Council, and Stephen Orlins, the president of the National Committee on US-China Relations, joined them.

President Xi emphasized throughout the meeting the importance of bilateral communication and cooperation, which would result in the integration and mutual inclusion of elements from both countries. Using this concept, he addressed cultural differences by promoting the notion of finding common ground while acknowledging subtle differences.

President Xi covered the history of China-US relations during the hour-and-a-half meeting, highlighting the beneficial links between the two peoples and the need of continued cooperation.

Hornbuckle’s presence at the summit is seen as a positive reflection of Beijing’s perception of Macau, the dominating Asian gaming destination where MGM has two integrated resorts. Through its joint venture, Diaoyutai MGM Hospitality, MGM also oversees a number of hotels in mainland China, with plans to expand into cities including Shenzhen, Guangzhou, and Zhuhai.

Hornbuckle expressed gratitude for the opportunity to attend the conference and expressed satisfaction with MGM’s contribution to strengthening US-China connections via increased bilateral travel and tourism. MGM Resorts said earlier this month that it was thinking of selling its casinos in Massachusetts and Ohio.

Original story by: Gambling News

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