MGM Resorts CEO and President Bill Hornbuckle was part of a delegation of US business leaders that met with China’s President Xi Jinping in Beijing on Wednesday.
In what shaped as an important thawing of relations between the two international superpowers, the meeting – held in the East Hall of the Great Hall of the People – is said to be linked to China’s efforts to lure back foreign investors and help stall its economic slowdown. Foreign direct investment into China dropped by 8% last year.
According to state media CCTV, the US delegation also included Blackstone Group CEO Stephen Schwarzman, Bloomberg Chairman Mark Carney, Qualcomm CEO Cristiano Amon, FedEx Chairman and CEO Raj Subramaniam and Chubb CEO Evan Greenberg, plus the President of the National Committee on US-China Relations Stephen Orlins, and President of the US-China Business Council Craig Allen, among others.
During the meeting, President Xi said, “I was asked a question about how China and the US have elements of each other within themselves. It’s all about exchange. Through exchange and cooperation, eventually, integration occurs, leading to the mutual inclusion of elements from each side.
“The same applies to thought. Differences in culture will always exist because individuals and even family members are unique. However, the goal is to seek common ground while preserving minor differences, establishing more consensus among nations, within families and among relatives.
“The history of China-US relations is a chronicle of friendly interactions between the peoples of the two countries. It was written by the people in the past and must continue to be shaped by the people of both nations in the future. Individuals from all sectors of both countries should engage more, communicate more and cooperate more.”
Reuters said the meeting lasted for around 90 minutes with 20 US firms represented.
While Hornbuckle was just one of the leaders in attendance, the fact that he was received by President Xi sends a positive message on Beijing’s current view of Macau, Asia’s undisputed gaming hub and where MGM operates two integrated resorts.
MGM also operates a number of hotels across mainland China through its Diaoyutai MGM Hospitality joint venture, with locations in Shanghai, Chengdu, Nanjing, Sanya and Qingdao, and has plans to open more hotels in the near future, including in Guangzhou, Shenzhen and Zhuhai.
In a statement provided in response to IAG’s inquiries, Hornbuckle said, “US-China travel fosters not just trade and economic ties, but personal and cultural ties that lead to greater mutual understanding and respect. MGM Resorts has been proud of our role in supporting US-China relations through increased bilateral travel and tourism.
“I was honored to be part of the meeting convened by President Xi to discuss how to use these ties to strengthen the US-China relationship.”
