NEW YORK, June 6, 2017 /PRNewswire/ -- Jim Murren,
chief executive officer of MGM Resorts International (NYSE:MGM),
speaking at today's NYU Hospitality Conference, and in an opinion
piece on CNN.com, called on U.S. policymakers to remain committed
to Brand USA, the first and only
organization specifically dedicated to promoting the U.S. as a
travel destination to prospective international visitors. The
President's proposed 2018 budget would eliminate funding for the
organization.
"Travel is America's largest services
export – higher than financial services – and supports
one of every nine U.S. jobs – jobs which can never be shipped
overseas," said Murren. "By 2025, international travelers are
expected to grow to more than 1.8 billion. America cannot afford to
lose our rightful share of that market and the jobs it supports to
competitors."
International travel plays a key role in reducing America's
trade deficit. Last year, international visitors generated
$246 billion in travel exports,
creating an $87 billion travel trade
surplus. According to a recent study by Oxford Economics,
over the last four years Brand USA
has attracted 4.3 million incremental visitors; $13.6 billion in related spending; and
$29.5 billion in total economic
impact, including nearly $3.9 billion
in federal, state and local taxes. The program is funded entirely
by fees from international visitors plus matching funds from the
private sector.
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a portfolio of
destination resort brands including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. The Company opened MGM National Harbor
in Maryland on December 8, 2016, and is in the
process of developing MGM Springfield in Massachusetts. MGM
Resorts controls and holds a 76 percent economic interest in the
operating partnership of MGM Growth Properties LLC (NYSE: MGP), a
premier triple-net lease real estate investment trust engaged in
the acquisition, ownership and leasing of large-scale destination
entertainment and leisure resorts. The Company also owns 56 percent
of MGM China Holdings Limited (SEHK: 2282), which owns
MGM MACAU and is developing MGM COTAI, and 50 percent of
CityCenter in Las Vegas, which features ARIA Resort &
Casino. MGM Resorts is named among FORTUNE® Magazine's 2016 list of
World's Most Admired Companies®. For more information about MGM
Resorts International, visit the Company's website
at www.mgmresorts.com.
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SOURCE MGM Resorts International