On December 9, it was announced that MGM China appointed Simon Meng as an independent non-executive director. In addition, he was also named as a member of the audit committee, the nomination and corporate governance committee, and the remuneration committee for MGM China Holdings.
Meng joins MGM China with an extremely distinguished record. He comes with the reputation as one of the most widely recognized leaders in China in terms of cross-border transactions. He has an extensive record of experience in cross-border M&A, direct investments and joint ventures, and project developments within China as well.
According to his profile, he holds a BA degree in law from Beijing University and has Masters’ degrees in both public law and business law. He also holds a PhD in law from Bordeaux University in France and an LLM degree from New York University School of Law.
Currently, Meng is employed as a corporate M&A partner at Linklaters in Shanghai where he specializes in cross-border M&A, direct investments and joint ventures in the country. He has years of experience in project development related to real estate, urban transportation, and energy, and has advised corporations across the globe.
Meng joins an impressive list of members on the committees. This includes Kenneth Feng, James Freeman, and John McManus, who also serve as non-executive directors. Zhe Sun, Patricia Lam, Russell Banham, and Simon Meng serve as independent non-executive directors as well. The MGM China board consists of five executive directors, including James Murren, Pansy Ho, Chen Yau Wong, Bill Hornbuckle, and Grant Bowie.
Meng joins MGM China at an opportune time. In July, JP Morgan Securities gave a positive review of the facility, recognizing that the poor performance at MGM Cotai was almost “irrelevant” because of the success at MGM China.
One month later, MGM China Holdings announced that they were ready to distribute a $46 million dividend to shareholders, which divided out to be $0.012 per share. This came after it was reported that the net income increased by 45.1% over that of the previous year. This was great news for MGM International, which owns 56% of MGM China.
What impact Meng will bring to MGM China is to be seen, as little was reported about his appointment and no official statement was given as to what his role would mean to the organization. However, his expertise and reputation likely mean that good things will continue at MGM.
