InterAksyon.com means BUSINESS
MANILA – Bloomberry Resorts Corporation of ports magnate Enrique K. Razon has named the former head of Marina Bay Sands to run the operations at the $1.2-billion Solaire Resorts Casino.
In a disclosure to the Philippine Stock Exchange, Bloomberry said the company appointed Thomas Arasi as president, chief operating officer (COO) and board member of the listed company beginning October 11.
In a board meeting today, Razon resigned as president of Bloomberry to give way to Arasi.
“We are pleased to welcome Thomas Arasi to Solaire. We believe his credentials and experience will be key to achieving our expectations for Solaire,” said Razon, who chairs Bloomberry and International Container Terminal Services Inc (ICTSI).
The appointment of a new president came weeks after Bloomberg terminated its management contract with Global Gaming Philippines LLC, the local arm of Global Gaming Asset Management (GGAM), which operates casinos in Las Vegas, Macau and Singapore. In terminating the contract and sacking GGAM representative as Solaire COO, Bloomberry cited material breach of contract.
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:”";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin:0in;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:”Calibri”,”sans-serif”;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:”Times New Roman”;
mso-fareast-theme-font:minor-fareast;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;}
Arasi has held various management and senior operating positions in the gaming and hospitality industries. He was formerly president and chief executive officer of Marina Bay Sands Pte Ltd where he oversaw the development, opening and operation of the $5.7-billion integrated resort development in Singapore, steering it to profitability of around $1.5 billion in annual run-rate EBITDA.
EBITDA refers to earnings before interest, tax, depreciation and amortization, and as such indicates profitability before adjusting for the impact of financing, taxation and other non-cash transactions.
Arasi also held senior positions with InterContinental Hotels Group as president of three major divisions, and was formerly the president of Tishman Hotel Corporation.
At Solaire, he will lead the Philippine casino’s continued ramp-up in operations and profitability with the opening of the $500-million Phase 1-A expansion by the fourth quarter next year.
Bloomberry achieved profitability in the second quarter with a net income of P22.7 million, a turnaround from the net loss of P126.9 million in the same period last year, on strong gaming revenues at Solaire, which opened in mid-March to become the first casino to start operations at the Entertainment City of state-run Philippine Amusement and Gaming Corporation.
InterAksyon.com means BUSINESS
Former CEO of Marina Bay Sands chosen to run Bloomberry"s Solaire
0 comments:
Post a Comment