Inside Asian Gaming

september 2016 inside asian gaming 31 Asian Gaming POWER 50 2 0 1 6 to 27.4%. That move saw Hong Kong-listed Melco International Development Ltd, which is headed by Chief Executive Lawrence Ho, become Melco Crown’s single biggest shareholder with Mr Ho taking over as Melco Crown Chairman after Packer stepped aside as co-Chair. It also meant greater responsibility for Mr Ho’s right hand man, Ted Chan. The pair have worked together on and off since 2002, with Chan re-joining the company in 2008 as President of Altira Macau after a two-year absence. He assumed the role of co-COO alongside Nick Naples in 2010 before taking sole ownership of the position in February 2012. George Tanasijevich PRESIDENT AND CEO Marina Bay Sands Power 1,295 last 14 Score year Claims to Fame Founding father of the most profitable casino resort on earth Also serves as Las Vegas Sands global development director 22 chef dining, a museum plus a casino for 610 tables and 2,500 gaming machines. Completed in 2010 at a cost of US$5.7 billion, last year MBS reported EBITDA of US$1.5 billion with the industry’s best margins and soundly besting Genting’s crosstown rival Resorts World Sentosa. With no junkets and a S$100 (US$70) entry tax for locals, MBS nevertheless produced gaming revenue of US$2.3 billion last year. That was down 10%, as the slowdown in mainland Chinese play hit, also lowering hotel rates. But the downturn is hitting Macau even harder, meaning MBS EBITDA accounts for a growing proportion for the LVS total. Last year, MBS EBITDA fell 13% from a year earlier, but was 36% of the LVS total, up four percentage points. This year, second quarter EBITA fell 2% to US$357 million – VIP roll fell 29% and mass drop decreased 11% – reaching 37% of the corporate total. One remedy would be a new global opportunity for Mr Tanasijevich to develop. Whatever it is, though, it’s unlikely to match Marina Bay Sands. The next 12 months loom as arguably the most important yet for both Mr Chan and Mr Ho. Despite some promising results in 2Q16 – with a 27% increase in year-on-year profit thanks to improving revenues at City of Dreams Manila combined with the opening of Studio City last October – questions remain over whether Melco’s third Macau property can meet its revenue requirements as per the strict financial conditions of its loan agreement. In order to try and ramp things up, Melco recently announced it would introduce VIP gaming to Studio City – having earlier opted to focus solely on mass – with around 30 tables to be allocated “subject to government approval.” Public policy textbooks for the next century or two will rightly spotlight Marina Bay Sands – namely how a bold and broadly unpopular government decision to legalize casinos within strict guidelines led to a remake of Singapore’s international image. And if those books give credit where it’s due, every student in the field will learn to spell Tanasijevich. Las Vegas Sands founder Sheldon Adeslon had the money, architect Moshe Safdie had the design but George Tanasijevich, Las Vegas Sands’ global development director, had both the patience and – as a former executive of Singapore’s government-linked CapitaLand – the local credibility to convince authorities to make the project a reality. As Marina Bay Sands president and CEO since 2011, he heads what is likely the world’s most profitable casino and Singapore’s 21st century urban icon. The urban resort has 2,600 rooms in three 55 story towers topped with the SkyPark and its 150 meter infinity pool overlooking the Singapore skyline. It also has 1.2 million square feet (112,000 square meters) of convention space, 800,000 square feet of retail, celebrity