Inside Asian Gaming

INSIDE ASIAN GAMING | October 2013 18 FEATURES through all this to be ramping up nicely after a shaky start, leading Bloomberry to a small profit in the second quarter, its first, on PHP3.89 billion in gaming revenue (US$90 million) and steadily improving EBITDA margins. GGAM’s end was 2-6% of EBITDA plus incentives on foreign VIP play, and Mr Razon said at the time, “It is gratifying to know that Solaire has begun to generate profit after only a few months. I am confident that this trend will continue.” Bloomberry also acknowledged in the September filing that “many members of the existing management team”—which is to say those GGAM put in place—“are very capable and will continue to manage Bloomberry terminated its management services agreement with GGAM, claiming the firm “has not spent any material time in attending to the management of Solaire and has failed to perform its obligations.” GGAM says Bloomberry’s assertions “have no factual or legal validity” and they are charging the company with having “materially breached” the MSA. Solaire effectively without GGAM and its representative.” This bodes well for Mr Arasi, who joins Solaire in the midst of a planned expansion of the resort slated for completion in the first half of 2014 and encompassing 300 more rooms and suites, more restaurants, a spa and pool, a 2,000-seat showroom and an outdoor promenade on Manila Bay. “His expertise will be put to good use,” Bloomberry said. At Marina Bay Sands he oversaw an operation that delivered pre-tax profit of S$315 million on $631 million in gross revenue in its first three months of operation, a maiden quarter that Mr Adelson himself called the best for any LVS resort ever. Before joining Caesars in May, he served in executive and high-level advisory capacities in hotel and property management, capital allocation, branding and franchising. He oversaw a number of businesses worldwide for InterContinental Hotels Group prior to entering the gaming industry. Before InterContinental he was president of Tishman Hotel Corp. and was a vice president of Salomon Brothers at one time. He also held positions with Sheraton, Westin ad HVS International. “We believe his credentials and experience will be a key to achieving our expectations,”Mr Razon said. Enrique Razon WilliamWeidner