Inside Asian Gaming

INSIDE ASIAN GAMING DECEMBER 2018 62 Since joining Bloomberry Resorts as Solaire President and COO in late 2013, Arasi has not only earned the trust of one of the country’s richest men, Enrique Razon Jr, he has also helped make him even richer with the Philippines market leader enjoying another record breaking year in 2018. In its recent 3Q18 earnings announcement, Bloomberry revealed that Solaire had recorded record numbers for both mass table drop and slots coin-in in all three quarters so far this year, with mass gaming table revenue reaching Php4.14 billion and slot revenue Php3.60 billion in the third quarter. The incredible figures more than made amends for ongoing poor luck in VIP, pushing the property’s 3Q18 consolidated gaming revenue to Php11.71 billion. While Solaire had the advantage of being the first IR to open in the Entertainment City precinct, it nevertheless suffered a rocky start and it is the management initiatives implemented by Arasi and his team upon arrival seven months later that are widely credited for not only steadying the ship but making it the envy of Manila. Clarence Chung’s newest title could be Melco privatizer in chief. A trusted Lawrence Ho lieutenant for 15 years, Chung headed Nasdaq listed Melco subsidiary Entertainment Gaming Asia, operating loss-making casinos in Cambodia until it was taken private and merged into Melco International last year. Chung chairs Melco Resorts and Entertainment (Philippines), the Manila listed vehicle for the Melco parent’s stake in City of Dreams Manila, a partnership with Belle Corp, controlled by the Philippines’ richest man Henry Sy. CoD Manila has been a jewel in Melco’s portfolio, leading to Property President Geoff Andres being shifted to Studio City in Macau. Andres deputy Kevin Benning took over the Clarence Chung CHAIRMAN AND PRESIDENT Melco Resorts and Entertainment (Philippines) EXECUTIVE DIRECTOR Melco International DIRECTOR Melco Resorts and Entertainment POWER SCORE: 606 POSITION LAST YEAR: 37 CLAIMS TO FAME Oversees Melco’s City of Dreams Manila joint venture with Belle Corp Trusted Lawrence Ho associate dating back to early days of Melco 43 Entertainment City IR and in his first full quarter, operating profits quadrupled to Php1.9 billion (US$36 million). In September, Melco announced plans to buy back the 28% of Melco Philippines it didn’t already own and delist from the Manila stock exchange to cut administrative expenses. Shareholders complained the tender price of Php7.25 per share, while a premium to the market price, was below previous offering prices. Melco vacillated, then in late October began the tender at Php7.49 while saying it won’t delist the company. Perhaps Chung, an accountant, can explain how this plan helps a thriving business. ASIAN GAMING POWER 50 2 0 1 8