Marina Bay Sands made $128m in first 65 days

The Marina Bay Sands integrated resort has turned in a strong performance, generating US$94 million (S$128 million) in earnings before interest, taxes, depreciation and amortisation (EBITDA) in its first 65 days of operation, owner Las Vegas Sands said yesterday.

The US$5.7 billion resort fronting Marina Bay began operating in April.

Las Vegas Sands billionaire founder and chief executive Sheldon Adelson said during a conference call that he still expects the Singapore resort to bring in US$1 billion in EBITDA next year, due in part to a broader-than-expected customer base.

'There are so many people that are coming from different countries in Asia... We have a group of Koreans flying in every week,' he said. 'I think that the outer reaches of our marketing radius is wider than what we thought before.'

Mr Adelson also said in a statement: 'Both gaming volumes and visitation to the property have been robust' in Singapore. 'In Macau, we delivered an all-time quarterly record.'

Aided by the positive showing at the Singapore resort and in Macau, Las Vegas Sands yesterday posted a better-than-expected quarterly profit.

Las Vegas Sands earned US$129.3 million, or 17 US cents a share, in the second quarter after adjusting for one-time items. Analysts on average expected 9 US cents a share, according to Thomson Reuters. Net revenue rose nearly 51 per cent to US$1.59 billion.

'With property performance better than our expectations in Macau and Singapore, and with the Las Vegas Strip weaker than expected, we believe Asia will be the key driver of the story, and the report is bullish for the shares,' said Jefferies and Co analyst David Katz.

Gambling revenue in Macau, the world's largest gambling centre and the only place in China where gambling is legal, has soared this year, most recently rising 65 per cent year-on-year last month.

Las Vegas Sands said second-quarter net revenue at its three Macau properties rose 41 per cent from that a year earlier to US$1.03 billion, while adjusted EBITDA increased 74 per cent to US$307 million.

In contrast, its Venetian and Palazzo resorts on the Las Vegas Strip reported that EBITDA fell 15 per cent to US$66 million, as the casinos won less at the tables.

The company has lined up financing for the development of two sites in a section of Macau known as the Cotai Strip, but construction has not yet started due to government requirements for the hiring of local workers.

After payment of preferred stock dividends, Las Vegas Sands had a second-quarter net loss of US$4.7 million, or 1 US cent a share, compared with a net loss of US$222.2 million, or 34 US cents a share, a year earlier.

Source : StraitTimes
[tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel tourism news]

Marina Bay IR aims to change the game

HEADLINE acts, parachutists and glitterati were all on show as the Marina Bay Sands (MBS) integrated resort celebrated its opening yesterday.

Even the resort owner's predictions glittered: Just as MBS' towers have transformed the skyline, the IR will 'forever change' Singapore's image and give the country's tourism industry a major fillip.

Casino magnate Sheldon Adelson called the US$5.7billion (S$7.9billion) facility a game-changer for tourism here - a magnet for between 125,000 and 150,000 people that he expects to visit it each day.

This would be a record for parent company Las Vegas Sands' (LVS) properties worldwide.

Not surprisingly, all stops were pulled out for the opening ceremonies, which featured a competition to climb the three towers, a black-tie dinner party, a concert and more.

Speaking at a press conference, Mr Adelson said 'the integrated resort model is unmatched, and MBS will now be the reference point by which all new tourism projects are judged'.

The 71-year-old American added: 'It's going to change Singapore by providing entertainment amenities that were not here before.

'This will be for the Asian people a very major attraction, and will change the conservative perception of what Singapore has in the night time.'

The Republic will reap many benefits as MBS will transform the tourism industry and attract visitors from countries in the region and further afield, including China, Australia and Europe, he said.

To mark the occasion yesterday, some 2,500 guests were invited, as well as 1,100 members of the media from 17 countries who were specially flown in.

International superstars such as Diana Ross and Kelly Rowland of Destiny's Child added a touch of glamour to a gala celebratory concert last night.

MBS first began accepting guests on April27, when the casino, meeting and convention centre and one-third of the hotel rooms opened.

From today, the rest of its 2,560 hotel rooms, more shops, restaurants and meetings facilities will also be open.

The Sands SkyPark, a surfboard-shaped attraction perched atop the three towers, will accept its first public visitors at 2pm today. Its features include a 150m-long swimming pool and spa.

But the resort will not be fully ready until next year, when it opens a theatre to host its Lion King show and two pavilions - one housing nightclubs Pangaea and Avalon, the other featuring a Louis Vuitton boutique.

Yesterday, MBS chief executive officer Thomas Arasi said the IR has drawn 500,000 visitors so far this month.

The big draw? Its casino, which attracts about 25,000 visitors daily, a third of them Singaporeans and permanent residents.

Such numbers, the company's chief operating officer Mike Leven forecast, indicate annual revenues of about US$1billion, and will allow its parent company to recoup its investment in just four to five years.

The company is looking beyond that, however.

MBS, Mr Adelson said, is the second step in his plan to expand further into Asia, which he sees as having an almost insatiable appetite for gambling.

Indeed, he said, even having the equivalent of five Las Vegases with 140,000 hotel rooms each in five different Asian locations would not satisfy demand.

An indication: In 2006, Macau overtook the Las Vegas Strip as the world's biggest gambling centre.

Last year, it drew about US$14.5billion in gaming revenue, compared to the entire US market's US$30.74billion.

Asia accounted for about 73per cent of LVS' revenue at the end of last year, he said, adding: 'We are an Asian company with a presence in the United States.'

By 2020, he expects this figure to hit 90per cent. But Macau will complement, not compete with Singapore, he said.

Macau, a Special Administrative Region of China, gets the bulk of its visitors from the mainland, whereas Singapore will draw customers from other parts of Asia.

Mr Adelson said LVS is exploring markets like Japan, South Korea and even China itself.

Analysts contacted yesterday said MBS' projections on earnings and visitors were on the high side.

Nonetheless, Barclays economist Leong Wai Ho said MBS' prime location in the heart of the city, and a critical mass of close to five million people here, mean the projections are attainable.

Source : Strait Times
[tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel tourism news]

$50 million makeover: Rasa Sentosa Resort to become Shangri-La

Design concept for new function room Sketch of new lobby Revamped guest room Following the completion of a $50 million makeover the Rasa Sentosa Resort will be renamed Shangri-La’s Rasa Sentosa Resort. Ogie R. Manuel, Director of Sales & Marketing said the all new and improved hotel will cater to both business and leisure guests. The resort renovations, which began in March, include a full revamp of guestrooms and facilities, including the swimming pool, the gym, the spa, the children’s club, food and beverage outlets and function rooms. Following the renovations, the resort will reduce its room inventory from 459 to 454 rooms and revise its room types to better cater to the needs of different groups of travellers. For example, a guest travelling with children can book a larger family room with child-friendly facilities and extra luggage space, while a couple on their honeymoon can check into a corner room featuring an open concept bathroom with panoramic sea views. Business travellers will be able to make use of the resorts newly refurbished function rooms, which will feature a new stage, lighting, soundproof double walls and the latest equipment. Guests can also expect more dining choices with a brand new three-in-one dining concept that features an all-day buffet outlet with live cooking stations, a Chinese noodle house and a casserole section. The hotel will also feature a dedicated juice bar and a stand-alone bar where guests can enjoy live entertainment over cocktails. The façade of the resort will also be improved with a lush landscape and a new porte cochère in the lobby area. A grand staircase will lead from the ground floor up to the reception area on level five. Boasting the only beachfront address on Sentosa Island, the resort enjoys close proximity to mainland Singapore, which is conveniently linked by a causeway. In addition to numerous island attractions and VivoCity - one of the largest shopping malls in Singapore - the resort is also minutes away from Southeast Asia's first Universal Studios. The project is targeted for completion in early 2011, after which Rasa Sentosa Resort, Singapore will officially re-open as Shangri-La's Rasa Sentosa Resort.

Source : ETBMICE
[tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel tourism news]

Marina Bay Sands Opens Today at Sentosa

The Marina Bay Sands Opens at 3.18pm Today at Sentosa, Singapore

Equipped with Casino, Hotel, Meeting & Exhibition Facilities, Restaurants & Shops

Contact : Tel: 65 6688 8868

Website : http://www.marinabaysands.com/

Source : [tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel tourism news]

Singapore Marina Bay Sands to open in late April

Casino operator Las Vegas Sands Corp. said Wednesday that it lost money in the fourth quarter on expenses to open its Singapore resort and charges to write down the value of properties in Macau and Pennsylvania.
Company officials said its Marina Bay Sands resort in Singapore would open in late April.
Adelson told investors in a conference call that an opening date will be announced next week.
Sands said it spent $42.1 million on pre-opening expenses in the fourth quarter, primarily on the Singapore resort.
The company led by billionaire Sheldon Adelson saw improvements in its gambling business in Macau but no sign of a rebound in the Las Vegas market, which has been battered by the recession and high unemployment.
Growth fell in Macau with the onset of the economic crisis, but has since recovered because of a robust Chinese economy and relaxed visa restrictions on mainland Chinese tourists.
Macau has surpassed the Las Vegas Strip as the world's most lucrative gambling market.
The loss of $113.9 million, or 17 cents per share, compares with a loss of $136.5 million, or 27 cents per share, during the same quarter a year ago.
Excluding the one-time costs, adjusted net income was $20.9 million, 3 cents per share.
Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, expected Sands to earn 3 cents per share on revenue of $1.23 billion.
Sands said it lost $540 million for all of 2009, compared with $188.8 million in 2008.
The Las Vegas-based company said it had $1.88 billion in revenue in the fourth quarter and $4.56 billion for all of 2009, compared with $1.09 billion in the fourth quarter one year ago and $4.39 billion in 2008.
Sands owns the Venetian Macao, Sands Macao and Four Seasons Hotel Macao and Plaza Casino in Macau and and the Venetian and Palazzo casino resorts in Las Vegas.
Its fourth-quarter revenue at three casinos in the Chinese gambling enclave were $952.8 million, compared with just $263.7 million from its Las Vegas operations.
Sands said it had an operating loss of $15.7 million at its Venetian Las Vegas and Palazzo Las Vegas casino-resorts.
Adelson said record revenues in Macau were helped by strong gambling revenue and cost cuts implemented last year.
It reported $154.5 million in depreciation and amortization expenses for the quarter.

Source : STAR
[tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel tourism news]

Resorts Worlds Singapore 3D2N at only S$335 Nett

A Whole New World Opens Up.


Resorts World™ Sentosa – Asia’s most anticipated destination – welcomes you!

Marvel at the 6m tall, naked and rotund bronze statues of Adam and Eve.

Be among the first to shop at Asia’s first Victoria’s Secret boutique .

Drop by the Chihuly Studio and be inspired by the glass masterpieces.

Feast on authentic Tuscan cuisine at Palio in Hotel Michael™ or

indulge in fine European and Asian pastry creations at Boulangerie in Festive Hotel™... That’s not all!

Immerse in endless fun on Sentosa and finally, cool your heels in the comfort of a hotel in the city.



3D2N Package starts from S$335 Nett

Book now to enjoy:

• 2-night accommodation in a city hotel* of your choice

• Resorts World™ Sentosa gift voucher worth SGD50

• A pair of limited edition Universal Studios Singapore™ Baseball caps (not available at retail stores)

• Seamless access to Sentosa with our complimentary shuttle to and from selected city hotel



Visit www.rwsentosa.com/partnerpackages for details.



Bookings are open between 10 Feb – 21 Feb 2010 and valid for stay between 12 Feb - 21 Feb 2010

Call 6577 8899 or email partner.packages@rwsentosa.com for bookings.

*Terms and Conditions Apply.

Battlestar Galactica ™ Universal Studios. © Universal Network Television LLC. All rights reserved. ©Resorts World at Sentosa Pte. Ltd. 2010 All rights reserved.

Universal Studios Singapore ® & © Universal Studios.Universal Studios, the Universal globe logo and all Universal indicia ™ & © Universal Studios. All rights reserved.

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[tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel tourism news]

Sentosa resort won't affect Malaysia tourism

THE opening of the Resorts World Sentosa, Singapore's first integrated resort, will not affect tourist arrivals in Malaysia.

"We will grow and will not be cannibalised because the pie will grow. More visitors will come especially if the economy recovers.

"So, the important thing is to make it a more complete experience," Genting Group Chairman Tan Sri Lim Kok Thay told reporters after the launch of the group's 45th anniversary logo in Kuala Lumpur today.

Genting Singapore PLC, a subsidiary of Genting Bhd, will open four hotels tomorrow under the first phase of the US$4.4 billion casino-resort in Singapore.
The Festive Hotel, Hard Rock Hotel Singapore, Hotel Michael and Crockford Tower will offer a total of 1,350 rooms and 10 restaurants.

They are expected to enjoy an occupancy rate of above 80 per cent.

Meanwhile, Singapore's first legal casino and Universal Studios theme park will open to the public as soon as the group obtains licences from the Singapore government.

"It(the resorts) is ready to open and we are now waiting for the licences (casino and theme park) to be issued. As soon as it issued, we will open," Lim said.

The Singapore casino is viewed as the group's key earnings drivers in the future.

"By end of next week, Universal Studios Singapore will open and when we officially launch Resorts World Sentosa later this year, it will be another significant and historical milestone achievement for the group," Lim said.

Under the second phase of the Resorts World Sentosa, Lim said another two projects, the Equarius Hotel and Spa Villas, would be completed by mid-2011.

He said Genting's involvement in a mixed development within Iskandar Malaysia comprised theme parks, hotels and premium outlets which would serve as a gateway for local visitors to Singapore and vice-versa.

The group teamed up with New York-listed Simon Property Group to venture into upscale outlet shopping in Iskandar Malaysia under the Chelsea Premium Outlet Centres concept.

Genting Plantations Bhd's unit, Azzon Ltd, signed a joint venture agreement last year with Simon''s Chelsea Malaysia LLC to establish the centres.

Under the partnership, Genting Plantations and Simon will form a 50:50 joint-venture called Genting Chelsea Sdn Bhd to invest and operate Premium Outlet Centres in Malaysia.

The Johor Premium Outlets, will be the first project to be built in Kulai, Johor, and is set to become the iconic flagship outlet centre in the Southeast Asian retail market.

Expected to open in 2011, the centre aims to synergise with Genting's existing property operations and the group's leisure and hospitality footprint in the region.

On Genting's Resorts World, the crown jewel within the group, Lim said the group expected its customer base to increase to 20 million visitors this year from last year's 19.5 million.

Resorts World Genting, a premier integrated family leisure and entertainment resort at the peak of Genting Highlands, will offer various events throughout the year in conjunction with the group's 45th anniversary.

The events were the group's way rewarding customers with rewards and giveaways which would include special discounts on hotel rooms, food and beverages, lucky draws, theme park packages, international shows and grand sales at retails outlets.

Source : BusinessTimes
[tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel tourism news]

Resorts World Sentosa to start phased opening this month

Singapore’s first integrated resort, Resorts World Sentosa, will start its phased opening from Jan 20, beginning with four hotels.
“Resorts World Sentosa is working closely with the authorities to obtain approvals for Universal Studios Singapore, which will open next,” the company said in a statement.
The opening date for the casino will be announced when Genting Singapore Plc, a 54% subsidiary of Genting Bhd receives its casino licence, it added.
The resort’s four hotels – Festive Hotel, Hard Rock Hotel Singapore, Crockfords Tower and Hotel Michael – offer a combined inventory of 1,350 rooms and 10 restaurants.
Another two hotels, Equarius Hotel and Spa Villas, will add another 500 rooms when launched after this year, the company said.
Source : STAR
[tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel tourism news]

Marina Bay Sands Casino hotel eyes biggest trade shows

Marina Bay Sands expects MICE business to be in full swing in five years

Marina Bay Sands, the US$5.5bil integrated resort in Singapore, is expected to see its meeting, incentive, convention and exhibitions (MICE) business run at capacity in three to five years after the resort opens its doors early next year.

President and chief operating officer Michael A. Leven said it would take time for Marina Bay Sands to attract the biggest and leading conventions and trade shows but he was confident that Asia’s largest ballroom would see its enormous capacity taken up in a matter of time.

“It is going to take a couple of years. Usually in the hospitality and convention industry, the problem is some of these conventions get booked four to five years in advance, especially the very large ones,” he said in a briefing.

“It’s going to take some time before that frees up.”

Leven was speaking after the topping-up ceremony of Marina Bay Sands earlier this month.

The Marina Bay Sands construction site stands along a major highway in Singapore. The US$5.5bil Marina Bay Sands hotel and casino project is expected to open in January or February. – AP

When completed, the resort’s MICE facilities would cater to 45,000 delegates.

There will be 250 meeting rooms at the facility and the building is able to host 2,000 booths.

The ballroom alone can cater up to 11,000 people in a single event.

“I view this particular product as being the dominant Asian MICE building and Singapore has tremendous appeal internationally. I don’t see why this won’t be on the circuit of the major trade shows,” said Leven.

“The Hong Kong Convention and Exhibition Centre is sold out and it is not very big, We get a shot at that (business).”

On its own, the MICE business will not be a tremendous profit centre for the resort as Leven said it would feed onto what the rest of the integrated resort had to offer.

The resort would be cashflow positive within the first couple of months of operations, said Leven.

Marina Bay Sands is the most expensive “casino” in the Las Vegas Sands group.

The iconic development features three 55-storey hotels that will have a 375m long SkyPark on the top of the hotels. The SkyPark will have 1ha of open space.

Leven said Marina Bay Sands would have greater variety than the group’s business in Macau in its present configuration.

“Macau is heavily gaming-orientated. We are in the process of building our MICE and tourist businesses there but it is a much smaller situation because of the nature of Macau as a destination,” he said.

Leven said Singapore was more couple- and family-friendly than Macau had traditionally been.

“A higher percentage of our business will come from non-gaming operations than Macau today. Over the future we expect Macau to change its percentage as the Cotai Strip gets more built up. Marina Bay Sands will be more typical of Las Vegas than Macau is today,” he said.

Leven was also cordial when discussing the competition between Marina Bay Sands and Genting’s Resorts World at Sentosa saying the two resorts complement instead of compete with each other.

“I think Genting is a significant addition. I like the idea. I know it sounds strange liking Genting there because I think it’s going to help the overall tourist attraction base to Singapore itself,” he said.

Leven said the promotional activity by both integrated resorts would only help and their respective themes and features would be enough to differentiate one from another.

“From a marketing perspective, Sentosa will be more a family-orientated resort than we will. There will be some meeting and small MICE competition.

“From a competition standpoint and from the business travel, there will not be a significant amount of competition.

“There is a very big difference between the two places,” he said, adding that competition would be limited to the VIP and premium players at their respective casinos.

Leven said that once Marina Bay Sands fully opened, the number of people on its premises should average between 50,000 and 75,000 daily.

It would go as high as 100,000 people on certain days. The visitors to the Macau Venetian is roughly 65,000 people a day.

Marina Bay Sands is counting on attracting a large number of visitors from Malaysia, Indonesia, India and Thailand.

Source : STAR
[tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel tourism news]

Resorts World Singapore Opens Early 2010!

Resorts World at Sentosa today announced that it will top out its first hotel, Maxims Tower, by the end of February 2009. The structural completion of the 11-storey hotel marks yet another major milestone in the development of the Resort, which remains on track for a soft opening in the first quarter of 2010.

Maxims Tower will open with three other hotels - Hotel Michael, Festive Hotel and Hard Rock Hotel - as well as the casino, Le Vie Theatre, a 7,300-seat Grand Ballroom, and Universal Studios Singapore. Installation of ride equipment for the many attractions at Universal Studios Singapore has also begun, with testing and commissioning of the attractions scheduled to begin in October 2009.

In the course of the past year, changes have been made to the design and architecture of the integrated resort to substantially improve its entertainment and fun offerings, including enhancements to its casino and Universal Studios Singapore. Improvements were made to the quality of interiors as well as foot traffic accessibility to retail and dining outlets.

Executive Vice President of projects at Resorts World at Sentosa, Mr Michael Chin said: “The Resort site has been totally transformed over a span of just 22 months since we broke ground in April 2007. Visitors to Sentosa today can see the well-advanced super structures of our hotels and Universal Studios Singapore attractions. We are committed to deliver a top-class destination to Singapore and at the same time, create jobs for Singaporeans.’’

Resorts World at Sentosa is expected to increase its investment in the Resort to S$6.59 billion from S$6 billion. The additional investment will be funded by operating cash flows from the Resort when it opens next year. Financing for the Resort is in place with the successful syndication of a S$4 billion credit facility in April 2008. As at 31 December 2008, Resorts World at Sentosa Pte Ltd. has awarded more than S$4.5 billion of the S$6.59 billion project costs. At the time of opening, its capital expenditure is projected to be less than S$6 billion.

Resorts World at Sentosa continues to be confident that the Resort will be an iconic family holiday destination in the region and that, in these tough economic times when visitors are less likely to travel long-haul, it will be a highly attractive holiday destination for visitors within the region.

Resorts World Singapore

Source : SentosaResortWorld Release
[tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel tourism news]