SOURCE: Ewen Boey
After just 18 months at the helm, Marina Bay Sands (MBS) president and chief executive officer Thomas Arasi is resigning.
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After just 18 months at the helm, Marina Bay Sands (MBS) president and chief executive officer Thomas Arasi is resigning.
The American, who is in his 50s, addressed his staff over email on Friday, stating that he will step down next Tuesday, after only assuming his role in August 2009, Reuters reported.
He said, “I have decided to pause, take a breather and spend more time with my daughter and other family.”
A gaming analyst, who did not want to be named, said that one reason for Mr Arasi’s resignation could be due to the “pressure” from running the Las Vegas Sands-owned casino headed by billionaire businessman Sheldon Adelson.
An industry insider told The Straits Times, “Mr Adelson is known in the industry to be a strong character with very strong views. A lot of the business is decided by him in the US.”
MBS opened in April last year and, in its first full quarter ending September 30, raked in revenues of S$631 million and a pre-tax profit of S$315 million.
Its rival, Resorts World Sentosa (RWS) achieved a higher revenue, totalling S$732 million and pre-tax profits of S$346.5 million for the same quarter.
However, MBS registered a higher profit margin of 49.7 per cent compared to RWS’ 47 per cent over the same period.
Mr Arasi’s resignation is the second incident involving a senior executive in the last few months.
Senior vice-president of marketing Lucinda Semark resigned last October, with Mr Riad Shalaby, vice-president of marketing taking over her duties.
Gaming analysts say the string of departures is unusual.
Gaming consultant Michael Gore, who has worked in casinos in Malaysia and the Philippines, said, “It is rare for a casino to lose its top managers in its first year of opening because they are carefully selected and well-qualified candidates.”
Mr Arasi is a veteran in hospitality with decades of experience in hotel operations and real estate, and also holds a bachelor’s degree in hotel and restaurant management from Cornell University.
Since its opening, Mr Arasi has had to deal with a few mishaps, including an international law conference that went terribly wrong. Earlier this week, MBS made an about-turn on its decision to punish staff who do not turn up for work during Chinese New Year.
A 34-year-old dealer was shocked to find out about Mr Arasi’s sudden departure.
“I’ve always had a good impression of him. Whenever we run into him, instead of us greeting him, he greets us first.”
He said, “I have decided to pause, take a breather and spend more time with my daughter and other family.”
A gaming analyst, who did not want to be named, said that one reason for Mr Arasi’s resignation could be due to the “pressure” from running the Las Vegas Sands-owned casino headed by billionaire businessman Sheldon Adelson.
An industry insider told The Straits Times, “Mr Adelson is known in the industry to be a strong character with very strong views. A lot of the business is decided by him in the US.”
MBS opened in April last year and, in its first full quarter ending September 30, raked in revenues of S$631 million and a pre-tax profit of S$315 million.
Its rival, Resorts World Sentosa (RWS) achieved a higher revenue, totalling S$732 million and pre-tax profits of S$346.5 million for the same quarter.
However, MBS registered a higher profit margin of 49.7 per cent compared to RWS’ 47 per cent over the same period.
Mr Arasi’s resignation is the second incident involving a senior executive in the last few months.
Senior vice-president of marketing Lucinda Semark resigned last October, with Mr Riad Shalaby, vice-president of marketing taking over her duties.
Gaming analysts say the string of departures is unusual.
Gaming consultant Michael Gore, who has worked in casinos in Malaysia and the Philippines, said, “It is rare for a casino to lose its top managers in its first year of opening because they are carefully selected and well-qualified candidates.”
Mr Arasi is a veteran in hospitality with decades of experience in hotel operations and real estate, and also holds a bachelor’s degree in hotel and restaurant management from Cornell University.
Since its opening, Mr Arasi has had to deal with a few mishaps, including an international law conference that went terribly wrong. Earlier this week, MBS made an about-turn on its decision to punish staff who do not turn up for work during Chinese New Year.
A 34-year-old dealer was shocked to find out about Mr Arasi’s sudden departure.
“I’ve always had a good impression of him. Whenever we run into him, instead of us greeting him, he greets us first.”
