Solaire hires new manager to head casino operations

MANILA, Philippines - Razon-led Bloomberry Resorts Corp. has tapped a seasoned gaming and leisure executive to lead the operations of the $1.2-billion Solaire Resort and Casino in Entertainment City.       

In a disclosure to the stock exchange, Bloomberry said its board of directors appointed    Thomas Arasi as the company’s president and chief operating officer effective Oct. 11.       

Former Marina Bay Sands Pte. Ltd. chief Arasi also replaced Estela Tuason-Occeña as a board member while Bloomberry chairman and CEO Enrique K. Razon Jr. stepped down as company president.       

“We believe his credentials and experience will be key to achieving    our expectations for Solaire,” Razon said.       

“Arasi will be responsible for leading the effort in ensuring    Solaire’s continued ramp-up in its operations and profitability,” Bloomberry said. The listed casino firm terminated the services of its chief operating officer last month.       

Arasi is a former president and CEO of Marina Bay Sands, helping the gaming firm hit profits of around $1.5 billion in annual run-rate earnings before interest, taxes, depreciation and amortization.       

“While leading Marina Bay Sands, Arasi successfully completed the development, opening and operation of one of the largest and most complex real estate developments in the world,” Bloomberry said.       

The new Solaire president also held senior positions with    InterContinental Hotels Group as president of three major divisions, and was a president of Tishman Hotel Corp.       

“His expertise will be put to good use when Solaire expands with its $500-million Phase 1-A expansion opening by the fourth quarter of next    year,” Bloomberry said.       

The $750-million Phase 1 of Solaire, which offers 500 rooms, 18,500 square meters of gaming space and 15 luxurious dining options, started commercial operations on Mar. 16.       

The Phase 1-A expansion will allow the company to open a 300 all-suite hotel, 3,900 parking slots, a shopping center with luxury brand stores and an entertainment theater next year.       

In the second quarter this year, Bloomberry recorded P22.7 million in profits on    the back of P3.59 billion in revenues. However, revenues have yet to catch up with high operating expenses, which hit P3.65 billion in the April to June period.       

Last month, Bloomberry sacked its casino manager Global Gaming Philippines LLC (GGAM) and Solaire chief operating officer Michael French “because of material breach of the management service agreement by GGAM.”       

“GGAM has not spent any material time in attending to the management of Solaire and has failed to perform its obligations and deliveries under the MSA,” Bloomberry earlier said.       

But GGAM, which is led by three principals who each have decades of    integrated tourism resort and gaming industry experience in the US and    Macau, said it is seeking arbitration in Singapore.