RESORTS World Sentosa (RWS) announced yesterday that it will throw open its doors on Jan 20, but those who want to visit the Universal Studios Singapore Theme Park or roll the dice at its casino will have to wait a little longer.

Announcing the highly anticipated opening date yesterday, RWS said that when Jan 20 rolls around, four of its six hotels and 10 restaurants and lounges will begin operations.

The four hotels are the Festive Hotel, Hard Rock Hotel Singapore, Crockfords Tower and Hotel Michael. The restaurants and lounges include modern patisserie Boulangerie on the second level of Festive Hotel and Indian restaurant Rang Mahal on the second level of the Hard Rock Hotel.

The IR’s theme park, FestiveWalk – a 500-metre stretch featuring retail outlets, restaurants helmed by celebrity chefs and clubs – and theatre are slated to open within the next two months, RWS spokesman Robin Goh said yesterday.

He said the testing of rides has already begun, and added that the theatre is ready for use – it staged its first event, the ChildAid charity concert, late last month.

No firm date was given for when the casino will open, but it is likely to be in the first quarter of the year, according to Mr Goh, who said an application has already been made to Singapore authorities.

The other attractions at the $6.59 billion, 49ha resort, including an oceanarium touted as the world’s largest, a marine museum and the two other hotels, will open much later: Construction is expected to begin only early this year.

The announcement has puzzled some analysts, who wonder why the IR is opening its hotels before most of its attractions are ready.

Mr Colin Tan, director of research and consultancy at real estate consultancy Chesterton Suntec International, called RWS’ move strange. ‘It is unlikely that visitors would make a trip to Sentosa to stay in a half-complete resort,’ he said.

When contacted, however, RWS said it was confident of drawing visitors come Jan 20. ‘There is a lot of anticipation for the resort and people are excited to be the first to experience it. We are, after all, Singapore’s first integrated resort,’ said Mr Goh.

Analysts, however, remain sceptical.

CIMB-GK economist Song Seng Wun said that being the first IR to open gives RWS bragging rights, but little else. ‘You may have a few people who want a preview of what is on offer. But it is more important that everything else opens soon,’ he said.

RWS has said from the time it won the right to open an IR here in 2006 that its targeted opening date was early this year.

At the preview for RWS staff yesterday, the chairman of the Genting Group and Resorts World Sentosa Lim Kok Thay reiterated this. He said: ‘We have been single-minded about this – no distractions or excuses – and today, we are happy to say we marked the first milestone towards delivering on that promise.’

Singapore’s other IR, Marina Bay Sands, is slated to open in mid-April, after several delays. Parent company Las Vegas Sands (LVS) said in 2006 that it would open by the end of 2009. But in July last year, the date was pushed back to end-March this year.

Just last month, LVS chairman Sheldon Adelson further delayed the opening till mid-April, saying that it was not going to open ‘until the time is right’.

Source: Straits Times, 6 Jan 2010

One of Singapore’s integrated resorts, Resorts World Sentosa, will begin opening its doors in phases from January 20.

The resort said its four hotels – Crockfords Tower, Hotel Michael, Festive Hotel and Hard Rock Hotel Singapore – will be opened on that day.

Resorts World Sentosa began operations at two of its four hotels on Tuesday, and employees and their families were the resort’s main guests before the hotels’ public opening.

Resorts World Sentosa’s chief executive, Tan Hee Teck, said the phased schedule would allow the resort and its 10,000 employees to run in operations and deliver the expected guest experience.

The integrated resort (IR) said it is working closely with the authorities to obtain approvals for Universal Studios Singapore, which will open next.

As for the casino’s opening date, it will be announced when the IR gets notice of its casino licence.

Together, the four hotels offer a combined inventory of 1,350 rooms and 10 restaurant outlets at their opening.

Another two hotels at the resort – Equarius Hotel and Spa Villas – will add another 500 rooms when they are launched in phase two after this year.

The IR will also open the world’s largest Marine Life Park and its Maritime Experiential Museum in the second phase.

Source: Channel News Asia, 5 Jan 2010

Three years in the making and Singapore’s two integrated resorts will finally open soon and the operators are upbeat about the prospects.

Resorts World Sentosa, due to open in a matter of weeks, expects to attract 13 million visitors in the first year alone.

The resort said it has been receiving thousands of enquiries from the public everyday. And one of the most talked about attractions is Universal Studios. The theme park is expected to attract some 30,000 visitors each day.

Visitors will encounter ferocious dinosaurs, Egyptian mummies and if that is not thrilling enough, a pair of duelling roller coasters should do the trick.

Resorts World Sentosa said with 60 F&B outlets, six hotels and retail options, there will be no lack of things to see and do.

Noel Hawkes, vice president, Resort Operations, Resorts World Sentosa, said: “We’ve got Michael Graves studio – Michael Graves being the man who designed the entire resort.

“We’ve got a Chihuly studio – Dale Chihuly is probably the most famous artist and maker of fabulous glass pieces, which by the way, he will have many pieces on display within the casino and in our Crockfords tower.”

And over in the downtown area, construction of the Marina Bay Sands resort is progressing well. The resort is touting its crown jewel in the form of the huge Sands SkyPark which sits 200 metres in the air, linking the three hotel towers.

The SkyPark will feature a public observation deck, landscaped gardens, outdoor pools and F&B options. Its massive convention space, at 120,000 square metres, will also bring over 150,000 delegates to the resort from 2010.

On the lighter side of things, the award-winning Broadway musical “The Lion King” will be making its Southeast Asian premiere in Singapore.

Thomas Arasi, CEO, Marina Bay Sands, said: “The Lion King is going to stimulate a lot of interest and a lot of curiosity. Once we move further down in our programming, it’s later on in the property’s development, but the same will occur with our second theatre.

“We are also getting a lot of buzz now and it will really pick up in the first and second quarter, about the compendium, the assortment of celebrity chefs restaurants that we have coming in.”

And those feeling lucky will clearly be hoping to take on Lady Luck in the casinos at the two resorts.

Source: Channel News Asia, 23 Dec 2009

NO ONE at the ChildAid concert over the weekend could have missed a huge mural in the lobby of the Festive Grand Theatre at Resorts World Sentosa (RWS): it touted itself as Singapore’s ‘1st Integrated Resort’.

Staff members were out in force to make sure the resort’s first public function went without a hitch – in the auditorium, carpark and the restrooms.

From chief executive officer Tan Hee Teck down, they were clearly excited at the prospect of finally showing off the goods, so to speak. And yes, people gawked.

RWS has overcome a six-month handicap to beat Marina Bay Sands (MBS) with a soft opening for concert ticket-holders, and has declared that it will be throwing its doors open to all in early January.

On the other hand, MBS has been battling speculation and reports that it is in trouble – money-wise and management-wise. Its initial intention to open all its offerings by the end of the year had to be taken back. It will now open some parts by April, said its flamboyant chairman, Mr Sheldon Adelson. He insists the delays are ‘no big deal’.

Is he right?

The fact is, the sooner it can open for business, the faster it will generate income. This is critical because both projects have busted their budgets not once, but twice.

MBS’ estimated cost went from US$3.6billion (S$5billion) to US$4.5billion to US$5.4billion. Resorts World saw its cost rise from $5.2billion to $6billion to $6.59billion.

Analysts said RWS’ rush to be first to open could be an attempt to cash in on the ‘first-mover’ advantage and lock in resident patrons.

By law, Singapore citizens and permanent residents have to pay an entrance fee of $100 per day or $2,000 per year to patronise a casino. And the annual pass is exclusive to one casino only.

There is a small speed hump which few know about. The casino that opens first has to pay $15million a year for a licence. The fee is reduced to $12.5million when another casino opens up. When this happens, CasinoA is refunded a pro-rated amount.

This sum, however, is small beer compared to the billions that resorts are sinking into their projects.

MBS has blamed the price of sand, the cost of construction and even the rain for the delays. A critical building structure, the SkyPark linking the three hotel towers, will be hauled into place by the end of the year. That section will open for business only in June.

Mr Adelson has already put a figure on how much his resort will earn annually: US$1billion. Putting things in place properly, he said, will make up for not being able to generate revenue sooner. RWS won’t get a ‘gold star’ for being the first to open, he snorted.

‘Let them open first and we’ll see what mistakes they make and we will correct them so we’ll make fewer mistakes.’

Mr Felix Ling, a senior partner of Platform Asia, a Singapore-based casino consultancy firm, concurs.

He said: ‘An early opening is a double-edged sword. It could work to your advantage, but could also expose your soft underbelly.’

For example, the competitor can suss out its rival’s weaknesses and strengths, he said. So any minor improvement on the part of the latecomer would be appreciated by customers more.

Key business processes need to be in place in the casino and theme park for things to run smoothly, service quality has to be top notch, the attractions have to give people a sense of excitement. Otherwise, both resorts could turn out like Hong Kong Disneyland, he said.

The park, which opened in 2005, was plagued with problems from the start – including hour-long waits for rides, inadequate parking and food shortages.

Early signing of annual levy pass holders, Mr Ling added, may not be that big an advantage as the competitor can always lure customers through creative marketing programmes, superior trip incentives, and better customer loyalty programmes.

Agreeing, CIMB-GK regional economist Song Seng Wun said: ‘Being first to open will get you only bragging rights.’ Ultimately, the proof of the pudding will be in the eating.

Both are worthy players. MBS’ parent company, Las Vegas Sands (LVS), knows the meetings and business travel market well – the trump cards that won it the bid in the first place. LVS was credited for bringing Mice – industry parlance for meetings, incentives, conventions and exhibitions – to Vegas. When it went to Macau, its Sands Macao recouped its investment capital within a year.

More recently, it has battled potential bankruptcy and has brought back stalled Macau projects after selling shares in the Hong Kong stock market. It has also fired up to 11,000 construction workers in Macau and has put work on a project there on hold, to focus its resources on its Singapore project, which it has described as the company’s No.1 priority.

On the other hand, RWS’ parent, Genting Group, has had years of experience of operating in Asia, running the casino resort in Genting Highlands and Star Cruises.

Also, working with a world-class partner like Universal Studios has given RWS more cachet than it ever had running its own theme parks.

Expectations of RWS are high precisely because it will be the first to open. Flaws in facilities or service would not be kindly tolerated. Nor would hitches in its theme parks, including its roller coasters and other mechanical devices. In fact, if anything untoward were to happen, the speed that is now praised as efficiency would be regarded as unnecessary haste.

By all accounts, its first public function went smoothly. One thing the staff did not anticipate: When blue and white balloons were dropped from the auditorium ceiling at the end of the concert, delighting the audience, they wafted out of the door and filled the staircases.

Some stumbling and fumbling ensued as patrons made their way down the steps. Balloons were pricked by women’s stiletto heels.

To be sure, that is too small a thing to burst RWS’ bubble. But you can be sure that its rival was there – watching.

Source: Straits Times, 23 Dec 2009

RWS gets first mover advantage from rival’s delay

GENTING Singapore’s Resorts World at Sentosa (RWS) will benefit from construction delays at Marina Bay Sands (MBS) caused by problems with weather and sub-contractors.

In a research note yesterday, DBS Vickers said: ‘The second delay in the soft launch of MBS will further enhance RWS’s first mover advantage.’

DBS Vickers also said that ‘RWS should be able to catch the Chinese New Year peak season and lock in local market share’, highlighting that the $2,000 annual pass in lieu of $100 per entry to be paid by Singapore residents is exclusive to one casino.

The broking house maintains a ‘buy’ call on Genting Singapore at $1.16 a share and a target price of $1.30 per share.

‘RWS is on track to open in January 2010 and has submitted its casino licence application – now pending finalisation of the Casino Control Act and interviews of employees by the authorities,’ it said, adding that RWS has already recruited about 6,000 staff out of a target of 8,000.

The research note comes a day after Las Vegas Sands chairman Sheldon Adelson said the opening date for MBS had been pushed back from the first quarter of 2010 to Q2.

Speaking at a news conference, he attributed the delays to rain and certain sub-contractors going bankrupt.

Mr Adelson also shed light on the prospect of junket operators, saying that few, perhaps even none, will operate here.

In its research note, DBS Vickers said a strict junket licensing regime will be in place ‘and we believe the Singapore government will be pragmatic in ensuring both integrated resorts will be a success’.

For RWS, DBS Vickers expects gaming revenue to come mainly from the grind segment, contributing about 60 per cent of gaming revenue.

‘Universal Studios should help draw in the mass market, differentiating RWS from MBS’s MICE/business visitors focus and help diversify revenue base,’ it said. It expects non-gaming revenue to contribute 25-30 per cent of RWS’s total revenue.

‘In any case, a higher percentage of direct VIP business should help boost margins given the typical lower rebates compared with junket commissions,’ it said. ‘Although this could lead to higher default risk, we believe it should be easier to conduct credit checks and enforce debts given Singapore’s target market.’

Source: Business Times, 23 Dec 2009

Delayed opening

‘We are still on schedule for March 31. However, we lost a few days in October and November due to rain and a couple of bankruptcies of sub-contractors, so I suspect we will lapse over into the beginning and middle of April, give or take.’

‘I wish you guys would get off the delay thing. The delay thing is nothing. We’re not in it for a day or a week. We are in it for decades, so the delay of a day or week is meaningless… we’re not going to open until it is right, whether it is delayed or not delayed.’

‘There was nothing that we could control that I regret. Who would have known there would be a sand embargo?’

Dealing with the Government

‘Sometimes they are a pain in the behind… But I’d much rather have that in dealing with the Government, combined with the reliability and predictability and transparency of this Government. Whatever the Government tells you, you can bank on it.’

Rival Resorts World Sentosa opening first

‘This is sailing in unchartered waters. Mistakes will be made – by them or us. Let them open first, and we’ll see what mistakes they make and then we’ll correct them so we’ll make fewer mistakes. What’s wrong with that? I mean, you don’t get an award, you don’t get a gold star on your forehead for being the first one to open.’

High rollers will still come

‘Look at me. Do I look stupid? Do you think we put five and a half billion dollars in here because we didn’t check the market..? Trust me, there will be more high rollers than you can shake a stick at.’

‘There are so many high rollers. We have five plane-loads of… 747s flying, starting yesterday. They flew to Vegas with about a hundred high rollers. Two of the trips come from KL. One trip from Singapore, one trip from Bangkok, one trip from Jakarta and one trip from Hong Kong. They all say they’re waiting for Singapore to open.’

Source: Straits Times, 22 Dec 2009

THE first guests at the Marina Bay Sands integrated resort (IR) will be able to check in, have a meal, attend a convention and gamble by the middle of April next year, at the latest.

That was the new deadline revealed by Las Vegas Sands chairman Sheldon Adelson yesterday.

That means about 1,000 hotel rooms, several eateries (including three of its six celebrity-chef restaurants), part of the convention facilities and the casino floor will have to be ready by then, or the operator risks failing to secure its casino licence.

The rest of the project will open in phases before the end of next year.

Sands training ‘early next year’

Mr Adelson also had an update for new employees, some of whom were in the news last week waiting to hear when training for their new jobs as dealers and croupiers would start.

Originally they had been told it would be October, but yesterday, the Sands top man said it would be early next year.

To date, about 500 employees have started work at the IR, out of the estimated 14,000 needed to run the entire resort. Of these, 85per cent are Singaporeans, a figure that is expected to dip to about 70per cent because of a lack of local interest in entry-level positions, according to the company.

The project has already been hit by several delays.

When Las Vegas Sands won the bid in 2006, the resort was to be ready by the end of this year. But in July this year, the opening date was pushed back to the first quarter of next year, end-March at the latest.

The delays were put down to heavy rain, the bankruptcy of a couple of sub-contractors, and a sand embargo.

There was also a shock reshuffle of top management in August, with two of its key executives being fired.

At the same time, project costs have ballooned from early projections of US$3.6billion to the current US$5.5 billion (S$7.7 billion) price tag.

But with the resort’s three 55-storey towers framed by the window of the Ritz Carlton suite where he met the media yesterday, the combative Mr Adelson was ready to dispel any suggestion that the project was in trouble.

The 76-year-old billionaire said: ‘I wish you guys would get off the delay thing. The delay thing is nothing.’

It is not going to open until the time is right, he said.

He maintained that the IR is still on track to earn US$1 billion a year, well in excess of analysts’ projections of between US$400 million and US$800 million, and could see a return on its capital investment in five years.

‘If you told me to make a list of a thousand risks, I would not have the embargo of sand from Indonesia on that list. Everything happens, but so what? We are in this for the long term.’

Indonesia banned the export of sand to Singapore in early 2007, which drastically pushed up concrete prices. Things improved six months later, when imports started from Vietnam and elsewhere.

The embargo also hit Resorts World Sentosa (RWS), the second of two IRs being built here, but the Genting-led project remains on track for an early 2010 opening, with some 600 dealers already trained.

Mr Adelson said he was ‘happy’ about RWS opening early.

‘You don’t get a gold star on your forehead for being the first one to open. We are going to open when it’s right.’

He was equally frank about his dealings with the Singapore Government.

‘Sometimes they are a pain in the behind’ – but he said he was glad it was that way. ‘I’d much rather have that in dealing with the Government, combined with the reliability and predictability and transparency of this Government.’

On whether the Government’s ban on casino junkets – whereby a promoter brings in a group of high rollers in exchange for a cut of the turnover – would deter the big spenders from turning up in Singapore, he shot back: ‘Look at me. Do I look stupid? Do you think we put five and a half billion dollars here because we didn’t check the market..? Trust me, there will be more high rollers than you can shake a stick at.’

He was bullish also about Sands’ projects in Macau. Construction work that was suspended after falling revenue is expected to restart within five months.

And Mr Adelson expects the first phase of its Cotai strip project to open by June 2011.

——————————————————————————–
What’s opening

By mid-April: About 1,000 hotel rooms, parts of the convention centre and shopping area, restaurants (including three celebrity chef eateries) and casino
By mid-June (60 days later): The rest of the resort, including the Sands Sky Park, with the exception of the Art Science Museum and the two theatres
By September: One theatre
By end-2010: The Art Science Museum and remaining theatre

Source: Straits Times, 22 Dec 2009

The upcoming Marina Bay Sands integrated resort in Singapore could break even at the operating level within the first or second month of opening. This bullish forecast was given by Las Vegas Sands CEO Sheldon Adelson.

He said the resort is set to open at the end of March 2010 although it could be delayed by a couple of weeks.

When fully completed, the Marina Bay Sands integrated resort will boast of more than just a Las Vegas style casino.

The complex will have two theatres, a museum, an exhibition centre, a 2,600-room hotel, and luxury shopping and dining facilities.

Marina Bay Sands is set to open at the end of March or early April 2010, with about 50 per cent of its facilities ready. These include the casino and most of the restaurants.

The rest of the resort will be completed 60 days after the first phase, except for the museum and theatre, which are due to open at the end of 2010. This puts the resort behind its original target of end-2009, but Las Vegas Sands said quality is of utmost importance.

Sheldon Adelson, CEO, Las Vegas Sands, said: “I think what’s more important is the quality of what we are doing, the fundamental business strategy, and how we are going to succeed.

“Whether or not it’s delayed, this is just a red herring issue. It’s not going to be open until it’s right and because we are in it for the long term. We are not going to rush to open something when its not ready.”

Training for staff is expected to commence early next year.

There will be in the region of 12,000 to 13,000 staff at the integrated resort, some 85 per cent of whom will be Singaporeans. But the percentage is expected to move down to 70 per cent as the project progresses due to the high number of entry level positions.

Las Vegas Sands said there are no plans yet to list the Marina Bay integrated resort. It is optimistic about the outlook, expecting to the return on capital investment in 5 years.

Mr Adelson said: “You can’t write off your whole capital cost. We did when we opened the Sands in Macau, we got back our entire investment in one year. Now this investment is too high, it’s US$5.5 billion so it makes sense that we are not going to get that back in a year. But if we get that back within 5 years’ we’ll be happy.”

Sands said it is also in discussions with parties for further projects around the region, including Japan, Korea, Vietnam, Thailand, India and Malaysia. The upcoming Marina Bay Sands integrated resort in Singapore could break even at the operating level within the first or second month of opening. This bullish forecast was given by Las Vegas Sands CEO Sheldon Adelson.

He said the resort is set to open at the end of March 2010 although it could be delayed by a couple of weeks.

When fully completed, the Marina Bay Sands integrated resort will boast of more than just a Las Vegas style casino.

The complex will have two theatres, a museum, an exhibition centre, a 2,600-room hotel, and luxury shopping and dining facilities.

Marina Bay Sands is set to open at the end of March or early April 2010, with about 50 per cent of its facilities ready. These include the casino and most of the restaurants.

The rest of the resort will be completed 60 days after the first phase, except for the museum and theatre, which are due to open at the end of 2010. This puts the resort behind its original target of end-2009, but Las Vegas Sands said quality is of utmost importance.

Sheldon Adelson, CEO, Las Vegas Sands, said: “I think what’s more important is the quality of what we are doing, the fundamental business strategy, and how we are going to succeed.

“Whether or not it’s delayed, this is just a red herring issue. It’s not going to be open until it’s right and because we are in it for the long term. We are not going to rush to open something when its not ready.”

Training for staff is expected to commence early next year.

There will be in the region of 12,000 to 13,000 staff at the integrated resort, some 85 per cent of whom will be Singaporeans. But the percentage is expected to move down to 70 per cent as the project progresses due to the high number of entry level positions.

Las Vegas Sands said there are no plans yet to list the Marina Bay integrated resort. It is optimistic about the outlook, expecting to the return on capital investment in 5 years.

Mr Adelson said: “You can’t write off your whole capital cost. We did when we opened the Sands in Macau, we got back our entire investment in one year. Now this investment is too high, it’s US$5.5 billion so it makes sense that we are not going to get that back in a year. But if we get that back within 5 years’ we’ll be happy.”

Sands said it is also in discussions with parties for further projects around the region, including Japan, Korea, Vietnam, Thailand, India and Malaysia.

Source: Channel News Asia, 21 Dec 2009

A Las Vegas Sands integrated resort (IR) may not be Singapore’s first to open next year after the developer said on Monday it would be operational only in April instead of February as previously announced.

Las Vegas Sands chairman and chief executive Sheldon Adelson said construction of the Marina Bay Sands casino has been slowed down by the monsoon rains and financial problems facing some subcontractors.

‘We’re assuming we’re going to open between April 1 to 30,’ Mr Adelson told a press conference in Singapore.

‘We’re here for the long-term, we expect to have this opened for decades and that’s what counts,’ he said, describing the new opening target as only a ‘minor delay’.

Singapore’s other casino complex, Resorts World at Sentosa, is expected to open in phases starting in the first quarter of 2010, a spokesman from developer Genting International told AFP.

When Mr Adelson was last in Singapore in July, he said Marina Bay Sands, which includes huge exhibition and convention facilities, was likely to open in either January or February.

The US$5.5-billion Marina Bay Sands casino was originally scheduled to open at the end of 2009 but the project was first delayed due to a number of factors, including material and labour shortages.

Asked about the earnings projections for the Singapore project, he said his company expects about US$1 billion annually before deducting interest, taxes, depreciation and amortisation expenses.

‘The people in the market have come out to between US$400 million and US$800 million,’ he said.

‘We think it will be in excess of a billion annually.’

Las Vegas Sands won the right to build the IR in 2006, one year after the republic gave the go ahead for legalised casino gambling.

Malaysia’s Genting conglomerate won the bid for a second IR which it named Resorts World at Sentosa.

Singapore hopes the two IRs will boost its tourism appeal and draw more visitors to the island which relies mainly on man-made attractions to entice tourists.

Las Vegas Sands’s partly finished development on Macau’s Cotai strip – put on hold after the economic crisis hit last year – could be completed within the next five years, Mr Adelson was quoted as saying in an interview with CNBC.

Sands raised US$2.5 billion in a Hong Kong initial public offering last month, part of which will be used to kickstart the stalled project.

About 11,000 construction jobs were lost when Sands halted construction, dealing a blow to the former Portuguese colony.

Source: Business Times, 21 Dec 2009

MARINA Bay Sands (MBS) said yesterday that it has signed up events for its Sands Expo and Convention Centre that will bring over 150,000 attendees to the integrated resort (IR).

The events cover a range of industries including engineering, legal, property, lifestyle, textiles, life sciences, machinery, manufacturing and renewable energy.

Each event, by established organisers and new players, will bring between 3,000 and 25,000 attendees to MBS.

‘We are proud that Marina Bay Sands is the premium venue for meetings, incentives, conferences and exhibitions (Mice) in Asia,’ said MBS chief executive Thomas Arasi. ‘Marina Bay Sands has unique appeal, and the wide variety of different events is a strong sign of support for us and for Singapore.’

Next May, top lawyers will congregate at MBS for an annual conference organised by the Inter-Pacific Bar Association (IPBA). As climate change is the theme, former US vice-president Al Gore and climate change proponent will be the keynote speaker. The conference was last held here in 1994.

Other returning events that have chosen MBS include the 2010 UFI Congress, which is returning to Singapore after a 15-year absence. UFI is the global union of trade show organisers and fairground owners, as well as the major associations of the exhibition industry.

New shows that will debut at MBS include the Industrial Fabrics Association International Expo Asia 2011 trade show, the first major textile event tailored for the Asian audience.

The team behind the Sands Expo and Convention Centre is also expanding and working on more than 100 additional prospects for Mice events over the next four years, MBS said.

Michael Leven, president and chief operating officer of MBS’s developer Las Vegas Sands, said in August that revenue from gaming operations is likely to make up about 75 per cent of MBS’s earnings before interest, taxes, depreciation and amortisation (EBITDA) in the ‘early days’.

But ultimately the plan is for gaming to contribute only about 50 per cent of EBITDA, with non-gaming components such as the Mice facilities pulling more weight down the track.

Source: Business Times, 8 Dec 2009