MACAU BUSINESS Lessons learned It was a unique moment. Last month, during a media gathering, Sands China’s acting CEO Mike Leven
looked back at the company’s track record in Macau and admitted it could have done a better job. “We sort of learned as we went along as opposed to having people who were experienced with the local
population, local government and things of that kind,” he said. In his view, the problems encountered in Macau were due to the lack of Sands’ international experience,
a problem that has now been overcome. “One has to remember that Las Vegas Sands was a company of one product in Las Vegas in 2004. That
property is now 11 years old. Then, we opened the Sands in Macau and we were very successful,” he told the media, adding that “sometimes success is a predecessor to not paying attention to what we have to pay attention to.” There were mistakes across the board, he said. “On the financial side, we made some errors in building
properties where we didn’t have the financing in place, which caused a problem. We wouldn’t do that again,” he said. “On the convention side, we actually got a fair start when the Venetian opened and then it dropped off
because we didn’t pay attention to it, didn’t work hard enough on it, and didn’t market it well.” “I don’t think we have done a good job with our employees, either.”
Sands China’s acting CEO Mike Leven
about the Venetian and the Sands, but about asset managing operators at the Sheraton, the Shangri-La, Traders and the Four Seasons.” “It is an enormous job, plus the amount of food
and beverage, the amount of MICE business we intend to do. You can’t combine that into one person. It is just too much.” The new CEO’s role will be in-part management of
the two top executives, Mr Leven said. “He will be more of a government relations person, potentially a financial executive,” he said. “Someone who has got a proven track record of working in Asia successfully with an Asian community
Edward Tracy
legislator Leonel Alves, the company’s former legal adviser, who left the company under a cloud. “We are having some conversations with him,” Mr Leven said. “We would certainly welcome him to come back.” Mr Alves has confirmed there are talks ongoing. While bringing in Mr Sisk and Mr Tracy, Sands
China has split its operations into gaming and non- gaming, respectively, rather than into properties. “If you look at our business, on the gaming side,
you are talking about five casinos once parcels 5 and 6 open. It is a business in itself,” he said. “On the operating side, you are talking not only
22 OCTOBER 2010
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54