FEA TURE — M ARINA BA Y SANDS SINGAPORE
QUINTESSENCE OF SUCCESS Ideal Environment
Singapore has proven to be the perfect location for the Integrated Resort development and operation. In a recent presentation on behalf of Las Vegas Sands Corpo- ration entitled ‘MBS Starts Strong and Continues to Ramp’, the President and CEO of Marina Bay Sands (MBS), George Tanasijevich, explained the features of this ‘ideal environment’:
◆ Duopoly market ◆ Favourable gaming tax rate ◆ Vast addressable market ◆ World class transportation infrastructure
◆ No remotely competitive product offering in the region outside of Singapore
◆ Expanding wealth in middle, upper-middle and high net worth (super wealthy) classes
◆ Established world class corporate meeting and MICE destination
◆ Supportive and collaborative government partner in growing tourism, employment and GDP
The key customer groups for Marina Bay Sands are: ◆ Tour and Travel Groups from around the region ◆ Corporate Meeting Customers
◆ Foreign International Tourists from across the region and around the world
◆ Retail and entertainment customers from Singapore as well as the broader region
The increasingly prominent position of MBS in the MICE business is confirmed by the ever improving quality of the events being conducted and the rapid increase in the number of events in the three major segments, from 2010 to 2011:
◆ Tradeshows — 40% ◆ Group Events — 76% ◆ Local Business — 75%
Overall market leadership has been established and sus- tained by MBS, with industry high margins; market lead- ership, with industry highest EBITA margins (i.e. earnings before interest tax and amortisation margin). Margin Expectations:
◆ Hotel & Retail — 80+% ◆ VIP Gaming — 30+% ◆ Mass Tables & Slots — 80+%
20 th AN N I V ER S AR Y P AR T II/ S U M M ER 1 2
Tanasijevich believes the margins are sustainable and defensible, and that MBS is the ideal model for future Integrated Resort destinations.
Artistic, Theatrical & Commercial Success MBS is a paradigm for the increasingly important role that cultural pursuits play in contemporary society — with a blend of fine food, fashion, arts, design and more. The two theatres, the synthetic ice skating rink, and the museum together with the six celebrity-chef restaurants and eight public art installations already feature promi- nently here, even though they were completed after the soft opening in 2010. The two theatres were completed in time for the first
performance by Riverdance on November 30, 2010. Set next to the theatres, the indoor skating rink (which uses synthetic ice), measures 600sqm, rivalling that at the Rockefeller Center in New York. The rink opened to a per- formance by Michelle Kwan on December 18, 2010. The ArtScience Museum opened to the public with the debut of a thirteen-minute light and water spectacu- lar called Wonder Full on February 19, 2011, and marked the full completion of the entire Integrated Resort. From December 14, 2011, to February 12, 2012, the ArtScience Museum presented “Cartier Time Art”, an exceptional exhibition that took visitors on a journey to the heart of Cartier watchmaking. The ArtScience Museum was the first venue in Asia to host the exhibition; the largest col- lection of Cartier timepieces ever displayed in public. The exhibition travelled for the very first time outside the birthplace of watchmaking, Switzerland, and presented a unique opportunity for the public to discover the secrets and stories behind the unique timepieces creat- ed by Cartier. The two world-class theatres are specifically designed
to showcase internationally acclaimed performances for the ultimate guest experience. The introduction to Sin- gapore of the new theatres and the quality of the Broad- way and West End productions that have already completed seasons here strengthens the links with the two most famous theatre districts in the world. At the same time it fosters the ‘buzz’ and atmosphere of the evolving cosmopolitan style of the country, as well as helping develop the local skill base of the industry. The Sands Theater and the Grand Theater are located
adjacent to each other, they share a box office and a spectacular grand foyer created to transport all guests to a world of glitz and glamour. Both theatres boast
P AN S T AD I A 75 ➲
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