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Thread: New CEO looking for more land to expand MBS

  1. #1
    Join Date
    May 2006
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    Default New CEO looking for more land to expand MBS

    http://www.businesstimes.com.sg/sub/...96740,00.html?

    Published July 27, 2011

    New CEO looking for more land to expand MBS

    George Tanasijevich gets the top job and is eyeing parcels of land near IR to stay ahead of demand

    By LEE U-WEN


    (SINGAPORE) Marina Bay Sands (MBS) has again called on the Singapore government to make available several adjacent plots of land that would help support the US$5.7 billion integrated resort's (IR) burgeoning operations.

    These are land parcels currently not on the reserve list, which means they are not positioned to go through the public tender process, said the company's newly-appointed president and chief executive George Tanasijevich.

    'The ramp-up here in each of our business lines has been very rapid. We want to be ahead of the demand to make sure that we're not constrained as we continue to progress and build our business,' he said in an exclusive interview with BT, his first since being promoted to the top job this week.

    His comments come five months after parent company Las Vegas Sands' (LVS) chairman and CEO Sheldon Adelson said that MBS craved more land to cater to the growing demand for its meetings, incentives, conventions and exhibitions (Mice) events, among various business activities.

    Mr Tanasijevich, 50, said that the strong desire of MBS - which opened its doors in April 2010 - to expand further was 'a signal of just how optimistic we are about Singapore and our business prospects'.

    'We encourage the government to move forward with parcels that are adjacent to MBS. We think we could further enhance this part of Singapore, consistent with the overall masterplan for the Marina Bay area,' said the American.

    Mr Tanasijevich, who will relinquish his position as MBS's managing director of global development, had been the interim CEO since February following the surprise departure of previous chief Thomas Arasi after just 18 months at the helm. MBS will make an official announcement regarding Mr Tanasijevich's new appointment today.

    The new CEO was LVS's senior representative and main coordinator during Singapore's IR bidding process in 2005. A lawyer by training, he was the first employee to receive the news from the Singapore Tourism Board (STB) that LVS was successful in its bid.

    In its first full year of operations, MBS welcomed some 19.6 million local and foreign visitors, a large chunk from key markets such as Indonesia, Malaysia and China. Since it opened, the company has also inked deals to host 1,959 Mice events, including those that have already taken place.

    For the first three months of this year, MBS reported a 48.6 per cent profit margin and pre-tax profits of US$284.5 million, down from US$305.8 million in the previous quarter. The second-quarter results were announced yesterday in the US (Wednesday morning, Singapore time) after the markets closed.

    'We want to continue to build on our good start. We want to get better in every aspect of our business and deliver stronger results across the board. You have seen some of the economic impact stimulated by the introduction of the IRs, and we want to keep pushing that to higher levels,' said Mr Tanasijevich.

    'Obviously, Asia is an exciting part of the world to be in now. Some of the world's strongest economies are here, not least of which is Singapore with its 14.5 per cent growth last year.'

    Driving much of MBS's long-term expansion will be its ability to bring in the best talent and placing them at all levels of the company, he said. MBS employs some 8,600 staff today and Mr Tanasijevich said there was some scope to recruit more people with several sections of the casino-resort - including two new crystal pavilions - yet to be opened.

    'Over time, as people grow in our business and they get better at their job and rise up the ranks, we will become a more localised company, more of a Singapore company. This is something which I think is important for us to be established here,' he said.

    Mr Tanasijevich, who has been based here for the last 10 years, described his working relationship with the key government agencies - among them the Ministry of Community Development, Youth and Sports and the Casino Regulatory Authority (CRA) - as a 'constructive and collaborative' one.

    'I speak with them by phone on a daily basis. We have regularly scheduled meetings with different groups such as the Integrated Resorts Working Group which is chaired by STB (Singapore Tourism Board) CEO Aw Kah Peng,' he said. 'We meet routinely with CRA to update them on the progress and status of our business. The communication lines are always open and they run both ways.'

    When asked to reflect on his journey so far having been involved with MBS since day one, Mr Tanasijevich preferred to look ahead to the future and focus on dealing with the immediate tasks at hand in his new capacity.

    He said: 'I think we are in a situation where this is a privileged position that Singapore has granted us. We want to earn our keep every single day, doing everything we can to help the government and STB meet its goals and objectives and, at the same time, providing economic growth and career opportunities for Singaporeans.'

  2. #2
    Join Date
    Mar 2010
    Posts
    2,571

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    I believe when there is need to stimulate domestic economy, maybe in next downturn, Government will release more land for them..., create more construction and jobs...., buffer against any slowdown/downturn. Since have 2 casinos, another one or a bigger MBS make little difference..., suck more $$$ from rest of the region/world

  3. #3

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    On casiono.

    some said tat high rollers like to come here to play as they win how many millions, they can leave safely with the full amount... and still walk on the street safely... Other countries, may not be so


  4. #4

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    Singapore land is limited and thus planning is required!!!

  5. #5

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    Quote Originally Posted by CyrusChang
    Singapore land is limited and thus planning is required!!!
    those plot of lands next to the IR are kept vacant not by accident. As long as MBS can drive the MICE industry, government will provide.

  6. #6

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    there is a 10 yr agreement for the 2 operators. But planning can start early.

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