The former head of Marina Bay Sands in Singapore is set to lead Bloomberry Resorts Corp.’s $1.2-billion Solaire Resort and Casino after the latter terminated its management contract with Global Gaming Philippines LLC (GGAM), which resulted in the removal of Michael French as the chief operating officer of the casino complex.
In a statement, Bloomberry announced on Tuesday the appointment of Thomas Arasi as president and chief operating officer, and board member of Solaire.
Arasi, who will assume office on October 11, will be responsible for leading the efforts in ensuring Solaire’s continued ramp-up of its operations and profitability.
“His [Arasi’s] 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 in a disclosure to the Philippine Stock Exchange.
Arasi was the former president and chief executive officer of Marina Bay Sands Pte. Ltd. He has also held senior positions with InterContinental Hotels Group as president of three major divisions, and was formerly the president of Tishman Hotel Corp.
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. It was under his leadership where Marina Bay Sands achieved profitability of circa $1.5 billion in annual run-rate earnings before interest, taxes, depreciation and amortization.
“We believe his [Arasi’s] credentials and experience will be key to achieving our expectations for Solaire,” Enrique Razon Jr., Bloomberry chairman and president, said.
The announcement of the new leadership came several days after Bloomberry ceased its management contract with GGAM for the latter’s breaching of management services agreement (MSA) for Solaire.
“GGAM has not spent any material time in attending to the management of Solaire, and has failed to perform its obligations and deliverables under the MSA,” Bloomberry disclosed in an earlier filing with the exchange.
However, the casino operator specified that “many members of the existing management team are very capable and will continue to manage Solaire effectively with GGAM and its representative.”
Madelaine B. Miraflor