Posts Tagged ‘Global Gaming Asset Management’

Baha Mar founder gambled and lost casino

March 13, 2017

Sarkis Izmirilian conceived an integrated resort on Cable Beach with then and future Bahamas Prime Minister Perry Christie in the early years of this century. When global credit froze in 2008, a deal with China saved US$3.5 billion Baha Mar but doomed Izmirlian, whose gamble on bankruptcy cost him his $850 million investment in the largest hospitality project in the Caribbean. Baha Mar is due to begin opening next month, under ownership of Hong Kong’s Chow Tai Fook Enterprises.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

China holds cards in Bahamas’ largest casino project

December 19, 2016

The stalled US$3.5 billion Baha Mar casino resort has a Chinese suitor after Beijing money pushed the original owner out.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Bahamas casino flounders with China’s help

August 5, 2015

China hopes to combine huge currency reserves and burgeoning overseas travel to extend its global soft power. The Bahamas’ $3.5 billion Baha Mar casino project shows the dangers of having Beijing for a partner for commercial projects.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Solaire names Arasi president, as suggested

October 29, 2013

On September 12, Solaire Resort and Casino dismissed Las Vegas consultant Global Gaming Asset Management (GGAM) and Solaire’s chief operating officer Michael French, dubbed GGAM’s official representative there. In the October issue of Macau Business (see pages 93-95), I report on the reasons why Solaire’s billionaire owner Enrique Razon Jr fired GGAM.

I’d visited Solaire as part of researching a Macau Business special report on Philippine gaming (see pages 48-55) published in August. In September, when Razon said he wanted to replace French with an experienced hotel man, I immediately thought of Thomas Arasi, the former president CEO at Marina Bay Sands, one of Singapore’s two integrated resorts (IRs), and a veteran of the hospitality industry. Arasi delivered the most profitable quarter for a property opening in the history of Las Vegas Sands Corporation (LVS) in 2010 then quit in January 2011.

Two things impressed me most about Arasi. First, during his time at Marina Bay Sands (MBS), he was a great ambassador for his property and the brand: open, forthright and respectable. Nearly a year after he left MBS, Arasi was on a panel of casino executives that I moderated at a conference that happened to be held at MBS. Arasi introduced key ideas that helped the panel stand out. After the panel, he agreed to answer some questions for an article, so I accompanied him to his favorite coffee stand in the resort.

As we rode down the long escalators in the MBS convention center, Arasi was greeted warmly by every employee we saw. At the coffee counter, the barista remembered Arasi’s brew right down to the soy milk in his double-shot latte. Navigating MBS with Arasi was like joining a popular politician on a campaign swing. A CEO who made such a lasting impression on frontline workers would be a terrific choice for Solaire, or anywhere, really, I thought.

So I wrote to Arasi to tell him that I thought he’d be good fit with Solaire and vice versa. Many of the key people at Solaire worked for him at Marina Bay Sands. I also shared some of my perspectives on Solaire and Manila after my first visit there in 15 years:

[Manila] is an interesting and livable place.. Solaire is a first rate property and has set the bar high for the next three IRs… Entertainment City is going to bring the kind of buzz to Manila that the IRs did in Singapore. But Manila’s eight times bigger, so the impact will be diluted. Still, it’s a happening place.

I didn’t hear from Arasi before I filed my story. But just before the October issue of Macau Business went to press, news broke that Solaire had named Arasi as its new president and chief operating officer. I then received a pleasant note from Arasi, though no one has offered me a headhunting fee yet. I just hope Arasi’s tenure at Solaire proves as successful as I thought it would be for all sides.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.


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