24 George Tanasijevi
PRESIDENT AND CEO
Marina Bay Sands
MANAGING DIRECTOR – GLOBAL DEVELOPMENT
Las Vegas Sands Corp
CLAIMS TO FAME
• Runs iconic integrated resort envied worldwide
• Delivers biggest profits of any standalone property in Asia
• Leads LVS efforts to expand in Asia and beyond
POWER SCORE 1,028 LAST YEAR 22
“We are pleased to have established Marina Bay Sands as a reference site for other cities and countries that are considering harnessing the economic power and direct contributions to tourism, employment and GDP growth of our unique convention-based integrated resort business model,” Las Vegas Sands founder Sheldon Adelson says. His man in Singapore, George Tanasijevich, deserves much of the credit for making MBS great.
Mr Tanasijevich joined LVS in 2004 to work on its Cotai development. When Singapore began its casino legalization process the following year, his experience as an executive with government-linked CapitaLand, Southeast Asia’s largest property developer, made him perfect to spearhead the effort. In the wake of Sands Macao’s success, LVS won the extraordinarily competitive beauty contest for the license at Marina Bay. MBS, its triple towers linked by a 12,400 square meter (three acre) SkyPark with breathtaking views and renowned infinity pool, symbolizes modern Singapore and is an urban wonder of the world.
MBS profits are even more spectacular as Singapore tourism rebounds. After a record Adjusted EBITDA of US$492 million in the second quarter, the IR posted US$442 million in the third quarter. Margins rose to 55.7% and 26% of revenue came from non-gaming. Unlike Macau, where significant MICE development remains a distant dream, the convention business booms at MBS, supporting hotel occupancy near 96% and average daily rates of US$445.
In his corporate role as Managing Director of Global Development, Mr Tanasijevich leads LVS initiatives for a Japan IR. He made a bold decision at the Japan Gaming Congress in May to focus entirely on problem gambling, rather than tout LVS attributes, winning local praise. In Japan, South Korea, Thailand and Vietnam, LVS craves IRs on its terms: location in a business and financial hub with a major international airport, “reasonable” investment and development requirements plus casino access for local players.
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