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Marina Bay Sands marks Singapore as next gambling and entertainment haven in Asia

Posted on July 6th, 2010

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“Marina Bay Sands is Singapore’s Sydney Opera House” , boasts Sheldon Adelson, proud owner and builder of this new and lavish casino resort and entertainment complex in the usually conservative island metro, Singapore. Adelson describes the casino as a work of wonder claiming “This surpasses anything I’ve done. It’s the best by the width of an ocean.” Marina is a 930,000 square-meter entertainment city in itself with 2,600 accommodation rooms , 600 table games, 1,500 slots, 2 theaters, an art gallery, boutiques, a museum and a convention center that can hold up to 45,000 people. This $5.7 billion piece of eye candy, is also the biggest investment on a hotel and casino ever made by Adelson’s company.

Marina is a masterpiece in itself, where three 55 storey buildings hold the Skypark, where gardens, pools and restaurants are located. This wonderful piece of infrastructure is what got big shot Sheldon Adelson back into his game, and fortune. Just 2 years ago, he lost a whooping $36 billion dollars in credit losses, far more than anybody else ever lost. It is said that the faster you gain wealth, the faster you loose it. This was the embodiment of Adelson’s life before creating Marina. He was the fastest in creating and generating wealth than anybody else in his niche. He was said to have been generating $20.5 million a day in between 2006 and 2007 and later became the 6th richest man with a net worth of $40 billion.

This changed when the recession hit and Adelson was suddenly loosing money more than anyone else. Sands Corporation was also loosing so much when share price for the company dropped from $150 to a measly $1. From earning $20.5 million he was looking into loosing 100 million a day. At the peak of sudden misfortune, Adelson even shelled out $1 billion of his own resources to pay up loans and other obligations, which also meant giving up about 20% of his total equity of his own company.

Fast forward to 2010 and all the losses are behind him now, as Marina Bay Sands according to Adelson is “the future of the Las Vegas Sands Corporation, the future of gaming and a grand-slam home run for us.” Singapore locals seem to also welcome this new comer on the metro with anticipation and excitement. Peter Lim, a 36 year old office worker, among the first players of the casino described the casino as “modern, fun and there are no rules, unlike elsewhere in Singapore.” The Singapore government is now embracing entertainment complexes like Marina as an important part of the renewing the image of the island country to make it more happening, daring, open and modern. A forty year gambling ban was overturned to give license to the only 2 casinos in the whole of Singapore. Repositioning the image and branding of the country is what the leaders are aiming for with the construction of casinos. The island even hosted the Formula One motor-racing event recently. Singapore leaders are looking to attract 17 million tourists into the country and a total of $36 billion of tourism revenue in the next 5 years.

Amidst criticisms, Adelson remains hopeful with his newly created gem, “This place ( Marina) is going to be buzzing and around much longer than I am living. Everyone will come to see our new icon. It’s Singapore’s Sydney Opera House.” He may be right on track on his chosen market as Singapore’s economic standing is projected to grow by 9% in 2010. He also projects positively that he will be able earn back all that he lost in the past years. It is estimated that his return on investment rate on Marina is only 5 years. Currently the complex is making $3.6 millions a day, and will earn an annual profit of $1.3 billion. The shares of Adelson’s Sands Corporation is also up, at about 1000% to boot. He is now back to being one of the world’s richest men worth no less than $10 billion.

There seems no stopping Adelson on his way up. He has recently resumed works with his halted hotel development in Macau after being forced to suspend it when financial trouble came. Japan will be his next target.