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Top Las Vegas casino boss says if we go ahead with IRs...
Big spenders will flock to S'pore
CASINOS call them whales. Huge spenders intent on gambling thousands at one sitting.
By Desmond Ng
21 May 2005
CASINOS call them whales.
Huge spenders intent on gambling thousands at one sitting.
We're not talking about $100 a hand on blackjack types - think US$25,000 ($41,000) for that perfect 21 (blackjack), or US$150,000 ($250,000) for a game of baccarat on average.
Winning that one hand of baccarat could get you a five-room HDB flat.
And Singapore, when it has casinos, will be a prime hunting ground for them.
That's the view of the president of The Venetian, one of the top casinos in Las Vegas.
In an exclusive interview with The New Paper, Mr Robert Goldstein, whose casino is part of the Las Vegas Sands group, said Singapore could be a unique market - THE place that will attract the rich and famous.
CENTRAL LOCATION
Las Vegas Sands is one of the 12 remaining contenders for the two integrated resorts (IRs).
Mr Goldstein said that Singapore's strength lies in its central location in Asia and it's uniqueness which makes it a great place to visit.
He said: 'We'll do well on the premium market in Singapore. We'll be able to attract people from all over the Pacific Rim.
'The country is safe, politically stable and would be a favourite place for tourists.'
To him, a high-roller is one who gambles a significant amount, spending anything from US$100,000 to an outrageous US$10 million at the tables.
'Unfortunately, sometimes they win too, which is sad,' he joked.
The gambling hub of the east, Macau, is currently a favourite destination for high-rollers but Mr Goldstein thinks the region can support a few IRs targeting the same market.
Others have said that Singapore will put pressure on Macau and, possibly, Australia, the two favoured destinations among wealthy Indonesians who enjoy high stakes card games.
'If Singapore can build international standard resorts, then I think Indonesians will continue to flock there,' said Mr Daniel Budiman, a partner at asset management firm Mahanusa Capital in a Business Times report last month.
It may be life imitating art like in the Hong Kong movie, God of Gamblers, but it's no secret that a good proportion of the high-rollers in casinos around the world are from Asian countries such as Indonesia, Hong Kong, China, Japan and even Singapore.
Mr Goldstein said their table revenue last year was US$240 million, of which 30 per cent came from these high-rollers.
This works out to be about $120m. He added that their main source of revenue comes from room occupancies, food and beverage, slot machines, retail and high-roller gambling.
More than 60 per cent comes from non-gambling sources.
Most of the gamblers in the high-rollers section of The Venetian were Asians, brooding quietly over their cards, in a separate enclosure away from the noisy slot machines and table games with lower limits.
INDIVIDUAL ROOMS
This section - called The Salon - contained several individual rooms for those who wanted privacy.
And as Mr Goldstein pointed out, some of the decor had that Asian touch where teapots and Chinese vases filled an entire cabinet.
There were complimentary croissants, sandwiches and cigars for premium players and a flat-screen TV showing the latest news for those taking a break.
Unlike the table games in the main casino arena, the ones in The Salon had no signs showing the minimum or maximum limit.
Card dealer Steve said the table limit is US$25,000, but when guests want to up the stakes, he has to inform his manager.
But even if the IRs here do manage to attract these high-rollers, will the Singaporean high-rollers take the bait and gamble in their own back yard?
Unlikely, said Ms Mabel Lee, a veteran 'host' of high profile, high net-worth Singaporeans who regularly spend time in Las Vegas casinos.
Her Singaporean clients include many top, familiar, corporate names and she reckons there are easily more than 100 of them, according to a Business Times report in March.
She said that these Singaporeans don't want people at home to know that they gamble.
She was quoted as saying: 'It's not that they're ashamed, or that they're afraid their banker will find out - they don't care.
'But when a person gambles, another side of their character surfaces, and when you have reached a certain level of popularity', you don't want people to see that side of you.'
Big spenders will flock to S'pore
CASINOS call them whales. Huge spenders intent on gambling thousands at one sitting.
By Desmond Ng
21 May 2005
CASINOS call them whales.
Huge spenders intent on gambling thousands at one sitting.
We're not talking about $100 a hand on blackjack types - think US$25,000 ($41,000) for that perfect 21 (blackjack), or US$150,000 ($250,000) for a game of baccarat on average.
Winning that one hand of baccarat could get you a five-room HDB flat.
And Singapore, when it has casinos, will be a prime hunting ground for them.
That's the view of the president of The Venetian, one of the top casinos in Las Vegas.
In an exclusive interview with The New Paper, Mr Robert Goldstein, whose casino is part of the Las Vegas Sands group, said Singapore could be a unique market - THE place that will attract the rich and famous.
CENTRAL LOCATION
Las Vegas Sands is one of the 12 remaining contenders for the two integrated resorts (IRs).
Mr Goldstein said that Singapore's strength lies in its central location in Asia and it's uniqueness which makes it a great place to visit.
He said: 'We'll do well on the premium market in Singapore. We'll be able to attract people from all over the Pacific Rim.
'The country is safe, politically stable and would be a favourite place for tourists.'
To him, a high-roller is one who gambles a significant amount, spending anything from US$100,000 to an outrageous US$10 million at the tables.
'Unfortunately, sometimes they win too, which is sad,' he joked.
The gambling hub of the east, Macau, is currently a favourite destination for high-rollers but Mr Goldstein thinks the region can support a few IRs targeting the same market.
Others have said that Singapore will put pressure on Macau and, possibly, Australia, the two favoured destinations among wealthy Indonesians who enjoy high stakes card games.
'If Singapore can build international standard resorts, then I think Indonesians will continue to flock there,' said Mr Daniel Budiman, a partner at asset management firm Mahanusa Capital in a Business Times report last month.
It may be life imitating art like in the Hong Kong movie, God of Gamblers, but it's no secret that a good proportion of the high-rollers in casinos around the world are from Asian countries such as Indonesia, Hong Kong, China, Japan and even Singapore.
Mr Goldstein said their table revenue last year was US$240 million, of which 30 per cent came from these high-rollers.
This works out to be about $120m. He added that their main source of revenue comes from room occupancies, food and beverage, slot machines, retail and high-roller gambling.
More than 60 per cent comes from non-gambling sources.
Most of the gamblers in the high-rollers section of The Venetian were Asians, brooding quietly over their cards, in a separate enclosure away from the noisy slot machines and table games with lower limits.
INDIVIDUAL ROOMS
This section - called The Salon - contained several individual rooms for those who wanted privacy.
And as Mr Goldstein pointed out, some of the decor had that Asian touch where teapots and Chinese vases filled an entire cabinet.
There were complimentary croissants, sandwiches and cigars for premium players and a flat-screen TV showing the latest news for those taking a break.
Unlike the table games in the main casino arena, the ones in The Salon had no signs showing the minimum or maximum limit.
Card dealer Steve said the table limit is US$25,000, but when guests want to up the stakes, he has to inform his manager.
But even if the IRs here do manage to attract these high-rollers, will the Singaporean high-rollers take the bait and gamble in their own back yard?
Unlikely, said Ms Mabel Lee, a veteran 'host' of high profile, high net-worth Singaporeans who regularly spend time in Las Vegas casinos.
Her Singaporean clients include many top, familiar, corporate names and she reckons there are easily more than 100 of them, according to a Business Times report in March.
She said that these Singaporeans don't want people at home to know that they gamble.
She was quoted as saying: 'It's not that they're ashamed, or that they're afraid their banker will find out - they don't care.
'But when a person gambles, another side of their character surfaces, and when you have reached a certain level of popularity', you don't want people to see that side of you.'