BUSINESS

Marina Bay Sands CEO Arasi Resigns

TAGs: las vegas sands, Singapore Marina Bay Sands Casino, Tom Arasi

Tom Arasi CEO of Marina Bay Sands, the Singapore casino of U.S. group Las Vegas Sands is calling it quits just 18 months after assuming the position of president and CEO.

Arasi is expected to officially step down from his postion next Tuesday. The resignation comes as a bit of a surprise, considering the short duration of Arasi’s tenure, but a Singapore press holding publication, The Straits Times has indicated there was industry talk circulating for a month now about possible changes to the casino’s top-level management.

Reasons for Arasi stepping down can only be speculated at this point, but the Strait Times quoted an anonymous analyst who indicated a possible reason for Arasi’s departure was due to the pressure he faced running the casino under the strong character of billionaire Sheldon Adelson.

One would expect that when you sign up for the position of CEO, you would expect to be under pressure. No? It’s not like he’s running a dollar store, the Marina Bay Sands in Singapore was built at a cost of $5.5 billion, and after opening its doors last April, it’s raked in revenues of $631 million and a pre-tax profit of $315 million for its first full quarter, which ended Sep 30 2010.

It should be interesting to watch what management shakeups will occur in the next few weeks and who will replace Arasi as CEO of Marina Bay Sands. Stay tuned.

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