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New York Post
5 days ago
- Business
- New York Post
Inside the ‘arms race' to win the new luxury cruise ship market
Once viewed by wealthier vacationers as mass market, déclassé venues for watery cocktails, garish waterslides, buffet stampedes and Norovirus outbreaks, cruises are now chic. Everyone from Martha Stewart and Tom Brady to Kendall Jenner and Dakota Johnson was onboard the Ritz's recent launch of Luminara, the hotel brand's new ship, which has been floating around the Mediterranean. Savvy investors and luxury brands are recognizing cruises as the next frontier for high-end travel. Advertisement 5 'There is an arms race between high-end hotels to get into the luxury cruise space,' Jim Murren, CEO of The Ritz-Carlton Yacht Collection told me. The Ritz-Carlton Yacht Collection/INSTARimages The billionaire Francois Pinault, whose family has owned French cruise line Ponant for a decade, bought a majority stake in the luxe cruise line Aqua Expeditions earlier this year. Bernard Arnault and LVMH have invested in an Orient Express ship that is currently under construction and set to be delivered next year. Advertisement Following in the Ritz's wake, in 2026, the Waldorf Astoria will wet its feet in the cruise space with a Nile River trip launching, while the Four Seasons will set sail in the Caribbean and Mediterranean. The Aman will hit the high seas with a 50-suite ship in 2027. 'There is an arms race between high-end hotels to get into the luxury cruise space,' Jim Murren, CEO of The Ritz-Carlton Yacht Collection told me. 5 Martha Stewart was one of the celebrity guests on the recent Ritz-Carlton cruise. Martha Stewart/Instagram For the hospitality companies, it's an easy way to enter a new and growing market — luxe cruises are expected to expand from $10.5 billion this year to $19.8 billion by 2033 according to Business Research Insights — while relying on the safety of their existing brand. Advertisement 'If you're a new entrant who has decided to get into a new product, it is far easier with a known branch attached like a luxury hotel — people will pay 15% more if there is a name like Ritz Carlton attached,' Richard Clarke, a senior analyst for global hotels, cruise lines & online travel at Bernstein told me. 'It is a well trodden path to expand beyond your core product and see what else you can do.' Various luxury hotel companies have recently launched high-end clothing lines, bedding collections, and bags, while branded residences have been popular for years. 5 The Aman will hit the high seas with a 50-suite ship in 2027. Aman 'The fact it's all coming at once is proof the concept works … and the high-end consumer has never been more attractive,' Clarke said. Advertisement Unlike mega-cruise ships, which can't reach more intimate ports and can hold more than 4,000 passengers, most of these high-end vessels are nimble enough to reach harder-to-get-to destinations like St. Barth's in the Caribbean or Capri in the Mediterranean. Ritz's new boat, Luminara, accommodates just 452 guests while another of its ships, Evrima, has room for only 298 guests. The Ritz ships include restaurants designed by Michelin-starred chefs, sprawling suites, extensive spas, infinity pools, marinas with water sports galore and art collections that feature works from Andy Warhol, Henri Matisse and Alexander Calder. 5 Billionaire Francois Pinault owns French cruise line Ponant. Ponant Ponant's ships — which have room for fewer than 40 guests — even offer an underwater lounge with ocean views. Ponant is known primarily for exploring far-flung destinations like Antarctica and the North Pole, while Aqua Expeditions goes to remote rivers like the Amazon and Mekong. The upcoming cruises from the Aman, Four Seasons, the Orient Express and Waldorf Astoria will feature sprawling suites and amenities such as a Japanese Zen garden and a jazz club. This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC's power players (and those who aspire to be). Most of these trips start around $20,000 per week and go up in price from there depending on factors like the size of your room and how much caviar you order. Advertisement While it's not surprising companies would jump on this growing market, it has surprised me how quickly travelers have embraced it. Just why — apart from a barrage of influencers posting about their trips — are these vacations catching on? 5 Jeff Bezos' sailing boat Koru is one of the largest in the world at 417 feet. AbacaPress / Part of it is very careful branding of these cruises. In marketing materials, the vessels are referred to as yachts not cruise ships. Silver-haired retirees have been swapped out for glam influencers, models, and movie stars. Advertisement 'The fact that yachts are splashed across tabloids makes it seem like it is the kind of vacation you should take,' Clarke noted. For multi-millionaires who dream of being billionaires (or at least scoring an invite on one of their yachts), the new upscale cruise is a way to have a private yacht experience without buying one themselves — ala Jeff Bezos or David Geffen — or paying six figures to charter a vessel. They're perfect for the Instagram era where everyone wants to 'show some rail' — a reference to the myriad photos taken in front of the enclosure on the ship. Advertisement 'It's an entirely new category, designed for travelers who seek the privacy and exclusivity of a yacht charter, paired with the elevated service and amenities of a luxury resort-at-sea,' Murren said. 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Yahoo
28-03-2025
- Business
- Yahoo
Resorts World fields ‘dream team' as Gaming Commission signs off on $10.5 million fine
Resorts World Las Vegas board members A.G. Burnett (far left), Jim Murren (center), and former Gov. Brian Sandoval (far right) face Nevada Gaming Commission. (Photo: Dana Gentry/Nevada Current) The Nevada Gaming Commission on Thursday agreed to a stipulated agreement and $10.5 million fine against Resorts World Las Vegas, which faced multiple counts of failing to comply with anti-money laundering laws by allowing known illegal sports bookies to gamble on dozens of occasions. 'We've got a dream team of governance on the board here in front of us today. You've all had extensive Wikipedia pages,' Gaming Commissioner and former Lt. Gov. Brian Krolicki gushed of the newly-minted Resorts World board of directors seated in the front row – former Gov. Brian Sandoval (who Krolicki served under as Lt. Gov.), former Gaming Control Board chairman A.G. Burnett, and former MGM Resorts CEO Jim Murren. Resorts World attorney Erica Okerberg called the revamped leadership 'Resorts World 2.0.' The new board is intended to right the $4.3 billion listing ship that opened on the Las Vegas Strip in 2021. The Current was first to report in 2023 that the Criminal Division of the Internal Revenue Service was investigating Resorts World and MGM Grand for alleged anti-money laundering violations. The IRS settled its case last year with MGM, which paid a $7.45 million fine. Former MGM Grand president Scott Sibella, who later became president of Resorts World, was fired by Resorts World weeks after the Current broke the news of the investigation. Sibella later pleaded guilty in federal court to one count of failing to file federal anti-money laundering reports. Nevada gaming regulators subsequently filed a complaint against Resorts World, and resolved a complaint against Sibella by revoking his gaming license for five years. The Nevada Gaming Control Board (GCB) 'found that the violations alleged in its amended complaint are particularly egregious, warranting a substantial penalty and significant changes at Resorts World,' Darlene Caruso, who represents the commission on behalf of the Nevada Attorney General's Office, told gaming commissioners. 'It's breathtaking,' Krolicki said of the GCB complaint against Resorts World. 'The lack of control, the lack of reward of open culture,' that extended from the casino floor 'to the C suites, and I'll argue, even beyond Las Vegas, was truly extraordinary.' Resorts World Las Vegas is owned by Genting Assets, a Malaysian conglomerate. The stipulated agreement states Resorts World 'believed it was operating within industry standards and norms' and does not accept responsibility for the alleged violations. 'I'm surprised by that a little bit, just given the posture that it's in,' Commissioner Rosa-Solis Rainey said. 'They fell down on the job. I don't think there can be any reasonable dispute about that from anybody. This is not a situation where information wasn't available to them. It was there and leadership chose to ignore it.' 'I don't know who is denying liability and pays $10.5 million. It's not a thing, usually,' observed Commission Chairperson Jennifer Togliatti. 'Personally, I feel the fine is on the low side,' Solis-Rainey said, adding she'd vote in favor of the stipulation because of the 'extensive efforts' the company has taken and 'tremendous expenses' it has and will incur as it imposes corrective action. The GCB, in its settlement with Resorts World, reserves the right to take additional disciplinary action in the event the Department of Justice or Department of Treasury takes any criminal, civil, or administrative action against the casino. During public comment, high-stakes professional gambler R.J. Cipriani told the commission that 'harassment and intimidation' by Resorts World executives led to his 'unwarranted arrest, multiple bogus felony charges and wrongful exclusion from the property.' Cipriani said he turned to the Criminal Division of the IRS and other federal authorities in California because he was ignored by Sibella, Genting chairman K.T. Lim, and then-Clark County Sheriff Joe Lombardo, who is now governor of Nevada. Federal authorities have yet to file a complaint against Resorts World but are said to be negotiating a non-prosecution agreement and fine with the casino, according to sources close to the case. Murren and Burnett declined to comment following the commission meeting. 'I believe this will be a wonderful fix and a new pivot for Resorts World,' Krolicki said, calling the agreement a 'clarion call up and down the street that AML (anti-money laundering), compliance audits, all of these things we talk about all the time – we really mean it. Nevada is a best in class, you know, whatever we want to call it, regulatory environment.' Although the fine, second in size only to the $20 million fine imposed against Wynn Las Vegas for its namesake's sexual encounters with employees, was criticized by some as insufficient, 'I don't think it's for us to tweak' the fine, Krolicki said. 'I accept the hard work that was done with the GCB. I never wanna do this again.' Gaming Commissioner and former Nevada Supreme Court Justice Abbi Silver recused herself from the vote because of her 'long-standing friendship' with Sibella, adding Sibella, while president, was a member of the casino's anti-money laundering compliance committee. The personal relationship, she said, 'would materially affect the independent judgment of a reasonable person in the situation.'
Khaleej Times
25-02-2025
- Business
- Khaleej Times
More players, products set to redefine UAE's gaming industry
The UAE is poised to redefine its entertainment and tourism sectors as it accelerates the licensing of international gaming vendors, including industry giant Wynn Resorts, and prepares to launch innovative gaming products, according to gaming industry experts. In five years, the UAE could rival Singapore and Macau as a premium gaming destination, predict gaming industry experts. Its strategic location between Europe, Asia, and Africa positions it uniquely, they said. In a landmark move, the UAE established the General Commercial Gaming Regulatory Authority (GCGRA) in 2023 to oversee the burgeoning gaming sector. The GCGRA has since licensed six major operators, including Wynn Resorts, Aristocrat and Smartplay. With the GCGRA continuing to license gaming vendors, the UAE is expected to introduce new gaming products, including lotteries, prize draws, and integrated gaming systems for both online and land-based casinos, according to the latest UAE 2025 report from Dubai Casinos. 'Although Internet and Sports Wagering licences have yet to be approved, industry experts predict that 2025 could bring regulatory changes, with potential breaking news on online gaming licences. Meanwhile, the focus remains on physical casinos and lottery expansions, shaping the UAE's evolving gambling landscape,' Dubai Casinos said. Esports and virtual reality gaming are also on the radar, capitalising on the nation's youth demographic. Wynn Al Marjan is developing a $3.9 billion integrated resort in Ras Al Khaimah, which is slated to open in 2027. These licences signal the UAE's commitment to creating a structured, world-class gaming environment. According to CBRE Institutional Research, Wynn could generate gross gaming revenues of $1.38 billion annually, with net revenues reaching $1.8 billion. The first lottery licence was awarded to The Game LLC in July 2024. According to Jim Murren, chairman of the GCGRA, the launch of the UAE Lottery was 'a pivotal event that not only marks the establishment of a disciplined world-class regulatory framework for lottery activities but also underscores our commitment to nurturing a secure and enriched commercial gaming environment in the UAE.' The UAE's regulatory approach is meticulous, ensuring compliance with both international standards and local cultural values, says John Connelly, a former gaming executive and advisor to GCC markets. 'By partnering with established players like Wynn, the country gains credibility and expertise to avoid pitfalls seen in other regions.' Wynn Resorts CEO Craig Billings echoed general industry optimism: 'Ras Al Khaimah's project is just the beginning. The UAE's vision and execution capabilities will set a new benchmark for integrated resorts globally.' 'Gaming will be a catalyst for job creation and ancillary sectors like hospitality and retail,' says a Dubai-based financial analyst at KPMG. Beyond casinos, and state-administered lotteries and prize draws, industry experts expect that integrated gaming systems will merge digital platforms with physical venues, offering seamless experiences. For instance, patrons could use mobile apps to book casino tables or participate in hybrid esports tournaments. Analysts project the UAE's gaming market could generate up to $6.6 billion annually by 2030, with casinos driving tourism growth. The Wynn Al Marjan Island resort alone is anticipated to draw 5 million visitors yearly. CBRE Institutional Research estimates the total addressable market for GGR in the UAE at $8.5 billion, while a base case in which three IRs are developed – potentially one each in Abu Dhabi, Dubai, and Ras Al Khaimah – is pegged at $6 billion annually. According to Morgan Stanley, the UAE's potential to rival or even exceed Singapore in the integrated resort (IR) market is very real, especially with major projects like the Wynn Resorts development in Ras Al Khaimah. Analysts at Morgan Stanley said the UAE is growing rapidly in terms of ultra-high-net-worth individuals. 'While it may have fewer millionaires than some of its competitors, the rate of growth in the wealthiest segments of the population outpaces Singapore. This is crucial for the casino market, which thrives on customers who are willing to spend large sums of money on gaming and entertainment.'
