Feb. 6 (Bloomberg) -- Michael Ault, who ran nightclubs in cities such as Miami Beach and Sao Paolo, is in talks to extend his brands across Asia to tap a growing number of billionaires drawn to celebrity hangouts.
The Ault Group, a consulting company that he started, is preparing to advise on clubs and other entertainment outlets in Jakarta, Shanghai, Moscow and cities in Australia, Ault said at the Pangaea, located at the Marina Bay Sands casino resort in Singapore. The club had S$20 million ($16 million) in gross revenue last year, he said.
Growing wealth in Asia has spurred demand for high-end entertainment such as Pangaea. Table reservations can cost as much as S$15,000 a night in a location Ault said has attracted Hollywood actors, musicians, Formula One drivers, soccer players and royalty. Singapore had the world’s largest proportion of millionaire household in 2011, according to a Boston Consulting Group’s report.
“I think there’s going to be such a demand for places like this,” Ault said in an interview on Feb. 5. “Just like there’s an incredible demand for Ferraris, Patek Philippes, Rolexes and beautiful diamond jewelry. I don’t think most of these brands are going to produce enough to keep up with the demand.”
To contact the reporter on this story: Sharon Chen in Singapore at email@example.com
To contact the editor responsible for this story: Linus Chua at firstname.lastname@example.org