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Mon, Dec 16, 2024 | Jumada al-Aakhirah 15, 1446 | DXB
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Work hard, there is no such thing as luck: Stephen Hung
Stephen Hung at the Palazzo Versace
Stephen Hung at the Palazzo Versace. IN A TOWN which epitomises success, it is sometimes difficult for a new concept to garner sufficient attention given its contemporaries' prowess
- By
- David Light
Having said that, nobody could argue the recent opening of the Palazzo Versace in Dubai was a coup for the city and one which, with the star-studded guest list, made more than its fair share of ripples on the social scene.
Who better then to take us inside this world of luxury and glamour than one of the visitors from the top echelon of said guest list and a man who tends to create a buzz wherever goes, Stephen Hung?As we entered his Palazzo Versace suite the day following the opening, we met a man who, in his signature immaculate style, was warm and complimentary about his surroundings.
(Suhail Abdul Latif Galadari, of Galadari Brothers, with billionaire Stephen Hung)
The Hong-Kong native is the one person who should know about these types of hotels. Chairman of 13 Holdings Limited and The Taipan Investment Group and the vice-chairman of Rio Entertainment Group, Stephen is best known for creating the most luxurious hotel in the world, The 13, in Macau, China. This $1.4 billion dollar property boasts a fleet of thirty Rolls-Royce Phantoms exclusively for guests' use, gold as far as the eye can see in most of the 200 rooms and boutiques so exclusive you require an invitation to enter.
(Stephen Hung with wife Deborah Valdez)
Along with his wife Deborah Valdez, we sat down to discuss the high-life, how to make it as a billionaire and why Dubai is on their radar.
How did the Versace hotel opening go?
We are here to support our good friend Donatella Versace. It was a very fun and a very well done opening gala. The hotel is a great success.
Mr. Suhail Abdul Latif Galadari, of Galadari Brothers, speaks highly of your endeavours, is Dubai somewhere you'd look to expand your empire?
And I speak very highly of Mr. Suhail. We met through mutual friends. That is the best thing about this city. Dubai is so international, you come and friends introduce you to others and you leave knowing more people.
I think in the long term, if the right opportunity comes along I'd look to invest here. I'm full time in Macau at the moment, but this society is very luxury orientated and that is my passion.
How does it compare with what you're used to in Macau and Hong Kong?
Each of these towns are quite similar. Macau and Dubai especially are quite new. They have really flourished in the last two decades. I really admire the rulers of Dubai for what they have done. People flatter me and say, 'Stephen what you have done at The 13 is a great thing,' but it is so tiny compared to what has been done here. I feel humbled.
(Stephen Hung at the Palazzo Versace)
Do you see yourself as a visionary? Could anyone make it to your level of success?
That is the confusion people usually make. Visionaries are not good with numbers. I started out as an investment banker so my wife is testimony to the fact that this vision came from a boring Excel spreadsheet. The first thing you always must do is make the numbers work. It is the same with any business. You identify your target market, in our case we cemented a particular market segment - the high end, and then you work backwards. You say how many you want to serve per day, what are the costs for the best experience and apply a reasonable multiple. Every sensible investment has to be done that way or you may end up with a so-called 'white elephant'.
What was the thinking behind buying 30 Rolls-Royces for The 13?
People thought it was for publicity or it was an ego thing. If it was an ego thing, it didn't have to be 30 because the largest order before that was much smaller. It was functional. We needed 30 vehicles to serve our guests and in keeping with the hotel's tone we settled on Rolls-Royce.
How would you describe your unique style?
Colours are my favourite. Fashion has always been my passion. I was perhaps one of Versace's first clients. I think Versace has a very distinct DNA. Every designer has a signature cut and this brand is one that fits.
What do you do to relax?
Work. What I'm doing with The 13 is my passion. I love it. I have the opportunity to build something unique so I treasure that opportunity. Even on vacation I'm in touch with my team. With the time differences sometimes I am up at 5am, so I can get going early.
When was the first time you thought 'I've made it'?
That's a difficult one because purchases are desired, achieved and then often forgotten about. You move on to another target. I'd say as long as you were happy or content.
Deborah on Dubai
"I love Dubai. I feel very at home every time I come because I am from the north of Mexico. It is very similar weather. My city doesn't have as many buildings, but the weather, the people, the palms, the dates, the food is very similar."
Stephen's business tips
1. Work hard. There is no such thing as luck. If you're not willing to commit then don't even think of starting.
2. Focus on what you're passionate about. Then it's fun. You won't feel as if it's a job. You can identify your target market and work backwards to sort out cost and profit margins.
3. One of the most precious commodities is time. Courtesy aside, if you feel something is not going to work, say so.
Cars of the rich and famous.
Stephen told us he and his wife own quite a few Bentleys and Rolls-Royces, but he "quite enjoyed" driving his custom made Pagani Huayra.
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