It's midnight on a Saturday night at the Marina Bay Sands resort near the sparkling Singapore River, and all the boutiques are shut. But past a cosmetic-surgery clinic and a Ferrari accessories store close by, a large crowd is getting increasingly agitated. Dozens of hopefuls are clamoring to get in to what is billed as the world's most expensive club, Pangaea.
Pangaea, though just over a year old, is now considered the most profitable club in the world with revenues of more than $100,000 per night in recent months, Ault says. It's also one of the most expensive clubs, with tables costing as much as $15,000, and the uber-rich regularly chalking up six-figure bills. He could have brought this extravagance to just about anywhere in the world. London, with its collection of royals and a party scene that attracts Europe's glitterati. Dubai, too, the land of if-you-want-an-island-you-just-build-one. And of course, his hometown and former playground, Manhattan.
"One night, there were these kids here—literally kids in their 20s—who all had their own private jets," Ault recalls during another meeting, on a Thursday morning, leaning back on a leather couch in his club wearing bright-blue fuzzy slippers embroidered with a pink skull. "Serious jets, too. There was an A380 which was converted to include a pool and basketball court—it was ridiculous."
Wealth Over the Edge | WSJ.Money Spring 2013 - WSJ.com
Pangaea, though just over a year old, is now considered the most profitable club in the world with revenues of more than $100,000 per night in recent months, Ault says. It's also one of the most expensive clubs, with tables costing as much as $15,000, and the uber-rich regularly chalking up six-figure bills. He could have brought this extravagance to just about anywhere in the world. London, with its collection of royals and a party scene that attracts Europe's glitterati. Dubai, too, the land of if-you-want-an-island-you-just-build-one. And of course, his hometown and former playground, Manhattan.
"One night, there were these kids here—literally kids in their 20s—who all had their own private jets," Ault recalls during another meeting, on a Thursday morning, leaning back on a leather couch in his club wearing bright-blue fuzzy slippers embroidered with a pink skull. "Serious jets, too. There was an A380 which was converted to include a pool and basketball court—it was ridiculous."
Wealth Over the Edge | WSJ.Money Spring 2013 - WSJ.com
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