Canadian Company to Open First Vegas-Style Casino in Ba Ria-Vung Tau Province - Vietnam Briefing News
Apr. 28 – Canadian-based Asian Coast Development Ltd. (ACDL) is set to develop the country’s first Las Vegas-style casino, the MGM Grand Ho Tram in the southeast province of Ba Ria-Vung Tau.
The project is part of the group’s strategy to spearhead the US$4.2 billion Ho Tram Strip, the largest integrated resort property in Vietnam, into a prime oceanfront destination resort in the region.
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ACDL has partnered with the MGM Mirage on the casino with the Canadian group providing the funding and the Las Vegas casino providing development assistance, brand equity and management of the five-star integrated resort property upon completion. Lloyd Nathan, former president of MGM Mirage’s global gaming development, will be managing the project as its chief executive officer.
American casino companies have been actively expanding their brands in Asia where the casino market is still underdeveloped. One example of its success can be seen at China’s special administrative region of Macau which overtook Las Vegas as the largest gambling market in the world. The MGM Mirage is placing their bets that Vietnam will also follow the same high growth path as it implements more economic reforms and their citizens grow in affluence.
The five-star MGM Grand Ho Tram is scheduled to be opened in 2013 with 550 rooms, a conference center and a gaming area that includes 90 live table games, 500 electronic games and other world-class amenities. Moreover, the second phase of the casino will include an additional 550 guest rooms and 14 luxury villas plus 500 electronic table games.
Following the government-approved 50 year investment certificate for ACDL, the company will build five large-scale luxury resorts and two Las Vegas-style gaming centers on a 169 hectare beachfront property located in Ho Tram with its 2.2 kilometers of pristine beaches bordering the South China Sea.
“The Ho Tram project represents one of the most compelling investment opportunities in the integrated casino resort industry,” Harbinger Capital CEO Philip Falcone said in a statement.
Ba Ria-Vung Tau Province is located 127 kilometers from financial center Ho Chi Minh City.