VietNamNet Bridge – The Ho Tram Strip casino has been licensed by the Vietnamese government. The casino will be opened soon, only for foreigners, announced the project investor, Asian Coast Development Company (ACDL).

 

What will come to Ho Tram in the post-MGM period? 

 

 

Less than a month after the MGM Resorts International (MGM) withdrew from the Ho Tram Strip project, ACDL has been licensed to do casino business, which is considered a factor that made MGM’s leave from Vietnam.

ACDL Chief Executive Officer Lloyd Nathan told Saigon Tiep Thi newspaper that the firm is considering a number of brands and after the investment licence is adjusted (plus with casino business license), ACDL is expecting to launch the casino service very soon.

Ho Tram Strip is the first large-scale resort complex in Vietnam, with an area of 164ha and a total investment of $4.2 billion.

According to the initial collaboration, the project includes a five-star hotel with over 1,100 rooms, branded MGM Grand – the operator of Bellagio, MGM Grand, Mandalay Bay and The Mirage resorts. The two shareholders - Harbinger Capital and Pinnacle Entertainment - remain commitment to investing in this project.

In the first phase, $500 million has been poured in building 541 five-star rooms, 9 restaurants and a Las Vegas modeled casino. ACDL has also started building the second hotel with 559 rooms and a number of other works, including an 18-hole golf course designed by Greg Norman.

Earlier, the project announced the completion of pre-opening phase and expected to open in the first quarter of 2013, but after the withdrawal of MGM, the project has not officially operated yet.

S. Tung