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CR75-p01-News 1:SJC-Casino Review 21/12/08 04:06 Page 1 • January 2009 • 075
Taiwanese Vegas London
Tease: Investments: Calling:
Legislation set What best to The new wave
for New Year? buy from G2e of innovation
MGM Grand to star on Vietnamese Strip
MGM Mirage’s Grand Brand
is destined for Vietnam
Communist Vietnam will become the latest Asian gamble for a Las
gaming development team, tourist industry and designed some of the terms and condi-
Vegas-style casino project with Canadian property developer Asian
led by Lloyd Nathan, execu- to compete with integrated tions,” he said.
tive vice president of MGM resorts in neighbouring China, Ho Tram also will look to
Coast Development funding a US$4.2bn project carrying the MGM
Mirage Global Gaming Devel- Malaysia and Singapore. Our attract holidaying families, with
Grand brand destined for the southern coast.
opment, will, with their coun- goal is to develop a five-star amenities including a Cirque
terparts at ACDL, make MGM coastal paradise that attracts du Soleil theatre, and a site for
Phil Martin reports on what will be called the Ho Tram Strip. Grand Ho Tram a showplace tourists year-round with its guests to swim with dolphins.
for the further development temperate climate, breath- The project has the backing
newfrontiers The cost of the first phase ACDL along the pristine of high-end international taking views, and concentra- of Vietnam’s ruling Communist
VIETNAM will be $1.3bn which will fund beaches of the South China tourism in Vietnam.” tion of high-quality resorts and Party with Prime Minister
the development of two five- Sea. The Ho Tram Strip is set ACDL, an international entertainment.” Nguyen Tan Dung saying he
MGM Mirage is to lend its brand star hotels with a combined on a 2.2 kilometer strip of development and real estate David Subotic, CEO of Asian will ‘create favorable condi-
and expertise to Canadian 2,300 rooms and a casino with white sand located in the Ba company specialising in inte- Coast, added: “We’re extremely tions’ for the investors
developer Asian Coast Devel- approximately 90 gambling Ria Vung Tau Province of grated resort destinations, has pleased to welcome MGM although gaming floors will
opment (ACDL) to build a new tables, 500 slot machines and southwest Vietnam, eighty already broken ground for the Mirage, one of the world’s remain off-limits to Viet-
project called MGM Grand Ho an area for VIP customers. miles from Ho Chi Minh City. MGM Grand resort. MGM leading hospitality brands, to namese, as is the case in the
Tram, which will not only prove Designed by renowned Las MGM Grand Ho Tram will be Grand Ho Tram, expected to the Ho Tram Strip team. MGM country’s existing casinos.
to be Vietnam's first Las Vegas Vegas architect Paul Steelman, the first component of what open in 2011, will be sur- Mirage’s involvement with the Aymong said he expects Ho
style integrated resort but also and themed on the concept of is planned to be the largest rounded by an 18-hole, Greg Ho Tram Strip will add signifi- Tram to draw at least two-
the biggest foreign investment environmental preservation tourism complex in Vietnam. Norman designed, PGA cham- cant value for the shareholders thirds of its customer base
to date in the country. and conservation, Project I of Gamal Aziz, CEO of MGM pion level golf course. It is of ACDL while solidifying the from China although he envis-
ACDL will own and finance the Ho Tram Strip will resem- Mirage Hospitality, said: “The planned to be the first of five development’s position as one ages large visitation from
the project, whilst MGM ble a wildlife preserve, high- MGM Grand brand is interna- stunning resorts being devel- of the most exciting new tourist South Korea, Japan, Taiwan,
Mirage will provide develop- lighting the lush natural beauty tionally recognised for its oped by ACDL along the Ho destinations in South East Asia.” Hong Kong and even parts of
ment assistance, brand equity of the area while showcasing energy, excitement and ability Tram Strip. Asian Coast Development is Russia, as all are within a short
and operate the five-star inte- Vietnamese and Asian to provide the broadest array “This is a landmark project close to securing a US$780m flight of Ho Chi Minh City. The
grated resort property upon culture.When completed in of luxury hotel, resort and not just for our company, but syndicated loan for the resort company is also in discussion
completion. 2015, the resort will comprise gaming amenities, all under for the people of Vietnam,” said in Vietnam. The money is with a further 10 casino oper-
Investment will be split with five hotels with 9,000 rooms one roof. MGM Grand Ho Mike Aymong, chairman of needed to fund the first phase ators who have expressed
ACDL leading with a 30 per and a second casino. Tram’s prime beach-front loca- ACDL. “By creating partner- of the $4.2bn project. interest in running the resort’s
cent share. Its main partner in MGM Grand Ho Tram will tion affords us an even greater ships with world-class opera- “It’s more expensive to gambling operations although
the project is New York hedge anchor the $4.2bn multi- opportunity to provide our tors such as MGM Mirage, this borrow money now but if you Aymong declined to identify
fund Harbinger Capital, which property Ho Tram Strip resort guests with a spectacular burgeoning destination is have an exciting and interest- any of these potential collabo-
has a 25 per cent stake. complex being developed by experience. Our international poised to transform Vietnam’s ing project, you can negotiate rations at this stage.
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