UPDATE 1-MGM-branded casino planned for Vietnam resort area | Reuters

MGM has a joint-venture project in Macau, and rival Wynn

Resorts (WYNN.O) this week opened its second casino-resort in

the Chinese enclave.

The Vancouver-based investment group has hired Las

Vegas-based MGM Mirage to operate the $400 million, 1,100-room

resort, which will be called the MGM Grand Ho Tram.

Asian Coast Development Ltd said on Wednesday that it had

named Lloyd Nathan, formerly president of MGM Mirage’s (MGM.N)

global gaming development, as its chief executive officer, a

post from which he will oversee the project’s financing and

construction.

U.S.-based casino operators have focused for several years

on expanding into Asia, where gambling is popular, but legal

outlets are few.

He also said Asian Coast expects to determine an operator

for the second resort sometime later this year.

Nathan said the license allows 180 table games and 2,000

electronic games (such as slot machines), split between the two

casino properties.

By Deena Beasley

Asian Coast Development said its multi-resort property will

be built on 420 acres (168 hectares) of land along beaches

bordering the South China Sea in southwest Vietnam, about 130

kilometers (81 miles) from Ho Chi Minh City.

LOS ANGELES, April 21 (Reuters) – A group backed by hedge

fund Harbinger Capital Partners plans to open in early 2013

Vietnam’s first Las Vegas-style casino resort in a coastal area

to be called the Ho Tram Strip.

Asian Coast, which holds a 50-year investment license from

the Vietnamese government, said overall plans call for a $4.2

billion project that will encompass five resorts, two of which

will include gambling.

“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.

* First resort will be MGM Grand Ho Tram

(Adds company comments, byline)

China’s Macau, the only place in the country where gambling

is legal, surpassed Las Vegas several years ago to become the

world’s largest source of gambling revenue.

* MGM Mirage executive hired to lead project

Las Vegas Sands Corp (LVS.N) has three casinos in Macau and

later this month will open an integrated casino resort in

Singapore, the island nation’s second such project.

Nathan said site construction work is already underway.

(Reporting by Deena Beasley; Editing by Lisa Von Ahn; editing

by Carol Bishoporic)

Elise Hawkins

Elise Hawkins

Going to horse racing events on Sunday used to be something that only the elite class of society was able to do. It used to be an activity where men would go with their male friends, their wives and sometimes their business associates to enjoy an afternoon of horse racing.
Elise Hawkins

Latest posts by Elise Hawkins (see all)

Leave a Reply