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
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
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
* 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)