Investor pledges additional $50mn for casino resort project in southern Vietnam
Investor pledges additional $50mn for casino resort project in southern Vietnam
The Ho Tram Strip, a luxury resort and casino complex located in the southern province of Ba Ria-Vung Tau, has received a US$50 million funding commitment, the complex’s owner announced Monday.
Asian Coast Development (Canada) Ltd (ACDL) said its majority shareholder, Harbinger Capital, has just committed to investing an additional $50 million in the project, the second investment pledge it has received in the past two months.
In July, NewCity Capital, one of the Canada-based company’s minority shareholders, announced a $20 million investment in the resort casino project. The other minority shareholder of ACDL is Pinnacle Entertainment.
Harbinger Capital made its initial investment in the Ho Tram project in 2007, and the company remains “as excited about the project today” as it was seven years ago, company principal Philip Falcone said in a statement.
Falcone said Harbinger Capital is “excited” about the future development potential of the Ho Tram project.
“We are encouraged by the Vietnamese government’s progress on establishing a robust regulatory framework that will also provide a road map for the establishment of local gaming in Vietnam,” he added.
Also on Monday, ACDL announced the appointment of Stephen Shoemaker as chairman of the company's Board of Directors, as well as its President and Chief Executive Officer.
Shoemaker had previously served as ACDL's President and Chief Financial Officer since 2008. With over 30 years of financial and operating experience in the hospitality and telecommunications industry, Shoemaker has an extensive background in developing strategy, as well as overseeing financial operations and fund raising activities, according to ACDL.
The Ho Tram Strip project, estimated to cost $4.2 billion, is a group of integrated resorts and residential developments located on more than 400 acres of land in Ho Tram, a small beach town in Xuyen Moc District.
Its developer, ACDL, is an international development company specializing in integrated resort destinations.
The project boasts a wide range of features, from lavish entertainment to premium shopping and exceptional recreational facilities.
The first phase of its development, The Grand Ho Tram Strip, opened its doors in 2013, and includes a 541-room five-star hotel, a world-class entertainment facility, restaurants, high-tech meeting space, an exclusive VIP area, and a championship golf course, as well as a variety of beach-front recreation activities.
The Ho Tram Strip’s major future development phases include an additional 559 rooms and further leisure amenities.
Vietnam is drafting a decree which could allow local residents to enter casinos on home soil, including the gaming facility at The Grand Ho Tram Strip.
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