JV Planning $4.2B Resort in Vietnam
- Nov 18, 2008
Historically, hard times signal an increase in gambling, so perhaps the joint venture of MGM Mirage and Asian Coast Development Ltd has eyed and will seize the prize, with the planned $4.2 billion MGM Grand Ho Tram, a multi-property complex that will be located along the shores of the South China Sea, some 80 miles from Ho Chi Minh City, Vietnam.Plans for the Ho Tram strip are to eventually encompass 2.2 kilometers of white sandy beaches, to include five 5-star hotels and to become the largest resort complex in the country. Asian Coast Development Ltd. will supply the financing and own the complex. MGM Mirage will manage the enterprise when it is completed. Mike Aymong (pictured), Chairman at Asian Coast Development, told CPN, “In an economy like this, truly there are no sure-fire bets, but we have a very unique product in a strong emerging market. With the Ho Tram Strip, and the MGM Grand Ho Tram, we are going to be able to offer beach, adventure and entertainment vacations all in one expansive location. We are confident that the strength of the MGM brand, combined with lush natural scenery and white sand beaches of Southern Vietnam will ensure this is both a popular investment and vacation destination.” MGM Grand Ho Tram, the first of the five resorts to be developed along the Ho Tram Strip, will include 1,100 rooms, as well as gambling casinos and restaurants. The resort will also offer seaside activities and 18-hole golf course designed by Greg Norman. The Grand Ho Tram is expected to open for business in 2011. Said Aymong “MGM Mirage is a respected and recognized brand throughout the world and they are a really good fit for this five-star development. We are confident their involvement will solidify the Ho Tram Strip’s position as one of the most exciting tourist destinations in South East Asia.”The vision for the development is to attract the high rollers, and to simultaneously honor the concerns of conservationists and environmentalists. Aymong explained to CPN, “The Vietnamese government has been very strict about a number of development issues before they granted an investment certificate to this project. In order to satisfy the requirements, the proposed design has had to adhere to a number of stringent environmental preservation and conservation guidelines.”Las-Vegas based MGM Mirage currently owns and operates 17 properties in Nevada, Mississippi and Michigan, and is 50 percent invested in four additional assets in Nevada, New Jersey, Illinois and Macau. Asian Coast Development Ltd. is a Canada-based international real estate development company that specializes in the entertainment industry.