“Harbinger has been an investor in this project since its inception and our commitment to the project remains firm,” Philip Falcone, founder of Harbinger Capital Partners, said during his recent visit to the MGM Grand Ho Tram Beach site.
Harbinger Capital Partners is one of four financing partners at the $4 billion Ho Tram Strip project, which has been developed by Asia Coast Development Limited (ACDL) since 2008, with support from Pinnacle Entertainment, Bank for Investment and Development of Vietnam and HDBank.
Falcone said he was confident in the project and its plan to put Vietnam on the global stage as a home to some of the world’s best integrated resorts.
“The financing of the project remains on programme and Iam excited about all that can continue to be done here in Ho Tram in the years to come as the company continues to build out the project,” he said.
The project, located in southern-coastal Ba Ria-Vung Tau province, comprises five hotels and a gaming facility with 180 live tables and 2,000 slot machines. The first hotel, MGM Grand Ho Tram Beach, will open early next year with one 541-room five-star hotel tower, gaming facilities, meeting and convention space, nine restaurants, lounges and bars, a spa, three swimming pools and retail.
ACDL also announced last month that it had broken ground on the second phase of the MGM Grand Ho Tram Beach, which will include a second tower of 559 rooms and additional leisure facilities. The company’s Greg Norman-designed championship golf course is under construction and will open next year.
“We are currently completing the final fit out of the first phase of the MGM Grand Ho Tram Beach and are on track to hand over the building to MGM next month as planned,” said ACDL chief executive officer Lloyd Nathan.
“Every project has its challenges and to date our team has always found solutions. On that theme, we continue to work closely with the Vietnamese government in relation to a variety of matters, with a view to resolving any outstanding issues to enable the opening of our first resort early next year,” he added.