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MGM Grand Ho Tram: Vietnam’s First ‘Las Vegas Style’ Integrated Resort
Date: 4/25/2009 11:40:00 AM
MGM MIRAGE (NYSE:MGM) and Asian Coast Development Ltd. (ACDL) announced on November 18 plans to develop the MGM Grand Ho Tram - Vietnam’s first "Las Vegas style" integrated resort. ACDL will own and finance the project, and MGM MIRAGE will provide development assistance, brand equity and operate the five-star integrated resort property upon completion.
MGM Grand Ho Tram Lake
MGM Grand Ho Tram will anchor the US$4.2 billion multi-property Ho Tram Strip resort complex being developed by ACDL along the pristine beaches of South China Sea. The Ho Tram Strip is set on a 2.2 kilometer strip of white sand located in Ba Ria - Vung Tau province of southwestern Vietnam, 80 miles from Ho Chi Minh City. MGM Grand Ho Tram will be the first component of what is planned to be the largest tourism complex in Vietnam. MGM Grand Ho Tram will feature 1,100 rooms, a world-class gaming and entertainment facility, luxury retail, chef-driven restaurants, high-tech meeting space, live entertainment stages, stunning nightlife, destination spa services, an exclusive VIP area, as well as a variety of beach-front recreation activities.
The MGM Grand brand is internationally recognized for its energy, excitement and ability to provide the broadest array of luxury hotel, resort and gaming amenities, all under one roof," said Gamal Aziz, CEO of MGM MIRAGE Hospitality. "MGM Grand Ho Tram’s prime beach-front location affords us an even greater opportunity to provide our guests with a spectacular experience. Our international gaming development team, led by Lloyd Nathan, Executive Vice President of MGM MIRAGE Global Gaming Development, will, with their counterparts at ACDL, make MGM Grand Ho Tram a showplace for the further development of high-end international tourism in Vietnam."
ACDL, an international development and real estate company specializing in integrated resort destinations, has already broken ground for the MGM Grand resort. MGM Grand Ho Tram, expected to open in 2011, will be surrounded by an 18-hole, Greg Norman designed, PGA champion level golf course. It is planned to be the first of five stunning resorts being developed by ACDL along the Ho Tram Strip.
"This is a landmark project not just for our company, but for the people of Vietnam," said Mike Aymong, Chairman of ACDL. "By creating partnerships with world-class operators such as MGM MIRAGE, this burgeoning destination is poised to transform Vietnam’s tourist industry and designed to compete with integrated resorts in neighboring China, Malaysia and Singapore. Our goal is to develop a five-star coastal paradise that attracts tourists year-round with its temperate climate, breath-taking views, and concentration of high-quality resorts and entertainment."
"We are extremely pleased to welcome MGM Mirage, one of the world’s leading hospitality brands, to the Ho Tram Strip team," added David Subotic, CEO of Asian Coast Development Ltd. "MGM’s involvement with the Ho Tram Strip will add significant value for the shareholders of ACDL while solidifying the development’s position as one of the most exciting new tourist destinations in South East Asia."
The Ho Tram Strip is centrally located in Southeast Asia and is being master-planned by the renowned architectural firm Steelman Partners to highlight the beauty of the natural surroundings and the unique culture of the Vietnamese people.
(Source: VEN)
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