Vietnam’s Ho Tram casino has new investor

    Asian Coast Development (Canada) said NewCity Capital, a company established by American investor Chien Lee, will be the new financial partner in its Ho Tram Strip casino in southern Vietnam.
    Financial details of the investment were not disclosed.
    “The Ho Tram Strip is one of the most exciting tourism developments in Asia Pacific,” said Lee. “This project provides NewCity with the opportunity to participate in the first major integrated resort project in Vietnam. I expect Vietnam to be one of the fastest growing tourism markets in the region and the Ho Tram Strip development has a first mover advantage in the large scale integrated resort market.”
    The first phase of the Ho Tram Strip – The Grand Ho Tram Strip – opened its doors a year ago, and includes 541 five-star rooms, gaming facilities, meeting and convention space, ten bars and restaurants, a spa, children’s areas, three swimming pools and luxury retail shops. Vietnam’s largest and first luxury integrated casino resort was scheduled to be managed by MGM Resorts International, but the U.S. casino giant pulled out of its contract earlier in 2013.
    ACDL is backed by Harbinger Capital, which welcomed the addition of a new partner.
    The Bluffs – the Ho Tram Strip’s Greg Norman designed championship golf course – opened for preview play early in 2014 and will have its formal inauguration later this year.
    The Ho Tram Strip is two hours away from Vietnam’s largest metropolis, Ho Chi Minh City, and currently includes The Grand, as well as The Bluffs Championship Golf Course, all set on a 2.2 kilometer beach surrounded by protected forest.
    The Ho Tram Project Company is the developer of the Ho Tram Strip and is a wholly owned subsidiary of Asian Coast Development (Canada) Ltd.