The US$ 4.2bn MGM Grand Ho Tram, Vietnam’s first Las Vegas-style integrated resort, could be open in just ten months’ time.
With the frame construction now complete for the first 541-room hotel, electronic gambling facility and a pool, the company has moved to suggest a rough opening date for the Ho Tram Strip resort, in southern Vietnam.
Lloyd Nathan, CEO of developer Asian Coast Development Limited (ACDL), said: “We have not yet selected the exact date for MGM Grand Ho Tram’s grand opening but it will be an auspicious date and is likely to be in early February. A second 549 room tower will later be added to the MGM Grand Ho Tram, which will take it up to 1,100 rooms.”
This first part of the resort will cost $450m to develop with the casino offering 90 tables and 500 slots
ACDL expects customers to come from a wide range of countries. Mr. Nathan explained: “We have a compelling offering in a spectacular location. The Ho Tram Strip will be a place to bring the family and enjoy the many and varied amenities we have to offer. These include state of the art MICE facilities which will further strengthen Vietnam and Ho Tram’s global position as a key destination. “
Building work began on MGM Grand Ho Tram in 2010. The first part of the project includes two hotels, a 13,600 sq. m. gaming entertainment area, world-class conference facilities, a variety of recreational activities and beach facilities.
Located in Ba Ria-Vung Tau province, Ho Tram Strip is 127 km from Ho Chi Minh City, Vietnam’s largest city which attracts the majority of Vietnam’s 5m tourists each year. Mr. Nathan said the construction of Highway 51 linking Ho Chi Minh City and Ba Ria-Vung Tau and a Long Thanh international airport in Dong Nai province would boost the project.
MGM will be joined by another US operator Pinnacle Entertainment, who bought a 26 per cent equity interest in ACDL for US$95m. Pinnacle will enter into a management agreement through 2058 (with the potential for a 20-year extension) for the second integrated resort of the multi-phase Ho Tram Strip destination resorts project.
Anthony Sanfilippo, president and chief executive officer of Pinnacle Entertainment, said: “We are delighted to be a part of Vietnam’s strategic vision for the further development of its tourist industry, an investor in ACDL and a partner on the Ho Tram Strip project. Featuring luxurious amenities in a breathtaking oceanfront location, the Ho Tram Strip is sure to attract guests from throughout Asia. The phenomenal success and continued strong growth of destination integrated resort and gaming facilities in Asian markets are indicative of the demand for quality gaming entertainment options in Asia. We believe this region, when measured by gaming positions per available population, has strong growth potential, especially when compared to more mature markets.