Ho Tram Strip receives $50 million from shareholder

Tuesday, Sep 23, 2014 17:45

The first phase of the US$4.2-billion Grand Ho Tram Strip resort opened its doors last year. The project has recently received a new investment of $50 million from its American majority shareholder Harbinger Capital. — Photo vneconomy.vn

HA NOI (Biz Hub) — The Asian Coast Development (Canada) Ltd on September 22 announced that its Grand Ho Tram Strip resort has received US$50 million from its American majority shareholder, Harbinger Capital.

This is the second new investment in the Ho Tram Project in the past two months, following a $20-million investment by private equity firm NewCity Capital LLC in July. The company is the minority owner of the Asian Coast Development Ltd, along with American gaming operator Pinnacle Entertainment.

Harbinger Capital's founder Philip Falcone said that they remain as excited about the project as they were when making their initial investment in 2007.

"The Grand Ho Tram Strip resort and casino facilities and The Bluffs golf course designed by Greg Norman Golf Course Design have both received rave reviews. We are also extremely excited about the future development potential of our project," he said. "We are encouraged by the Vietnamese government's progress on establishing a robust regulatory framework that will also provide a road map for the establishment of local gaming in Viet Nam."

On the same day, the Asian Coast Development (Canada) Ltd also announced the appointment of Stephen Shoemaker as chairman of the company's board of directors as well as its president and chief executive officer. Shoemaker has worked as the firm's president and chief financial officer since 2008.

The new CEO said that he expects to welcome the new golf course and club house at the Grand. "We are looking forward to the grand opening of our Greg Norman-designed 18-hole golf course and club house, The Bluffs, in late October. We fully expect The Bluffs to quickly become one of the premier golf courses in Asia and one of the top 100 golf courses in the world," Shoemaker added.

"We are very focused on the next development phases of the Ho Tram Strip. In the near future, we will be unveiling additional details on these plans as we continue to deliver on creating a unique destination resort unlike anything Viet Nam has seen before," he pointed out.

The grand opening of The Bluffs will be held from October 17 to 20.

The Asian Coast Development (Canada) Ltd is an international development company specialising in resort destinations. It received an investment certificate from the government of Viet Nam to construct the $4.2-billion Grand Ho Tram Strip project in 2008. Through its wholly-owned subsidiary Ho Tram Project Company Ltd, the enterprise has developed the integrated resorts of Ho Tram Strip.

The site, which is located in Xuyen Moc District's Phuoc Thuan Commune in the southern province of Ba Ria-Vung Tau, covers an area of more than 160 hectares, with more than two kilometres of pristine beach in Ho Tram.

Last year, the Ho Tram Strip opened its doors to the first phase of its development that includes a five-star hotel with 541 rooms, gaming facilities, 10 bars and restaurants, luxury retail shops and a variety of beach-front recreation activities. There will be an additional 559 rooms and more leisure amenities when it is completed, making it the country's first world-class integrated resort. — VNS

Comments (0)