MGM Mirage to Place Hotel-Casino in Vietnam
MGM Mirage's newest joint venture agreement will put a Las Vegas-style casino in Vietnam.
The company said today it was working with Asian Coast Development to place an MGM Grand branded hotel-casino as part of a $4.2 billion complex. The facility will be part of Asian Coast’s Ho Tram Strip resort complex and include 1,100 rooms, a gaming and entertainment component, meeting space, retail and restaurants.
The MGM Grand Ho Tram is targeted to open in 2011.
Asian Coast Development Ltd. will own and finance the project, and MGM Mirage will provide development assistance, brand equity and operate the resort upon completion.
The Ho Tram Strip is located in the Ba Ria Vung Tau Province of southwest Vietnam, 80 miles from Ho Chi Minh City, which was known as Saigon during the Vietnam War.
“The MGM Grand brand is internationally recognized,” Gamal Aziz, CEO of MGM Mirage Hospitality, said in a statement. “MGM Grand Ho Tram’s prime beach-front location affords us an even greater opportunity to provide our guests with a spectacular experience.”
Asian Coast Development has already broken ground for the MGM Grand resort site, which will be surrounded by an 18-hole, Greg Norman designed championship golf course.
The announcement comes the day after MGM Mirage President Jim Murren told an investment conference the company was looking at selling several of its assets to improve liquidity.
Murren, who was designated last week as the company’s incoming chairman and CEO pending approval of the board of directors, said the company could sell some of its undeveloped and on the Strip and elsewhere, which could raise about $300 million.
“We have an awful lot of land on the Strip, in the county and in the state,” Murren said. “Land prices may be down, but in many cases they are still far above what we have on our books.”
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.