THE M3: MGM EXITS VIETNAM DEVELOPMENT

The Macau Metro Monitor, March 7, 2013

 

 

ACDL SAYS MGM NO LONGER INVOLVED IN VIETNAM CASINO RESORT Reuters

Asian Coast Development (Canada) Ltd (ACDL), which is developing Vietnam's first large-scale integrated resort, said on Thursday its partner, MGM Hospitality, will no longer manage the project.  MGM Hospitality gave its decision on March 4.  "We thank MGM for its assistance in the hiring and training of our 2,000-strong team of Vietnamese hospitality professionals," Chief Executive Lloyd Nathan said in a statement. "We are delighted that we have completed the construction of the first phase of our first resort," he added.

 

Vancouver-based operator ACDL's principal shareholders, Harbinger Capital and PNK, said in the statement they remained committed to the project.

 

ACDL's Ho Tram development includes 541 five-star rooms and suites, nine restaurants, gaming facilities and luxury retail.  The company said it is now constructing Tower 2 of the first resort, which will add 559 five-star rooms and is constructing an 18-hole Greg Norman-designed championship golf course.


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