MGM Mirage announced it is teaming up with an Asian development company to build a "Las Vegas-style" casino in Vietnam. Asian Coast Development Ltd. will own and finance the MGM Grand Ho Tram. MGM Mirage will give development assistance and operate the resort property when it’s completed. MGM Grand Ho Tram will anchor a USD 4.2 billion resort complex being built along the South China Sea beaches about 128 km from Ho Chi Minh City.
A Canadian firm developing an ocean-front casino complex in Vietnam hopes to raise USD 1 billion in a Hong Kong IPO in the next two years, a local newspaper reported, despite signs of weakening Asian gambling revenue. Asian Coast Development and investor Harbinger Capital began work on their USD 4.2 billion Ho Tram Strip project in May, hoping to open in two years and target mainly Chinese gamblers.
At the Moc Bai border gate in the southern province of Tay Ninh there are over ten groups of ‘brokers’ who bring Vietnamese gamblers to Cambodia’s casinos. Every weekend, 600-700 cross the border for gambling. At a very hot noon of Tay Ninh as a coach from HCM City’s Ben Thanh to Tay Ninh’s Moc Bai has just stopped, tens of young men surrounded the coach and delivered name cards of Cambodian casinos to passengers.
