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MGM Grand Ho Tram – Update for October 2011

17 Nov
VNRE – MGM Grand Ho Tram Hotel is very close to having its roof completed. Soon, glass will be fitted and interior fit-out will commence…

Source: ACDL
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MGM Grand Ho Tram – Update for July 2011

13 Jul
VNREUp to July 13-2011, MGM Grand Ho Tram 5-star hotel is being constructed level 13.

MGM Grand Ho Tram Resort and Casino

Source: ACDL (http://www.asiancoastdevelopment.com/)

Asian Coast Development Ltd. Annouces Strategic Agreement To Invest $95 Million By Pinnacle Entertainment, Inc.

27 May

VNRE – Asian Coast Development (Canada) Ltd. (ACDL), the owner and developer of the Ho Tram Strip beachfront complex of destination integrated resorts and residential developments in southern Vietnam, announced today that it has entered into a subscription agreement with Pinnacle Entertainment, Inc. (NYSE: PNK) under which Pinnacle will acquire a 26% equity interest in ACDL in exchange for a $95 million investment in ACDL. In addition, Pinnacle will enter into a management agreement through 2058 for the second integrated resort of the multi-phase Ho Tram Strip destination resorts project. The Ho Tram Strip is located approximately 80 miles southeast of Ho Chi Minh City, Vietnam’s largest city that attracts the majority of Vietnam’s 5 million tourists each year. The agreements include a potential 20-year extension of Pinnacle’s management contract and proportional representation on ACDL’s board of directors and are subject to customary closing conditions.

The Ho Tram Strip will be Vietnam’s first destination integrated resort and gaming complex and is scheduled to open in multiple phases, beginning in 2013. The multi-property resort complex is being developed by ACDL under an investment certificate from the Government of Vietnam, the first of its kind. The first resort of the Ho Tram Strip, MGM Grand Ho Tram, is currently under construction and will be managed by MGM Hospitality, a subsidiary of MGM Resorts International. The first phase of the MGM Grand Ho Tram will feature 541 luxury guest rooms and suites, a full spectrum of world-class restaurants and amenities, exquisite VIP accommodations, a conference center, and a spectacular entertainment area featuring 90 live table games and 500 electronic games.

“This transaction is another major milestone for ACDL and accelerates the development of our second resort and the entire Ho Tram site. Importantly, it builds critical mass at Ho Tram, brings a second highly respected operator into close partnership with ACDL, and enhances our plans for further growth and expansion,” said Lloyd Nathan, Chief Executive Officer of Asian Coast Development Ltd. “We now have two of the world’s leading gaming companies managing our integrated resorts in Vietnam, confirming Ho Tram as the next large-scale destination opportunity after Macau and Singapore. As a result of this transaction, we also now have the backing of two substantial institutional and corporate sponsors, Harbinger Capital Partners and Pinnacle Entertainment.”

The second integrated resort of the Ho Tram Strip, to be jointly developed by ACDL and Pinnacle and managed by Pinnacle, will be owned by ACDL. It is expected that the second integrated resort will be similar in scope to the MGM Grand Ho Tram resort that is currently under construction. It will be jointly branded by ACDL and Pinnacle as a distinct and premium resort.

“Participation in the development of the Ho Tram Strip was a highly sought after opportunity in the gaming industry. 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,” said Anthony Sanfilippo, President and Chief Executive Officer of Pinnacle Entertainment.

“We look forward to working collaboratively with ACDL, Lloyd Nathan and the rest of their management team to develop the Ho Tram Strip.”

“We are excited about the growing list of world class operators and development partners that have joined the Ho Tram project. Pinnacle Entertainment brings tremendous operating expertise and vision to ACDL, and we are pleased to welcome them,” said Philip A. Falcone, Chief Executive Officer of Harbinger Capital Partners, a leading private investment fund and ACDL’s majority investor. “We look forward as Lloyd Nathan and the ACDL team continue to build on this transaction and realize the immense potential of the Ho Tram Strip opportunity.”

Mr. Nathan added, “Pinnacle joins a strong Ho Tram Strip development team, including MGM Hospitality. We look forward to working with Anthony Sanfilippo and everyone at Pinnacle on the creation of the premier gaming and leisure destination in Southeast Asia.”

“We are delighted to see critical mass being created at Ho Tram and look forward to welcoming our new neighbors. This transaction is an important endorsement for Vietnam’s growing profile as a world-class tourism destination and we look forward to opening the MGM Grand Ho Tram in 2013,” said Gamal Aziz, President and CEO of MGM Hospitality.

About Asian Coast Development (Canada) Limited

Asian Coast Development (Canada) Ltd. (ACDL) is an international development company specializing in integrated resort destinations. ACDL, through its wholly-owned subsidiary Ho Tram Project Company Ltd, is the developer of the Ho Tram Strip, a group of integrated resorts to be located on more than 400 acres of land and more than two kilometers of pristine beach in Ho Tram, and approved in an Investment Certificate issued by the Government of Vietnam. With a focus on providing a personalized blend of excitement and relaxation, the Ho Tram Strip will feature something for everyone, from lavish entertainment to premium shopping and exceptional recreational facilities.

In November 2008, ACDL entered into an Agreement with MGM Resorts International to provide pre-opening services and to manage and operate the first of ACDL’s five resorts under the MGM Grand brand. This will be Vietnam’s first large scale integrated resort and ultimately will include an 1,100-room, five-star MGM Grand hotel, a world-class entertainment facility, restaurants, high-tech meeting space, an exclusive VIP area, a championship golf course, as well as a variety of beach-front recreation activities. Phase I of this development is scheduled to open in 2013 and will be the initial component of the largest integrated resort complex in Vietnam. For more information about ACDL, please visit the company’s website at
http://www.asiancoastdevelopment.com/.

About Pinnacle Entertainment

Pinnacle Entertainment, Inc. owns and operates seven casinos, located in Louisiana, Missouri, Indiana and Nevada, and a racetrack in Ohio. Pinnacle is also developing L’Auberge Casino & Hotel Baton Rouge, which is scheduled to open in the summer of 2012. In May 2011, Pinnacle entered into an agreement to acquire a 26% ownership stake in Asian Coast Development Ltd. (ACDL), an international development and real estate company currently developing Vietnam’s first large-scale integrated resort. For more information about Pinnacle Entertainment, please visit http://www.pnkinc.com.

About Harbinger Capital Partners

Harbinger Capital Partners is a multi-billion dollar private investment fund based in New York which employs a fundamental approach to investing. Harbinger Capital Partners is led by Philip A. Falcone who has been the Chief Executive Officer and Chief Investment Officer of funds affiliated with or managed by Harbinger Capital Partners since 2001. Mr. Falcone has more than 20 years of investment experience across an array of market cycles. For more information on Harbinger Capital Partners, please visit http://www.harbingercapital.com.

Source: ACDL & Pinnacle Entertainment.

ACDL appoints Meinhardt as engineering consultant for Ho Tram strip project phase 1

19 Jan
VNREAsian Coast Development (Canada) Limited today announced that it has appointed Meinhardt Vietnam Ltd as its engineering and site supervision consultant for Phase 1 of its Ho Tram Strip project – the MGM Grand Ho Tram Resort.
“Continuing our practice of appointing only best in class companies for the Ho Tram Project, the Meinhardt Group comes with impeccable global credentials as well as superb local expertise,” said Asian Coast Development (Canada) Limited CEO, Lloyd Nathan.

“Meinhardt has provided engineering services for large scale integrated resorts in Singapore, Macau and the Philippines and has been involved in some of the leading real estate and infrastructure projects around the world. I am delighted that today solidifies our close two year relationship.”

Meinhardt Group is a leading global engineering, planning and management consultancy firm with 33 offices spanning from Australia to America and the Middle East to Europe. It has a global staff of 3,000 and undertakes projects worth approximately $10 billion annually.

Meinhardt’s Vietnam team has been involved with ACDL for two years, and has also worked on over 200 projects within Vietnam, including such high profile resort and leisure developments as the Westin Cam Ranh and the Laguna Hue.

The company has also been extensively involved in engineering, project and construction management for sites including Ho Chi Minh City’s Kumho Asiana Plaza, An Dong Plaza and the Everrich Residential and Commercial development.

“Being appointed to work on the MGM Grand Ho Tram project is an iconic win for Meinhardt as it brings together our diverse expertise and project experience from our Singapore, Hong Kong, Australia and Vietnam offices,” said Dat Chau, general director of Meinhardt Vietnam.

The MGM Grand Ho Tram, scheduled for opening in the first quarter of 2013, will include a five star hotel, initially with 541 rooms and expanding to 1,100, a 13,600 square meter entertainment area, retail, restaurants, bars, lounges, shows, conference and meeting areas, a golf course, and other leisure amenities, representing the first Las Vegas-style integrated resort development in Vietnam. In its entirety, the Ho Tram Strip represents a $4.2 billion undertaking that covers 164 hectares of a prime beach-front location in Ba Ria Vung Tau.

Meinhardt will be responsible for the design of all structural elements for both the high rise hotel and the low rise buildings, entertainment and function areas at the site. The company will also be responsible for the design of the mechanical and electrical services including the design of the fire and life safety equipment.

Reported by Song Ngoc | VIR