Asian Coast Development (Canada) Ltd, the investment group behind Vietnam’s US0 million Grand – Ho Tram, announced a million capital infusion by US hedge fund tycoon Philip Falcone’s Harbinger Capital.
Harbinger is ACDL’s majority stakeholder.
The investment is the second show of faith in as many months in The Grand’s positioning as Vietnam’s first true destination-scale resort casino. In July, Chinese hotel magnate and Macau junket investor Chien Lee bought in for $20 million. US casino operator Pinnacle Entertainment is also a minority investor and is slated to manage a planned expansion of the resort with a second hotel and casino.
The Grand opened last summer on the country’s South China Sea coast about 70 kilometers from Ho Chi Minh City but reportedly has struggled. However, relief could be on the way in the form of regulatory reforms the central government’s Ministry of Finance has submitted for consultation that include provisions for opening the market for the first time to its 90 million citizens subject to certain income restrictions and other limitations.
Concurrent with the announced of Falcone’s investment, ACDL reported the promotion of CFO Stephen Shoemaker to president, chief executive officer and chairman of the board. Shoemaker is a 30-year veteran of the hospitality and telecommunications industries with an “extensive background in developing strategy as well as overseeing financial operations and fund-raising activities,” the company said.
