Asian Coast Development Ltd., developer of the Grand Ho Tram in Ba Ria-Vung Tau, Vietnam has appointed two new board members: Tony Podesta, described in media reports as “a long-time friend and advocate for the government of Vietnam in the United States.” His appointment is an indication that ACDL wants to bolster its partnership with Vietnam and strengthen Vietnam-U.S. relations.
Podesta, called “one of Washington’s greatest players” by the New York Times, is a prominent member of the Democratic Party and a player on the international political stage.
Pickus has 25 years of experience in hospitality, strategic planning and legal affairs, according to the Asia Gaming Brief. She is a former vice president of Trump Entertainment Resorts, where she managed 8,500 employees and monitored the company’s compliance in regulatory environments around the world. Pickus’s experience will be an “important asset” as Vietnam considers introducing integrated resorts.
The two new board members replace outgoing members Bill Thompson and Byron Spoule. The seven-person board includes ACDL Executive Chairman and CEO Michael Kelly, who said, “In the first weeks of Tony and Loretta’s appointment, we have already seen them bring to the table a depth and breadth of experience and understanding that will help drive our business forward in the years to come.”
“The addition of Tony and Loretta to our board is another vital step toward accelerating development at the Grand Ho Tram and supporting the government of Vietnam’s efforts to increase the share of the national income generated by tourism,” said Philip Falcone, principal investor of the Grand and founder of New York City-based hedge fund Harbinger Capital.
Presently, international investors including Harbinger have more than US$1 billion in “deployed and committed capital” in the Grand Ho Tram, reported GGRAsia. In May the company signed a memorandum of understanding with local developer Cotec Construction to build a “US$75-million expansion” to the complex, ostensibly as part of a national pilot program for locals gambling. But earlier this month the newspaper Thanh Nien cited an anonymous official at the Ministry of Finance who said the latest version of a national draft decree on gaming, prepared by the country’s central government, would preserve the ban that prevents locals from entering casinos in Vietnam.
