Inside Asian Gaming reported last week that the Grand Ho Tram integrated resort in Vietnam has been targeted for acquisition by U.S.-based private equity firm Warburg Pincus LLC. IAG based the report on unnamed sources; Warburg Pincus did not confirm the information.
The IR is located on the southeastern coast of Vietnam. Phase I of development, representing an investment of US$600 million, includes a 541-room hotel, a casino with space for 90 tables, and a Greg Norman golf course. A second hotel will add more than 550 new rooms and bring the total cost to about US$1.1 billion.
The Grand Ho Tram is now owned by Asian Coast Development Ltd. Company directors include Philip Falcone, founder of New York hedge fund operator Harbinger Capital; Chien Lee, founder, chairman and CEO of NewCity Capital; and Anthony Podesta, a Democratic lobbyist and founder and chairman of the now-defunct Podesta Group, reported IAG.
Grand Ho Tram was part of the push to allow locals to gamble at casinos in Vietnam. The government has OK’d a three-year pilot program to test the efficacy of locals gaming, but Grand Ho Tram was not included in the trial run. Presently only the Corona Resort and Casino in Phú Quoc is permitted to accept Vietnamese gamblers, who must meet minimum income qualifications and pay an entry fee. A casino resort currently being developed at Van Don in Quang Ninh in northern Vietnam will reportedly become the second casino to join the pilot program.
