LAS VEGAS, Nov. 18 /PRNewswire-FirstCall/ -- MGM MIRAGE and Asian Coast Development Ltd. (ACDL) today announced plans to develop the MGM Grand Ho Tram -- Vietnam's first "Las Vegas style" integrated resort. ACDL will own and finance the project, and MGM MIRAGE will provide development assistance, brand equity and operate the five-star integrated resort property upon completion.
MGM Grand Ho Tram will anchor the $4.2 billion multi-property Ho Tram Strip resort complex being developed by ACDL along the pristine beaches of the South China Sea. The Ho Tram Strip is set on a 2.2 kilometer strip of white sand located in the Ba Ria Vung Tau Province of southwest Vietnam, eighty miles from Ho Chi Minh City. MGM Grand Ho Tram will be the first component of what is planned to be the largest tourism complex in Vietnam. MGM Grand Ho Tram itself will feature 1,100 rooms, a world-class gaming and entertainment facility, luxury retail, chef-driven restaurants, high-tech meeting space, live entertainment stages, stunning nightlife, destination spa services, and an exclusive VIP area, as well as a variety of beach-front recreation activities.
"The MGM Grand brand is internationally recognized for its energy, excitement and ability to provide the broadest array of luxury hotel, resort and gaming amenities, all under one roof," said Gamal Aziz, CEO of MGM MIRAGE Hospitality. "MGM Grand Ho Tram's prime beach-front location affords us an even greater opportunity to provide our guests with a spectacular experience. Our international gaming development team, led by Lloyd Nathan, Executive Vice President of MGM MIRAGE Global Gaming Development, will, with their counterparts at ACDL, make MGM Grand Ho Tram a showplace for the further development of high-end international tourism in Vietnam."
ACDL, an international development and real estate company specializing in integrated resort destinations, has already broken ground for the MGM Grand resort. MGM Grand Ho Tram, expected to open in 2011, will be surrounded by an 18-hole, Greg Norman designed, PGA champion level golf course. It is planned to be the first of five stunning resorts being developed by ACDL along the Ho Tram Strip.
"This is a landmark project not just for our company, but for the people of Vietnam," said Mike Aymong, Chairman of ACDL. "By creating partnerships with world-class operators such as MGM MIRAGE, this burgeoning destination is poised to transform Vietnam's tourist industry and designed to compete with integrated resorts in neighboring China, Malaysia and Singapore. Our goal is to develop a five-star coastal paradise that attracts tourists year-round with its temperate climate, breath-taking views, and concentration of high-quality resorts and entertainment."
"We are extremely pleased to welcome MGM MIRAGE, one of the world's leading hospitality brands, to the Ho Tram Strip team," added David Subotic, CEO of Asian Coast Development Ltd. "MGM MIRAGE's involvement with the Ho Tram Strip will add significant value for the shareholders of ACDL while solidifying the development's position as one of the most exciting new tourist destinations in South East Asia."
The Ho Tram Strip is centrally located in Southeast Asia and is being master-planned by the renowned architectural firm Steelman Partners to highlight the beauty of the natural surroundings and the unique culture of the Vietnamese people.
About MGM MIRAGE:
MGM MIRAGE , one of the world's leading and most respected development companies with significant holdings in gaming, hospitality and entertainment, owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing major casino and non-casino resorts, separately and with partners in Las Vegas, Atlantic City, the People's Republic of China and Abu Dhabi, U.A.E. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the company's website at http://www.mgmmirage.com/
About ACDL:
Asian Coast Development Canada Ltd. (ACDL) is an international development and real estate company specializing in integrated resort destinations. ACDL is the developer of the Ho Tram Strip, a group of integrated resorts to be located on more than two kilometers of white-sand beach in southern Vietnam. With a focus on providing a personalized blend of relaxation and excitement, the Ho Tram Strip will feature something for everyone, from lavish Vegas-style gaming rooms and theatres to acres of premium shopping and exceptional recreational facilities. Phase I of the development, scheduled to be open in 2011, includes Vietnam's first Las Vegas-style gaming facility, an 1100-room five star MGM Grand hotel, and a championship golf course designed by Greg Norman. For more information about ACDL, please visit the company's website at http://www.asiancoastdevelopment.com/
