Asian Coast Development Ltd. (ACDL) has signed an agreement with private equity firm NewCity Capital LLC. NewCity will join ACDL as a new financial partner in the Ho Tram Strip resort and casino development in southern Vietnam.
Financial terms of the deal weren’t disclosed but it’s expected to create new marketing and operating possibilities that could benefit the $4 billion project in the Southeast Asian country.
NewCity, established by American investor Chien Lee, is the latest in a series of investments Lee has made in hospitality ventures in the Asia Pacific region.
“The Ho Tram Strip is one of the most exciting tourism developments in Asia Pacific,” commented Lee.
“This project provides NewCity with the opportunity to participate in the first major integrated resort project in Vietnam. I expect Vietnam to be one of the fastest growing tourism markets in the region and the Ho Tram Strip development has a first mover advantage in the large scale integrated resort market.”
Phil Falcone, founder of Harbinger Capital, ACDL majority shareholder, added, “Harbinger Capital was the first major investor in The Ho Tram Strip project and we are very excited to have an investor that brings capital as well as marketing and operating expertise to our project.”
The first phase of Ho Tram Strip—the $500 million Grand Ho – Tram Strip—opened last year including 541 five star rooms, gaming facilities, meeting and convention space, ten bars and restaurants, a spa, teen’s and children’s areas, three swimming pools and luxury retail shops, becoming the country’s first world-class integrated resort and casino.
The Ho Tram Strip is still expected to have four other integrated resorts. All together, the massive project is being tipped to feature around 9,000 five-star hotel rooms to go with 2,000 electronic machines and 180 gambling tables spread around two casinos.
