The Ho Tram Strip casino resort in Vietnam is getting a fresh shot in funding.
New York-based investment fund Harbinger Capital announced it is investing an additional $50 million into the Asian tourism development project. This is the second capital injection the company has made in the past 14 months.
“The total investment in the Ho Tram Strip is now approaching nearly $1 billion of the $4.2 billion planned for the 2.2 kilometer beachfront development,” Asian Coast Development Ltd. (ACDL), owner of the Ho Tram Strip, said in a statement.
Ho Tram Strip spokesman Matthew Underwood told GGRAsia the money is “the second tranche of the US$100 million in fresh capital” that Harbinger Capital had committed to the project.
According to ACDL, the new investment will be used to develop several projects such as the second tower of The Grand, some villas and luxury condominiums, additional leisure amenities, and on the Ho Tram Open golf tournament in early December.
“The Ho Tram Strip will be the number one destination for tourists, both domestic and international, not only in Vietnam but in Asia. It offers an incredible experience for everyone and serves as a driver for the development of Vietnam as a must-visit destination for international travelers,” Harbinger Capital founder Philip Falcone said in a statement.
The first phase of the Ho Tram Strip opened in July 2013, and has so far received positive reviews from visitors of its 541-room, five star hotel. The next phase of development will include an additional 559 rooms in the second hotel tower, a new integrated resort and three other five star resorts set along the property’s 2.2km beachfront site.
Meanwhile, ACDL announced a new executive chairman—Michael Kelly.
In his new role, Kelly is responsible for all aspects of ACDL and Ho Tram Project Company Ltd., which includes the Ho Tram Strip development project, according to the company.
Kelly, who has over 25 years of senior management experience in the casino industry, moved to Vietnam from Las Vegas in September to oversee the development of the Ho Tram Strip.
“I am focused on harnessing my decades of experience to unleash the enormous potential of the Ho Tram Strip and make it the number one resort and casino not only in Vietnam but also in Southeast Asia,” Kelly said in a statement.
Kelly succeeded Steven Shoemaker, who served as ACDL’s chief executive, and Shaun McCamley, who was the president of The Grand.