With a sigh of relief, officials behind the Grand Hotel Casino in Ho Tram, Vietnam cut the ribbon to open the project in late July. The grand opening ceremony had been delayed by almost six months, as financial difficulties, regulatory uncertainty and management changes caused turmoil.
Earlier this year, MGM Resorts pulled out of the project, even though the company was only providing the brand and some management expertise. Pinnacle Entertainment, which invested nearly $100 million for a 25 percent interest in the development, has downplayed its involvement. And Lloyd Nathan, the executive who left MGM to lead the project through its formative stages, was put on leave in April by Asian Coast Development, the principal owner of the development. He has filed suit in New York and was not invited to the grand opening.
Nonetheless, the project is a first for Vietnam. While casinos are permitted in the country, they are largely unregulated and limited to foreigners, as well as Vietnamese who hold dual citizenship. Travel between Ho Chi Minh City (formerly Saigon) and Ho Tram is gradually improving, although it still takes more than two hours to drive the 60 miles between the two.
The 541-room resort includes live table and electronic gaming facilities, meeting and convention space, 13 bars and restaurants, a spa, three swimming pools and retail shops. Construction on a second tower began in October 2012 and will add another 559 rooms to the property when completed.
Colin Pine, general director of the Ho Tram Project Company, the developer of the Ho Tram Strip, said it was a great day for Vietnam.
“This has been a monumental effort, and we stand here today not just launching a hotel, not just launching a casino,” he said. “We stand here today launching a new era of tourism for Vietnam.”
