Asian Coast Development (Canada) has received approval from the government of Vietnam of all of the amendments it requested to its investment certificate, a move that could free up funding for the company’s delayed Ho Tram resort.
Chief Executive Officer Lloyd Nathan called it a “landmark day for the Ho Tram Strip.”
The resort, situated on the South China Sea coast about 70 miles from Ho Chi Minh City, has faced funding difficulties and other problems in getting open, though the first phase of the project is reported to be complete, with 541 rooms and suites, a casino for foreign passport holders, restaurants, shopping, a spa, three swimming pools, beachfront amenities and other attractions.
In March, MGM Resorts International, which was to manage the property, pulled out, citing the absence of government approvals. U.S.-listed casino operator Pinnacle Entertainment is an investor and could possibly be tapped to operate it. The government approval of the project’s financial structure is an important element in continuing the viability of the project.
No opening date has been announced, although ACDL says it is already building a second hotel tower of 559 rooms and an 18-hole golf course.