Vietnam’s casino industry has blossomed over the last couple of years as the government continues to encourage foreign investment in the sector. The biggest addition to the Vietnamese casino scene is the Ho Tram strip, which includes the Ho Tram Resort Casino Vietnam, a beachside resort that is situated around 120 kilometers southeast of Ho Chi Minh City. The strip is now a much sought-after destination by gambling companies who are looking to establish casinos in Vietnam.
Asian Coast Development (Canada) Ltd own the Ho Tram Resort (formerly known as Grand Ho Tram) and have raised a significant amount of funding to develop the strip and turn it into a world class location that makes it a must-visit location for international tourists. One of the major investors into the Ho Tram strip is Harbinger Capital Partners LLC who initially invested a sum of $50 million back in September 2014. The company recently announced that it was investing another $50 million into the strip which will be used to develop a number of on-going projects. With a $100 million investment into the strip, Harbinger Capital now becomes the chief investor in the project.
Michael Kelly, the new chairman of Asian Coast Development has been in charge of the project since September 2015. The company confirmed that the new injection of funding will be used to fund luxury condominiums and posh villas; the Ho Tram Open golf tournament; a number of leisure facilities and the construction of a second tower. A total of $4.2 billion was budgeted to complete the development of the 2.2 kilometer Ho Tram strip and so far close to $1 billion has been raised and $700 million has already been spent.
In a September statement found on worldgamingmag.com, Kelly said “I am very excited to be taking over the leadership of the Ho Tram Strip. We have a tremendous property with the only beachfront integrated resort in Asia… Together with The Bluffs, our championship golf course, we have been steadily gathering international accolades. The Bluffs will host some of the biggest names in world golf on Asia’s grandest stage at the US$1.5-million Ho Tram Open in early December.”
The strip is expected to draw thousands of tourists who will be able to gamble at the casinos as Vietnam’s gambling laws makes it illegal for locals to gamble. The owners of the Ho Tram strip believe that if the Vietnamese government wants to test the waters and allow locals to gamble, the best place to try a pilot would be on the strip.