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29/04/2010 - Vegas-style casino to be built in Ho Tram, Vietnam  29/04/2010 - Vegas-style casino to be built in Ho Tram, Vietnam

A Canadian development group, backed by Philip Falcone's Harbinger Capital Partners, has appointed Lloyd Nathan, the president of MGM Mirage global gaming development, to run the first Las Vegas-style casino in Vietnam, in the latest sign of gaming expansion in Asia.

The casino will be located on beach front land and will be the centre piece of the popular Ho Tram Resort in the southern coastal province of Ba Ria-Vung Tau, around 130 kilometers from Ho Chi Minh City.

Asian Coast Development Limited (ACDL) will invest $4.2 billion into the property, which will be called the MGM Grand Ho Tram.

"The Ho Tram project represents one of the most compelling investment opportunities in the integrated casino resort industry," said Mr Falcone, chief executive of Harbinger, which is ACDL's largest investor.

Mr Nathan, appointed Managing Director of the casino, had this to say; "The Ho Tram Strip is set to become the pre-eminent gaming and leisure destination in South East Asia."

Vietnam has been targeted by developers looking to replicate the success of Macau, which has attracted billions of dollars of investment from the casino industry in the past.

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