Asian Coast Development has received the go-ahead from the Vietnam government to move forward with its planned Ho Tram Strip project, the country’s first destination resort.
Phase one of the project is complete, but could not open because the company did not have the required government approval for amendments to its investment certificate, resulting in banks holding up funding.
The first phase, which includes a 541-room hotel, gaming facilities and food, spa and entertainment venues, will open once the company raises enough capital and finds an operator. MGM was supposed to have operated phase one but pulled out.
In total the project will include two integrated resorts with gaming facilities, a championship golf course and a real estate development. It is about two hours from Ho Chi Minh City.
