MGM Resorts has dropped out of the beach casino resort project at Ho Tram in Vietnam.
The project has failed to meet deadlines, which has caused Vietnamese banks to stop funding it. Ho Tram was to have opened phase one this quarter - a 541-room luxury casino resort. Phase two, a 599-room hotel and Greg Norman golf course, is under construction.
Sponsors Harbinger Capital, Phillip Falcone and PNK said they remain committed to the project and will pursue another manager. Sceptics have viewed Ho Tram as problematic, noting lack of transportation infrastructure to get customers there, lack of legalised gambling beyond small hotel casinos open only to foreigners and the halt of financing.
