Asian Coast Development Ltd., a Toronto-based developer part owned by Harbinger Capital Partners, plans to invest $4.5 billion to build Vietnam's first casino resort. The Ho Tram Strip complex, to be built near Ho Chi Minh City, will be completed by 2011, Asian Coast Chairman Michael Aymong said in a telephone interview late yesterday. Hotel and casino operators are tapping growing wealth in Asia. U.S. gaming tycoon Sheldon Adelson's Las Vegas Sands Corp. is investing at least $10 billion building casinos in Singapore and Macau, which in 2006 overtook the Las Vegas Strip as the world's biggest gaming hub.
Our project is the largest real-estate investment ever in Vietnam. It will give another lift to its already booming tourism industry. New York-based Harbinger Capital, run by Philip Falcone, is the second-biggest shareholder with a 25 percent stake, Aymong said.
The resort will be built on an undeveloped stretch of beach and forest in Xuyen Moc, Ba Ria-Vung Tau province near the South China Sea, about two hours by car east of Ho Chi Minh City.
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