How is the global and domestic economy affecting on the construction process of ACDL’s Ho Tram Strip in southern Ba Ria-Vung Tau province?
The 2009 global financial crisis obviously presented challenges for developments around the world, as does the current instability in the global economy. There may well be further projects affected by that very instability.
But we weathered the storm where others gave up and will continue to do so, and I am delighted that our site is proceeding to plan and we remain on track to open the first resort in the first quarter of 2013. We are in the planning phases of the second resort which will be managed by Pinnacle Entertainment.
This huge architectural undertaking will take some time and be similar in size, standard and investment to the MGM Grand Ho Tram offering 1,200 rooms upon completion. ACDL is funding the Ho Tram Strip.
We have the backing of two substantial institutional and corporate sponsors, Harbinger Capital Partners and Pinnacle Entertainment as well as a long list of best in class partners from MGM Resorts International to Steelman Partners. The Vietnamese government and the provincial authorities in Ba Ria-Vung Tau have been exceptionally supportive to the Ho Tram Strip.
How will ACDL and its partners attract tourists and foreign gamers to MGM Grand Ho Tram after its grand opening in February 2013 while traveling to the project is still very difficult?
Any country growing at the rate Vietnam is growing faces infrastructure challenges. Each time I visit our site, I see improvements on the main highway connecting Ho Chi Minh City and Ba Ria-Vung Tau, consistently decreasing the journey time.
When the new airport in Long Thanh opens, access will be further improved and we are also looking at other modes of transport including ferry links. We have a 164 hectare site with over two kilometres of pristine beach front forming part of a tourist master plan within 125km of a major metropolis.
We are also the only current large scale integrated resort destination authorised and under construction in Vietnam.