VietNamNet Bridge – While the capital flow to investment
channels has got stuck in the economic downturn, billions of dollars’ worth of
capital still have been poured into casino projects.
Philip Falcone, the founder and
President of Harbinger Capital investment fund, visited MGM Grand Ho Tram Beach,
a component of the Ho Tram Strip – an integrated resort project capitalized at
four billion dollars in the southern province of Ba Ria – Vung Tau.
The president emphasized that
Harbinger has been pursuing the projects since the very beginning, and there
has been no change in its commitments to develop the project in Vietnam.
Currently, ACDL (Asian Coast
Development Ltd) is nearly completing the interior decoration for the first
phase of MGM Grand Ho Tram Beach before it hands over the construction work to
the investor in the next month, so that it can be operational by early 2013.
This would be a complex
comprising of 541 rooms, a casino, conventional center, restaurants and high
end shopping malls. All of the items would be located on a beach with 2.2
kilometers in long, surrounded by the forests.
In October, ACDL announced that
it kicked off the second phase of the MGM Grand Ho Tram Beach project sooner
than initially planned. A golf course is also under construction which would
become operational the next year.
With the strong commitments by
the investor and the speedy implementation, analysts say, the investors do not
lack money and determination to develop investment projects in the crisis, and
they would still pour money into where they can find profits.
In late October, when ACDL
started the construction of the second five-star hotel tower sooner than
initially planned, Lloyd Nathan, ACDL’s General Director, said on local
newspapers that the opportunities are very big in Vietnam, even though at present,
Vietnamese people are not allow to go to casinos.
The businessman said he can see a
bright prospect for casino projects, because the demand is still very high in
Asia, while the supply remains low. The main clients of Ho Tram would come from
Asia, including China, Japan, South Korea, Thailand and Indonesia.
VOV has quoted an official from
the Kien Giang provincial Planning and Investment Department, as saying that
two investors have expressed their willing to make investment in casino project
in Phu Quoc island in the province. The project is expected to cover an area of
135 hectares and to have 4 billion dollars in investment capital.
The joint venture of Bo Bien Vang
Phuong Nam, headquartered in Phu Quoc island, with a Philippines-based
investment group and Ngoi Sao Bien Tourism Company, has decided to join forces
with a Hong Kong’s consultancy firm - Asia Strategic Consulting & Advisory
Service Ltd – to register the project.
The two investors regularly
contact the Kien Giang provincial Investment and Planning Department to ask for
information and the Vietnam’s standpoint on their proposals.
One year ago, President and CEO
of Las Vegas Sand Sheldon Adelson, sent words intimating that he wanted to
develop a big integrated resort in Vietnam, which has the same scale as the
Marina Bay Sands in Singapore, with the total investment capital of 6-8 billion
dollars.
The president said in local
newspapers at that moment that he would be ready to fly to Vietnam once he can
receive “good signals.” However, there has been no “good news” since then.
Meanwhile, Vietnam has reaffirmed its strategy that casinos would not be opened
to Vietnamese citizens.
Linh Tu
Business & Investment Opportunities
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