MGM MIRAGE Hospitality and Asian Coast Development Ltd. Announce Plans to Develop MGM Grand Ho Tram Integrated Resort in Vietnam
Collaborative project to be owned and financed by Asian Coast Development and Managed by MGM MIRAGE
LAS VEGAS, Nov. 18 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM) and
Asian Coast Development Ltd. (ACDL) today announced plans to develop the MGM
Grand Ho Tram -- Vietnam's first "Las Vegas style" integrated resort. ACDL
will own and finance the project, and MGM MIRAGE will provide development
assistance, brand equity and operate the five-star integrated resort property
upon completion.
MGM Grand Ho Tram will anchor the $4.2 billion multi-property Ho Tram
Strip resort complex being developed by ACDL along the pristine beaches of the
South China Sea. The Ho Tram Strip is set on a 2.2 kilometer strip of white
sand located in the Ba Ria Vung Tau Province of southwest Vietnam, eighty
miles from Ho Chi Minh City. MGM Grand Ho Tram will be the first component of
what is planned to be the largest tourism complex in Vietnam. MGM Grand Ho
Tram itself will feature 1,100 rooms, a world-class gaming and entertainment
facility, luxury retail, chef-driven restaurants, high-tech meeting space,
live entertainment stages, stunning nightlife, destination spa services, and
an exclusive VIP area, as well as a variety of beach-front recreation
activities.
"The MGM Grand brand is internationally recognized for its energy,
excitement and ability to provide the broadest array of luxury hotel, resort
and gaming amenities, all under one roof," said Gamal Aziz, CEO of MGM MIRAGE
Hospitality. "MGM Grand Ho Tram's prime beach-front location affords us an
even greater opportunity to provide our guests with a spectacular experience.
Our international gaming development team, led by Lloyd Nathan, Executive Vice
President of MGM MIRAGE Global Gaming Development, will, with their
counterparts at ACDL, make MGM Grand Ho Tram a showplace for the further
development of high-end international tourism in Vietnam."
ACDL, an international development and real estate company specializing in
integrated resort destinations, has already broken ground for the MGM Grand
resort. MGM Grand Ho Tram, expected to open in 2011, will be surrounded by an
18-hole, Greg Norman designed, PGA champion level golf course. It is planned
to be the first of five stunning resorts being developed by ACDL along the Ho
Tram Strip.
"This is a landmark project not just for our company, but for the people
of Vietnam," said Mike Aymong, Chairman of ACDL. "By creating partnerships
with world-class operators such as MGM MIRAGE, this burgeoning destination is
poised to transform Vietnam's tourist industry and designed to compete with
integrated resorts in neighboring China, Malaysia and Singapore. Our goal is
to develop a five-star coastal paradise that attracts tourists year-round with
its temperate climate, breath-taking views, and concentration of high-quality
resorts and entertainment."
"We are extremely pleased to welcome MGM MIRAGE, one of the world's
leading hospitality brands, to the Ho Tram Strip team," added David Subotic,
CEO of Asian Coast Development Ltd. "MGM MIRAGE's involvement with the Ho Tram
Strip will add significant value for the shareholders of ACDL while
solidifying the development's position as one of the most exciting new tourist
destinations in South East Asia."
The Ho Tram Strip is centrally located in Southeast Asia and is being
master-planned by the renowned architectural firm Steelman Partners to
highlight the beauty of the natural surroundings and the unique culture of the
Vietnamese people.
About MGM MIRAGE:
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected
development companies with significant holdings in gaming, hospitality and
entertainment, owns and operates 17 properties located in Nevada, Mississippi
and Michigan, and has 50% investments in four other properties in Nevada, New
Jersey, Illinois and Macau. MGM MIRAGE is developing major casino and
non-casino resorts, separately and with partners in Las Vegas, Atlantic City,
the People's Republic of China and Abu Dhabi, U.A.E. MGM MIRAGE supports
responsible gaming and has implemented the American Gaming Association's Code
of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received
numerous awards and recognitions for its industry-leading Diversity Initiative
and its community philanthropy programs. For more information about MGM
MIRAGE, please visit the company's website at http://www.mgmmirage.com
About ACDL:
Asian Coast Development Canada Ltd. (ACDL) is an international development
and real estate company specializing in integrated resort destinations. ACDL
is the developer of the Ho Tram Strip, a group of integrated resorts to be
located on more than two kilometers of white-sand beach in southern Vietnam.
With a focus on providing a personalized blend of relaxation and excitement,
the Ho Tram Strip will feature something for everyone, from lavish Vegas-style
gaming rooms and theatres to acres of premium shopping and exceptional
recreational facilities. Phase I of the development, scheduled to be open in
2011, includes Vietnam's first Las Vegas-style gaming facility, an 1100-room
five star MGM Grand hotel, and a championship golf course designed by Greg
Norman. For more information about ACDL, please visit the company's website at
http://www.asiancoastdevelopment.com
