Casino developers poised to enter Vietnam market
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The Canadian firm Asian Coast Development Ltd is proposing a US$4 bil Resort and Casino two hours east of Ho Chi Minh City in Ba Ring Vung Tau province, southern Vietnam . They are currently waiting for approval from the Vietnam Government for the project, provisionally titled Ho Tram. Partnering with the Las Vegas based Fontainbleau Resorts Ltd, they hope to start the first phase of construction on the 3.5 km stretch of beachfront by July 2007. “Vietnam's rapidly expanding economy and recent ascension into the ranks of the World Trade Organization have created a very positive investment climate, making this an ideal time for groundbreaking projects such as the Ho Tram development”, explains Michael Aylmar, Chairman, Asian Coast Development. Plans for US$500 mil first phase include a 7,200 sqm Las Vegas style casino, 1200 hotel rooms, 10 restaurants and a Greg Norman designed golf course. Developers have secured a 50-year lease on the site, with the government also receiving a cut from gambling revenues. The project is now in the final stages of design and local construction firms are being considered for the build.   return to www.rfpmagazine.com
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