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$50 million more for Ho Tram Strip project
This is the second new investment announcement in the past two months
September 22, 2014: Asian Coast Development (Canada) Ltd. (ACDL), the owner of The Grand Ho Tram Strip, on Monday announced a $50 million funding commitment from its majority shareholder, Harbinger Capital.
"We remain as excited about the Ho Tram Project today as we were when we made our initial investment in 2007," said Philip Falcone, principal, Harbinger Capital. "The Grand Ho Tram Strip resort, casino facilities and The Bluffs golf course designed by Greg Norman Golf Course Design have both received rave reviews. We are also excited about the future development potential of our project. We are encouraged by the Vietnamese government’s progress on establishing a robust regulatory framework that will also provide a road map for the establishment of locals gaming in Vietnam.”
This US$50 million announcement is the second new investment in the Ho Tram Project in the past two months, following a $20 million investment by NewCity Capital in July 2014. Harbinger is the majority owner of Asian Coast Development Ltd along with minority owners Pinnacle Entertainment and NewCity Capital.
ACDL's board of directors further announced the appointment of Stephen Shoemaker as chairman of the company's board of directors as well as its president and chief executive officer. He had previously served as ACDL's president and chief financial officer since 2008. With over 30 years of financial and operating experience in the hospitality and telecommunications industry, Shoemaker has an extensive background in developing strategy as well as overseeing financial operations and fund raising activities.
"Stephen was part of the founding team of the Ho Tram Project, and someone with whom we have worked closely with as far back as when the Ho Tram Strip was an undeveloped beach front. He has been a dedicated leader and an exceptional contributor to the project, and it is an honour to be announcing his new role and responsibilities today," Falcone said.
"It's an extremely exciting time to be assuming this position," said Shoemaker. "The Grand Ho Tram Strip is quickly establishing itself as Vietnam's premier destination resort. We are looking forward to the late October grand opening of our Greg Norman designed 18-hole golf course and club house — The Bluffs. We fully expect The Bluffs to quickly become one of the premier golf courses in Asia and one of the top 100 golf courses in the world.”
Greg Norman, former world number one and golf course designer, says, “This is one of only two pieces of land of this quality and character that I have ever worked with, the other being Doonbeg in the south of Ireland.”
The grand opening of the Bluffs will be a three-day gala event from October 17th to 20th, to be attended by Norman.
Shoemaker added, “I am extremely excited about the opportunity to continue working with Harbinger Capital and NewCity Capital to further develop the Ho Tram Strip and deliver the vision of creating a truly unique beach side destination resort that will be renowned not only in Asia but globally as well. We are very focused on the next development phases of the Ho Tram Strip. In the near future we will be unveiling additional details on these plans as we continue to deliver on creating a unique destination resort unlike anything Vietnam has seen before."
These announcements are all set against a backdrop in which Vietnam is re-evaluating its position on allowing Vietnamese nationals to begin prized gaming, as the Vietnamese government is presently drafting a decree which could include entry into integrated resorts and casinos within the country, possibly including The Grand Ho Tram Strip.
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