The new unit's initial project is MGM Ho Tram, an 1,100-room beachfront casino resort in southwest Vietnam that is under construction and slated for completion in 2011. Asian Coast Development Ltd., a Toronto-based company in which New York City-based Harbinger Capital has a stake, will own and finance MGM Ho Tram. MGM Mirage will provide development assistance, brand equity, and will operate the property upon completion. MGM Ho Tram is planned as the first phase of a $4.2-billion integrated beachfront resort complex by ACDL.
"We believe that there are significant opportunities for MGM MIRAGE Hospitality to develop luxury resort properties outside the United States, which will include gaming in appropriate venues," says MGM Mirage Hospitality president Gamal Aziz.
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