Canada developer pledges another US$75 million for resort project in Vietnam
Canada-incorporated Asian Coast Development Ltd. has pledged another US$75 million for a 400-acre resort and casino complex near the southern beach town of Vung Tau.
With the additional pledges, the Grand Ho Tram Strip's projected cost now exceeds US$1 billion, according to a press release on Monday.
The pledges are for expanding the luxury complex to host 1,100 rooms, a double of its current capacity.
Backed by the US private hedge fund Harbinger Capital Partners, Asian Coast Development has developed the complex since 2007 through its wholly-owned subsidiary Ho Tram Project Company Ltd.
Its first phase was opened in 2013 with a 541-room hotel, restaurants, swimming pools and an 18-hole golf course.
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