Canadian casino and resort company to invest $4.2 billion in Vietnam

22 May 2008

A Canadian company is investing $4.2 billion to build a casino and sprawling beach resort in southern Vietnam, the company and Vietnamese government said Thursday.

Construction for the first phase project, slated to complete by 2011, is scheduled to start as soon as Saturday. The ground-breaking ceremony will be attended by former Canadian prime minister Jean Chretien, who is currently visiting the Southeast Asian country, said a report on the official government website. The entire 169-hectare (420-acre) resort is planned to be operational in 10 years.

The Asian Coast Development Ltd. (ACDL), which has offices in Toronto and Vancouver, said the Vietnamese government has licensed its Ho Tram Strip project in the southern province Ba Ria Vung Tau, 125 kilometers east of Ho Chi Mint City.

ACDL Group says it plans to develop "a five-star coastal paradise consisting of casinos, five stunning resorts, and a gorgeous 200-acre golf course set on the white-sand beaches of Vung Tau Province."

The company's website describes the project in glowing terms, calling it ''themed on the concept of environmental preservation and conservation'' and ''highlighting the lush natural beauty of the area while showcasing Vietnamese and Asian culture''.

Particulars for the first phase, titled Project I, include ''two luxurious five star hotels with 2300 rooms'' and ''Vietnam's first Las Vegas-style casinos - featuring live entertainment stages and an exclusive VIP area to compliment gaming floors with more approximately 180 live table games and 2000 electronic games.'' A golf course designed by legendary Australian golfer Greg Norman is also part of the attractions.