• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Asian Coast nets new investor for Ho Tram Strip

Jul 17, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck  


Asian Coast nets new investor for Ho Tram Strip

Private equity firm NewCity Capital LLC is to be a “new financial partner” in the Ho Tram Strip beachside casino development (pictured) in southern Vietnam, said the project’s developer Asian Coast Development (Canada) Ltd (ACDL) in a press release. It didn’t specify what that meant in cash terms.

NewCity Capital, founded by American investor Chien Lee, is investing via a vehicle called NewCity Ho Tram Investment Co. It has also set up an entity called The GrandNewCity.

Phil Falcone, founder and principal of New York-based Harbinger Capital Partners LLC, which is Asian Coast’s majority shareholder, said in the statement: “…we are very excited to have an investor that brings capital as well as marketing and operating expertise to our project.”

The first phase of the Ho Tram Strip – The Grand Ho Tram Strip – opened in July last year with what Asian Coast described as a 541-room US$500-million hotel tower designed by Paul Steelman and 90 gaming tables – 55 of them for VIPs.

It was rumoured in the investment community last year that at least one Macau junket investor was mulling capital investment in the Ho Tram Strip. Meanwhile, anti-Chinese riots in Vietnam in May this year following flare up of a maritime territorial dispute between Vietnam and China led some analysts to fear a depressive effect on the numbers of Chinese gamblers visiting the Southeast Asia country.

Full build-out of what Asian Coast says is a US$4-billion project would include up to five integrated resorts with a total of 9,000 five-star rooms, and 180 tables and 2,000 electronic gaming machines in two casinos.

Asian Coast is a privately held Canadian company. It is therefore not required to publish to the public details of its finances.

Las Vegas-based Pinnacle Entertainment Inc, a publicly listed casino operator in the United States, said in filing in May 2011 it had become a 26 percent equity partner in Asian Coast. But it warned in another filing to its shareholders in November 2012 that issues and delays in the scheme occurring at that time meant Pinnacle risked losing its entire US$109 million investment.

In March 2013, global casino operator MGM Resorts International pulled out of a management and branding deal for The Grand Ho Tram Strip, telling Asian Coast it didn’t want to wait for the casino resort project to get its investment certificate from the Vietnam authorities.

Pinnacle has meanwhile written down its entire investment in the scheme.

Currently under Vietnam law, only holders of foreign passports are permitted to gamble in the country’s casinos.

Reuters reported on July 10 that despite legal gambling for Vietnamese passport holders being confined to the state lottery and dog and horse racing in some regions, there is a large pent-up demand for gambling products of all categories in the country.

Between the start of the FIFA World Cup on June 12 and July 10, near the end of the tournament, illegal soccer betting operations discovered by the authorities had handled a combined VND6.5 trillion (US$307 million), said the news agency.

Two-thirds of the country’s fast-growing population of 90 million are under the age of 30, and it has a consumer middle class that is expected to double by 2020, according to a recent report by the Boston Consulting Group.


  • tweet
Related articles
  • Osaka to up ‘gambling addiction’ centres before IR opens
    Osaka to up ‘gambling addiction’...

    Mar 24, 2023  

  • Vietnam’s Hoiana says has several partners to bring biz
    Vietnam’s Hoiana says has several...

    Mar 22, 2023  

More news
  • Pagcor chairman keynote speech at SiGMA Asia
    Pagcor chairman keynote speech at SiGMA...

    Mar 28, 2023  

  • 3-month eVisa plan to boost Vietnam tourism: report
    3-month eVisa plan to boost Vietnam...

    Mar 28, 2023  


Latest News

Pagcor chairman keynote speech at SiGMA Asia

Pagcor chairman keynote speech at SiGMA Asia

Mar 28, 2023  

Alejandro Tengco (pictured), chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), is to give the keynote speech for the opening of the SiGMA Asia conference for the...
Read More
3-month eVisa plan to boost Vietnam tourism: report

3-month eVisa plan to boost Vietnam tourism: report

Mar 28, 2023  

Kangwon Land slot brand Manila office eyes SE Asia sales

Kangwon Land slot brand Manila office eyes SE Asia sales

Mar 28, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The data and evidence on hand all point to the same conclusion: enough is enough. It is time to ban offshore gaming operations in the Philippines, once and for all”

Sherwin Gatchalian

Chairman of the Committee on Ways and Means of the Senate of the Philippines



Most Popular

  • Raffles hotel checks complete at Galaxy Phase 3: MGTORaffles hotel checks complete at Galaxy Phase 3: MGTO March 27, 2023
  • Melco’s Studio City has foreigner-only bet zone: checksMelco’s Studio City has foreigner-only bet zone: checks March 27, 2023
  • Foreigners can use HK-Macau free ticket says tourism bossForeigners can use HK-Macau free ticket says tourism boss March 27, 2023
  • Philippine lawmaker wants POGOs shut within 3 monthsPhilippine lawmaker wants POGOs shut within 3 months March 27, 2023
  • Macau diversification into non-gaming to remain slow: FitchMacau diversification into non-gaming to remain slow: Fitch March 24, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us