Walt Power, a former Macau casino executive who was most recently a non-executive director of South Shore Holdings Ltd, has confirmed to GGRAsia his appointment as chief executive of the Ho Tram Project Co Ltd.
The firm is the developer of the Grand Ho Tram Strip (pictured), a resort complex with casino on the Vietnam coast southeast of Ho Chi Minh City.
The Grand Ho Tram Strip is being developed in a number of phases. The first phase of the project – featuring a hotel and casino – opened in July 2013.
An entity controlled by United States-based private equity firm Warburg Pincus LLC is now the majority owner of Asian Coast Development Ltd (ACDL), the promoter of The Grand Ho Tram Strip and parent firm of Ho Tram Project Co. Vietnamese investment firm VinaCapital Group Ltd has a minority stake in the new controlling entity of ACDL.
Hong Kong-listed South Shore said in a Monday filing that Mr Power had resigned from his non-executive board role with effect from that day. Mr Power had stepped down from his role as CEO of South Shore in May 2019. South Shore developed a luxury Macau hotel called The 13 which at one stage aspired to have a casino. The hotel is currently shuttered, according to the local licensing body, Macao Government Tourism Office.
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”The upswing in visitation and gaming revenue is likely to aid Fitch-rated casino operators with a presence in Macau in reducing their debt levels”