Asian Coast Development Ltd (ACDL), the promoter of The Grand Ho Tram Strip (pictured), a hotel complex with casino on the Vietnam coast southeast of Ho Chi Minh City, has now confirmed a new majority owner, GGRAsia has learned from available sources.
An entity controlled by United States-based private equity firm Warburg Pincus LLC is now the majority owner of ACDL.
Vietnamese investment firm VinaCapital Group Ltd has a minority stake in the new controlling entity of ACDL.
“ACDL – the parent company – expanded its investor base to include an affiliate of Warburg Pincus,” a spokesman for The Grand Ho Tram Strip told GGRAsia by email in response to our enquiry.
“We are not disclosing the terms of the deal,” added the person.
New York City-based hedge fund Harbinger Capital Partners LLC, founded by American financier Philip Falcone, was previously the majority shareholder in ACDL, a company that in turn controls the resort’s developer, the Ho Tram Project Co Ltd.
According to a September 2016 statement, international investors – including Harbinger – had “over US$1 billion in deployed and committed capital” in the scheme.
The Grand Ho Tram Strip is being developed in a number of phases. The first phase of the project – known as The Grand casino resort and featuring a 541-room hotel – opened in July 2013.
Aug 19, 2019Privately-held casino junket brand Suncity Group said in an email to GGRAsia that the group “still maintain a very close relationship with Crown and The Star” despite Suncity Group’s...
Aug 19, 2019
"The Hong Kong protests may hurt Macau gross gaming revenue by about mid-single-digit (i.e., half of maximum visitation exposure), which should fade away gradually as people will find alternative ways to visit Macau”
DS Kim, Jeremy An and Christine Wang
Analysts at brokerage JP Morgan Securities (Asia Pacific) Ltd