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Firm to manage Vietnamese gaming resort
Pinnacle Entertainment has announced plans to acquire a 26 percent stake in Asian Coast Development (Canada) Ltd. (ACDL) for $95 million. ACDL is owner and developer of the Ho Tram Strip beachfront complex of destination integrated resorts and residential developments in southern Vietnam.
Once the deal closes, Pinnacle plans to enter into a management agreement through 2058 (with the potential for a 20-year extension) for the second integrated resort of the multi-phase Ho Tram Strip destination resorts project, which is being built about 80 miles southeast of Ho Chi Minh City.
The planned first resort in the Ho Tram Strip is an MGM Grand that is currently under construction with a planned opening in 2013. The first phase of that project will include 541 luxury guest rooms and suites, several restaurants, a conference center and a gambling casino with 90 live table games and 500 electronic games.
The second integrated resort of the Ho Tram Strip, for which Pinnacle has secured a management agreement, will be jointly developed by Pinnacle and ACDL, and owned by ACDL. Pinnacle and ACDL expect that the second integrated resort, which will be branded as a distinct and premium resort, will be similar in project scope to the MGM Grand Ho Tram resort.
“The phenomenal success and continued strong growth of destination integrated resort and gaming facilities in Asian markets are indicative of the demand for quality gaming entertainment options in Asia.” Says Anthony Sanfilippo, president and ceo of Pinnacle Entertainment, which currently owns and operates seven casinos in the U.S.
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