Ho Tram fights the riptide in Vietnam

    Published in: Latest Intelligence     “All options are on the table” at the Ho Tram Strip, according to a spokesman, after the developer of the planned casino resort cluster along a secluded sandy bay in Vietnam and MGM Resorts canceled an agreement for MGM to manage the first of the five planned resorts at the site just a month before the scheduled opening of its first hotel tower. While the timing of the announcement came as a surprise as Lloyd Nathan, chief executive of developer Asian Coast Development (Canada) Ltd, early in the week had confirmed to AGBrief the opening timetable, ACDL has been publicly struggling for months to stick to its development plan. Failure to meet development milestones led the project’s Vietnamese lenders last year to suspend a $160 million line of credit. Pinnacle Entertainment (NYSE:PNK), a US-based casino operator last month wrote down $25 million of its investment of more...

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