Vietnam’s ambitious integrated resort project, The Grand Ho Tram casino and resort complex, initially unveiled in 2013 with a $500 million investment, is now projected to achieve full completion by late 2027. Originally intended to be a $4.2 billion resort featuring a casino, 9,000 hotel rooms, an 18-hole golf course, villas, and extensive retail options, the complex has faced delays and challenges.
Current Status:
While the casino, golf course, and some hotel rooms have been operational since the opening, the total investment currently stands at $1.3 billion. The project, managed by Ho Tram Project Company Ltd, has faced setbacks, including the impact of COVID-19, insufficient infrastructure connecting the area to Ho Chi Minh City, and bureaucratic hurdles.
Ownership Changes:
In July 2019, US hedge fund Harbinger Capital, the original investor covering the $500 million investment, sold its majority interest in the parent company, Asian Coast Development Ltd (ACDL), to US private equity firm Warburg Pincus. A change in management occurred in early 2020, with industry veteran Walt Power assuming the role of CEO.
Marketing Strategies and Focus:
The Grand Ho Tram has adjusted its marketing strategies, shifting focus from the anticipation of local casino access to targeting the expatriate community in Ho Chi Minh City. The resort, strategically positioned as the only casino-resort in southern Vietnam, is leveraging its monopoly status and proximity to a metropolis of 15 million people.
Operational Approach:
Walt Power’s team has embraced an event-driven approach, hosting professional boxing, mixed martial arts events, VIP dinners, fashion shows, and beauty pageants. The resort aims to attract both local and international visitors, adopting a weekend-driven business model. Additionally, taking inspiration from Macau and The Venetian in Las Vegas, The Grand Ho Tram is exploring hosting MICE (Meetings, Incentives, Conferences, and Exhibitions) events during the week.
While facing challenges and delays, The Grand Ho Tram remains a significant player in Vietnam’s gaming and hospitality landscape. With the revised completion timeline and a strategic shift in marketing, the resort is poised to capitalize on its unique position, offering a diverse range of entertainment options to both local and international audiences. The extended completion schedule aligns with the vision of creating a world-class destination that combines gaming, luxury accommodation, and entertainment, contributing to the region’s economic and tourism development.