News 31 May 2011
Casino operator Pinnacle Entertainment Inc. of Las Vegas announced today it’s expanding to Vietnam.
The company has entered into a $95 million deal to acquire a 26 percent equity interest in Asian Coast Development (Canada) Ltd., the developer of the Ho Tram Strip beachfront resort complex in southern Vietnam, 80 miles southeast of Ho Chi Minh City.
Pinnacle also has a management agreement through 2058 for the planned second Ho Tram Strip resort.
The planned first resort of the Ho Tram Strip, MGM Grand Ho Tram, is under construction with a planned opening in 2013. It will be managed by MGM Hospitality, a subsidiary of MGM Resorts International.
Last year, Vancouver-based Asian Coast Development said it hired former MGM Resorts official Lloyd Nathan to run its operations in Vietnam.
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