ACDL to manage Ho Tram on own



Asian Coast Development (Canada) Ltd. plans to open the casino and first hotel tower in the Ho Tram resort complex on July 26 under its own management. The resort, which was to be called the MGM Grand Ho Tram Beach and managed by MGM Resorts International, will instead be called The Grand – Ho Tram Strip and open with 541 rooms following the US casino company’s decision earlier this year to end its involvement. MGM helped recruit 2,000 staff who remain with the project and transferred a number of executives to the development company. A second hotel tower under construction will add another 559 rooms. Pinnacle Entertainment Inc. last month wrote down the remaining $92.2 million value of its investment in Asian Coast, citing the uncertain opening of the resort following MGM’s departure.