Inside Asian Gaming

September 2008 | INSIDE ASIAN GAMING 15 Feature From Las Vegas to Macau’s burgeoning Cotai Strip, many of the world’s gaming hotspots are testaments to the folly of scepticism. Where most saw barren, uninviting land, visionaries saw the next big leisure destination, and raised the capital to turn their visions into reality. Asian Coast Development Ltd (ACDL), a Canadian-based company, envisions Asia’s next major gaming strip on a long stretch of unspoiled beachfront in Vietnam. The company is set to develop a US$4.2 billion destination resort dubbed the Ho Tram Strip. ACDL CEO David Subotic explains: “When we first started this project, everybody said ‘you’re never going to get world class partners.’ Now we’ve got [world renowned casino resort architect] Paul Steelman, [golf legend] Greg Norman and [leading sporting and entertainment events management company] IMG. We have great tier one partners. “They said ‘you’re never going to get any money.’ But we have one of the top hedge funds in the world, Harbinger Capital, as our financial sponsor. “They said ‘you’re definitely never going to get the license.’ We got the license, in a communist country. “Now what’s the next thing we’ll never do? What are they going to say? ‘Your business model will never work?’In our mind there’s no doubt it’ll work.” While Vegas was literally desert and Cotai a marshy stretch of reclaimed land in a tiny, overcrowded city, the Ho Tram sceptics can hardly claim the development’s location lacks inherent appeal. The development will sit on the white, sandy shores of Ho Tram in the province of Ba Ria-Vung Tau, some 130 kilometres south of Ho Chi Minh City. Even without the lure of gaming,tourism to Vietnam is growing at 25%, explains ACDL Chairman Mike Aymong. He continues: “Vietnam’s a very beautiful country. It’s easily accessible. It’s inexpensive. Service levels are high.The education’s high.GDP is growing at 8.5%. It’s really going to be the next major Asian destination, so I think there’s a lot of gaming companies that would look to expand and partner with us.” Mr Subotic contrasts the plethora of experiences to be had in Vietnam, a diverse country with 86million people,to the limited offering of Macau, which covers all of 27 sq. km, is dominated by the gaming sector and has apopulation that only recently surpassed the half-million mark.“You go to Macau two or three times, then you’re like ‘what do I do?’ You want other options. Vietnam offers that. Great food. Great culture. It’s an interesting place for people to really visit.They just need more entertainment places, like most of Southeast Asia, because in the region there’s a lack of entertainment to bring in people Never Say Never Asian Coast Development Ltd is on a streak defying the sceptics in realising its vision of a decidedly upmarket beachfront casino resort in Vietnam