MGM Mirage Signs On To Operate Vietnam Casino

The race is on to become the leader in global casino gambling, and MGM Mirage is making their presence known. The company has signed on to operate a casino being developed in Vietnam by the Asian Coast Development group.

MGM has already moved into Macau and other areas of the4 Asian gaming markets. The company is expected to hold an initial public offering later this year in the hopes of raising millions of dollars. MGM will have a listing on the Hong Kong Stock Exchange.

The MGM Grand Ho Tram will be just the first in what is expected to be five resorts. The development company has struck a deal with the Vietnamese government on a fifty-year investment license. The company plans to invest $4.2 billion into the projects.

"This is another example of how Asia is becoming one of the top casino gaming destinations in the world," said Gaming Analysts Steve Schwartz. "Development is happening at an alarming rate, and it could further hurt the major casino destinations in the US."

The two major gaming destinations, Las Vegas and Atlantic City, have already been affected by Macau. The Asian gaming destination has become the top in the world, and has stolen millions of Chinese gamblers that in the past had traveled to Las Vegas.

As for the MGM Vietnam project, the casino is permitted to offer 2,000 electronic games and 180 table games. Site construction has already began for the project, and the development groups hopes to have an operator chosen for the second resort by the end of 2010.

April 22, 2010
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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