Vietnam's The Grand Ho Tram Starts Ambitious Expansion Project
Vietnam's The Grand Ho Tram has officially commenced an expansive new development project aimed at significantly enhancing its status as a premier integrated resort destination. On Thursday, the resort broke ground on a new 35-hectare project that will introduce a five-star hotel complex, high-end resort villas, a comprehensive suite of entertainment facilities, and an international convention and exhibition center.
LISTEN TO THIS ARTICLE:This large-scale expansion initiative is projected to cost approximately $1 billion, further cementing The Grand Ho Tram's role in the country's tourism and hospitality sector. The expansion is part of a broader strategic plan jointly pursued by Lodgis Hospitality Holdings and VinaLiving.
Related: Vietnam to Boost Casino Oversight Following IrregularitiesLodgis is a joint venture created by global private equity firm Warburg Pincus and Vietnam-based investment manager VinaCapital. Warburg Pincus acquired The Grand Ho Tram in 2019, taking over the resort from its previous majority stakeholder, Harbinger Capital. Harbinger Capital had initially financed the project with a $500 million investment through its backing of Asian Coast Development Ltd (ACDL), the parent company of the resort.
The newly launched development is a significant step in The Grand Ho Tram's master plan, which envisions expanding the resort's total area to 164 hectares. With the new facilities, the resort aims to diversify its offerings and attract a broader range of visitors, from luxury tourists to business travelers attending conventions and exhibitions. The groundbreaking ceremony marked a pivotal moment for the project's next phase, which will build on the resort's existing amenities that already include a casino, golf course, and hotel accommodations.
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The Grand Ho Tram CEO Walt Power, noted that the ongoing development reflects a strong belief in Ho Tram's potential to become not only Vietnam's premier integrated resort but also a serious competitor among regional destinations. He emphasized that the resort is working closely with local and national authorities to identify and leverage new growth opportunities to position itself alongside prominent markets such as Singapore, Manila and Macau.
The Grand Ho Tram first opened its doors in 2013, with the goal of becoming a multi-phase, $4.2 billion integrated resort. Its long-term plan includes a casino, 9,000 hotel rooms, a professional-grade 18-hole golf course, multiple villas, and extensive retail outlets. Since its launch, certain elements such as the casino, golf course, and some hotel accommodations have been operational and have played a central role in drawing international visitors to the area.
Despite its ambitions, The Grand Ho Tram has faced regulatory limitations, particularly with regard to local gambling laws. Since its inception, the resort has advocated for changes that would allow Vietnamese citizens to gamble within its casino facilities.
However, it was not selected to participate in the government's limited three-year trial program permitting Vietnamese nationals to gamble at licensed locations. That trial was restricted exclusively to the Corona Resort & Casino located on Phu Quoc Island, leaving The Grand Ho Tram still catering primarily to foreign clientele in its gaming operations.
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