Casino plans for Vietnam

2008-09-11 09:40:59

One Vancouver-based developer is trying to raise cash to the tune of $1 billion (£500 million) in an initial public offering in Hong Kong to build a casino resort in Vietnam, it has been reported.

Asian Coast, which is co-owned by Harbinger Capital Partners, plans to raise the extra cash from equity and debt markets in order to move ahead with the $4.2 billion project, Bloomberg cite its chairman Michael Aymong as saying.

Speaking to the news provider about the five-hotel casino project, Mr Aymong said the firm is looking toward the Hong Kong stock exchange for the sale over the course of the next two years.

"The people of Hong Kong know the casino industry because of Macau and they have seen the economic growth of the region and understand it. The share sale may take place in the next two years," he continued.

Meanwhile, in other casino news it was reported by the Associated Press yesterday (September 10th) that Las Vegas' Mirage hotel-casino is replacing its iconic volcano décor with a more modern look.