MGM Mirage to develop casino in Vietnam

LAS VEGAS, Nevada -- MGM Mirage announced today it is teaming up with an Asian development company to build a "Las Vegas-style" casino in Vietnam.

Asian Coast Development Ltd. will own and finance the MGM Grand Ho Tram. MGM Mirage will give development assistance and operate the resort property when it's completed.

MGM Grand Ho Tram will anchor a $4.2 billion resort complex being built along the South China Sea beaches about 80 miles from Ho Chi Minh City. The hotel will have 1,100 rooms, a gaming area, luxury retail, live entertainment stages and beachfront recreation.

"MGM Grand Ho Tram's prime beach-front location affords us an even greater opportunity to provide our guests with a spectacular experience," Lloyd Nathan, executive vice president of MGM Mirage Global Gaming Development said in a statement released Tuesday. He said the resort will be "a showplace for the further development of high-end international tourism in Vietnam."

Asian Coast Development Ltd. has broken ground on the resort, which is expected to open in 2011. It will be surrounded by a Greg Norman-designed 18-hole golf course.

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