The Grand Ho Tram Resort & Casino was supposed to be a huge money-maker when it opened on Vietnam’s southern coast seven years ago.
However, things haven’t worked out as planned and the ongoing COVID-19 pandemic is helping anything. With waning traffic, and even a change of ownership, things remain stagnant and it doesn’t seem like they will turn around soon.
Vietnamese media outlets hint at dire times ahead, but the project’s developers believe they might have an ace up their sleeve.
All told, since it opened in 2013 until the end of last year, Grand Ho Tram has reported total losses of $378 million. Most of that is attributed to exorbitant operating expenses and interest fees. These figures make the assertion that $4.2 billion would ultimately be invested in the project highly doubtful.
The Grand Ho Tram was acquired by Warburg Pincus, an equity firm out of the U.S., in March of last year. The company purchased its majority stake, adding to its existing 10%, from hedge fund Harbinger Capital Partners, but hasn’t been able to get the property on track toward gains since then.
The property already has a large, 540-room hotel, a foreigner-only casino and an eighteen-hole golf course, but faces one major issue. Since Vietnam is only now testing whether to allow locals to gamble at casinos,
Grand Ho Tram can’t expect Vietnamese to hit the gaming floors, and the current coronavirus pandemic is keeping the property from becoming a major attraction.
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