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MGM unexpectedly shook hands with Bamboo Capital to implement the 2,000 billion project

Indochina Hoi An Beach Villas – a subsidiary of Bamboo Capital (BCG) has signed a strategic cooperation for Malibu MGM Hoi An project. Notably, the project management partner this time is MGM – the world’s leading company that made a noisy exit when the Ho Tram Strip project billion.

The Malibu MGM Hoi An project has an area of ​​about 11ha, including 93 villas and 690 condotels. It is expected that in September 2015 the project will be started and will be handed over in 2020.

Overall perspective of the Malibu MGM Hoi An project
Overall perspective of the Malibu MGM Hoi An project

This project has a total investment of nearly VND 2,000 billion, of which equity is about 30%. Total estimated revenue from this project is about VND2-2,500 billion.

Project design Malibu MGM Hoi An by the US design company BAKH, Tradico is the construction contractor, South Asia Bank and Vietcombank will sponsor projects and customers, ERA (Singapore) and Hai Phat distribution unit …

In particular, MGM Resorts International (MGM) – the company that owns the world’s leading brands in the gaming, hospitality and entertainment industry – will be the project manager.

MGM has caused a lot of noise when withdrawing from the complex Ho Tram Strip. In particular, in March 2013, a notice was sent from the Ho Tram Strip Project, a developer of the Ho Tram Strip Tourism Project, that there was a significant change in this “casino” project.

Accordingly, MGM will “no longer operate this resort” after it has implemented pre-launch services and managed the first resort of the Ho Tram Strip Tourism Complex is developed by ACDL in Viet Nam”. Reason for termination is not disclosed by the owner.

Regarding the incident, many investors questioned MGM’s participation in this project at Malibu MGM Hoi An.

According to Nguyen Ho Nam, Chairman of Bamboo Capital, MGM came to Vietnam but then soon lost, because at that time, MGM’s strategy was to develop high-end resorts combined with casino, but by Various problems, their plans were not successful so decided to leave Vietnam.

“This time around, MGM’s strategy has changed, they want to be the resort manager – the number one hotel in Vietnam. In addition, the cooperation with MGM was signed on paper contracts should legal to ensure, “said Chairman of Bamboo Capital.

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