Pinnacle Entertainment Inc. Planning To Develop Hotel-Casino In Vietnam
Las Vegas based Pinnacle Entertainment Inc announced that it would invest US$95 million in a hotel-casino project in Vietnam, which is expected to open in 2013. Pinnacle is the owner and operator of casino gaming resorts, also owns a racetrack in Cincinnati and is building a casino in Baton Rouge, Louisiana.
The U.S. Company will build a hotel with 540 rooms and a casino with 90 game tables as well as 500 slot machines, according to Vietnam news agency. Fort this project the company has already paid $95 million for a 26 percent stake in Asian Coast Development Ltd., a developer of casinos and housing projects in Vietnam.
Pinnacle said it will manage a beachfront resort that Asian Coast is planning 80 miles southeast of Ho Chi Minh City through 2058, with a possible 20 year extension. A casino complex and resort scheduled to open in phases as the resort will be Asian Coast’s second casino on the Ho Tram Strip.
Anthony Sanfilippo, Pinnacle Chief Executive Officer said, the phenomenal success and continued strong growth of destination integrated resort and gaming facilities in Asian markets are indicative of the demand for quality gaming entertainment options in Asia. Ho Chi Minh City is Vietnam’s largest city and attracts the bulk of Vietnam’s 5 million annual tourists. Their investment and long term management agreement bring meaningful strategic benefits to Pinnacle, including further diversification and potentially very significant returns on invested capital.

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