Ho Tram Strip
A fully operational, government-licensed integrated resort —
offered below the cost of a single Vietnamese casino license.
~164 ha master plan with 2 km of private beachfront, two operating five-star hotels (~1,100 keys), a 5,000 m² Las Vegas-style casino, the Greg Norman–designed Bluffs golf course, a 2,000-guest convention center, and a complete leisure ecosystem.
A distressed ownership situation has accelerated the seller's timeline. The full portfolio is being marketed as a single, government-approved transfer.
Indicative <US$750M for an enterprise estimated at US$1.5B – $3B+, against ~$2B+ already deployed and a master plan of $4.2B.
Acquire a multi-billion-dollar
integrated resort & casino
for less than the price of the license alone.
The Asset
What's included in the transfer — land, hotels, casino, golf, conventions, leisure.
164 hectares,
2 km of private beach,
five zones, one ecosystem.
Developed by Ho Tram Project Co. Ltd. (under Asian Coast Development Ltd. — Canada). Master plan accommodates up to five five-star hotels (~9,000 keys) and an expandable Las Vegas-style casino.
~1,100 operational five-star keys,
two flagship hotels, two brands.
Two operating hotels anchor the resort today. Both run on long-term operating agreements with global hospitality brands.
A licensed, Las Vegas-style floor — with 2× expansion headroom.
One of only a handful of integrated casinos legally operating in Vietnam. Licensed for foreign players and qualifying Vietnamese citizens under the government's pilot program.
A Greg Norman signature on the South China Sea.
54 hectares of cliffside dunes, included in the transfer portfolio — and an asset class entirely unto itself.
Golf Digest, 2018
Hosted PGA Asian Tour
Diversified, non-gaming revenue streams.
MICE, dining, retail and beach leisure stabilize the income mix and broaden the addressable market beyond gaming.
A digital extension to the licensed floor.
Beyond the physical casino, the package contemplates an online gaming layer leveraging the existing Vietnamese license, brand, and player base — adding a high-margin, lower-capex revenue stream parallel to the floor. Subject to verification in diligence.
- Brand-anchored player acquisitionNames recognized at Ho Tram convert directly to digital sign-ups across SEA.
- License-leveraged distributionExisting legal footing accelerates a regulated digital product.
- Margin upside vs. land-basedLower variable cost; faster path to incremental EBITDA.
The Numbers
Asset value, asking price, capital deployed, and the spread that creates the deal.
The asking price is below the floor of the estimated enterprise value — and below the cost of the license alone.
Bar lengths illustrative, sized for visual comparison. Enterprise & deployed-capital ranges per seller-supplied data; final values to be confirmed in diligence.
Five revenue lines.
One operational platform.
A natural fit for Accor's
Southeast Asia footprint.
The Grand Ho Tram Strip is structurally complementary to a multi-brand operator with strong SEA distribution, an integrated-resort track record, and a wellness/leisure platform.
- Two flagship hotels — re-flag opportunity~1,100 keys ready for portfolio integration; immediate RevPAR uplift.
- Integrated-resort capabilityHospitality + gaming-adjacent + golf + MICE on a single asset.
- SEA distribution moatDirect channeling from ALL members; regional cross-sell.
- Flexible deal structureEquity / JV / management contract — fits Accor's capital posture.
Why Now
The seller-side timeline, comparable transactions, and the regulatory standing of the asset.
A distressed ownership situation has compressed the timeline.
Principal shareholder is rallying assets ahead of an unrelated personal legal matter. The portfolio is intact, government-approved, and being marketed as a single transfer rather than disassembled.
The pricing reflects time-to-close — not the quality, license, or operating performance of the asset.
Vietnamese integrated-resort licenses are scarce, expensive, and almost never trade.
Market context for the <US$750M ask. Indicative reference points only — not direct comparables.
References are public-domain ranges for context only and do not constitute valuation. Definitive valuation to be established during diligence.
The asset is licensed, operating, and government-approved. The risk profile sits with timeline, not title.
Two hotels, casino, golf, convention center and full amenity stack are running today. Phase-I & II revenue continuity through closing.
Casino license is valid, with explicit foreigner play and a Vietnamese-citizen pilot framework. Transfer mechanics pre-cleared with relevant authorities.
Ixora villas/condotels are privately owned (Phases I & II sold) and not part of the transfer portfolio — but operate inside The Grand ecosystem.
Standard FDI structure, license-continuity confirmation, online-gaming scope, and IP/operating contracts to be confirmed in the data room.
Process
A short, off-market path from interest to seller's advisor.
Four steps to a signed term sheet.
Signed NDA · introduction to seller's advisor & principal shareholder representative.
Operating financials, license documents, legal structure, online-gaming scope; on-site walkthrough at Ho Tram.
Non-binding LOI with structure, price, financing, conditionality, and exclusivity request.
Signed term sheet, exclusivity, confirmatory diligence, government coordination through to signing.
Let's get this in front of our network — and the team in Bangkok.
greg@bloombridge.xyz · +40 799 443 326
Introduction available under NDA