In an unexpected development, Mr Michael Kelly has been appointed Executive Chairman of Asian Coast Development Limited and its wholly-owned subsidiary Ho Tram Project Company Limited, owners and operators of the Ho Tram Resort Casino, Vietnam’s largest integrated resort. Ho Tram’s construction cost to date is around US$600 million and its ultimate capital commitment is US$4 billion.
In the announcement Mr Kelly introduced himself as previously serving as Chairman, CEO or President of some of the largest casino resorts in the United States. He further went on to say, “In my capacity as the Executive Chairman, I will be responsible for all aspects of the Company and its daily operations.”
It was left to Mr Kelly to announce the fates of the former management team, “Effective immediately, Mr Shaun McCamley has resigned as the President and is no longer employed by the Company. Also Mr Stephen Shoemaker is no longer the Chairman and CEO of the Company and will be transitioning to another role reporting to me. The position and duties of Mr McCamley and Mr Shoemaker have been assumed by myself.”
WGM reached out to Mr Kelly, who provided this statement:
“I am very excited to be taking over the leadership of the Ho Tram Strip. We have a tremendous property with the only beachfront integrated resort in Asia at The Grand – Ho Tram Strip and with a golf course that has been steadily gathering international accolades with The Bluffs – Ho Tram Strip, which will soon host some of the biggest names in world golf on Asia’s Grandest Stage at the US$1.5 million Ho Tram Open. I am honored to be entrusted with improving further on the foundation that has been put in place since the first two years of operations of the Ho Tram Strip and with over 25 years of experience in the casino industry in several top roles in both large publicly traded casino corporations and some of the largest privately-owned casinos in North America, I am focused on harnessing that experience to unleash the enormous potential of the Ho Tram Strip.”
WGM also spoke to former President Mr Shaun McCamley, who said, “Due to a misalignment in views as to the future direction the company now needs to move, we have mutually agreed that I step away as the property’s President.”
The Ho Tram Resort Casino opened its doors in July 2013 and includes The Grand, a 541 room five-star hotel, eight food and beverage venues, a 1,500 person capacity ballroom, the Greg Norman-designed The Bluffs Ho Tram links golf course, a mass gaming floor and VIP gaming area and the Ho Tram Poker Room, a joint venture between Ho Tram Resort Casino and WGM sister company World Players Entertainment.
Ho Tram Resort Casino parent company ACDL’s majority shareholder is Harbinger Capital, founded by New York society hedge fund manager Phillip A. Falcone.
