Asian Coast Development (Canada) Ltd. (ACDL) today named veteran gaming industry executive Lloyd Nathan as Chief Executive Officer, and appointed him to its Board. Mr. Nathan, formerly President of MGM MIRAGE Global Gaming Development, will oversee the entire financing and phased build-out of ACDL’s $4.2 billion multi-property Ho Tram Strip, commencing with the MGM Grand Ho Tram - Vietnam's first Las Vegas style integrated resort and casino.

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“Under Lloyd’s proven leadership, we know our powerful global brand is in excellent hands in this partnership and we look forward to continuing to work closely with Lloyd and ACDL to ensure the unrivalled success of the MGM Grand Ho Tram.”

The Company also announced that Robert Wolfe, Vice Chairman of ACDL and a former investment banking professional serving on a number of corporate and not-for-profit boards, becomes Chairman.

"In looking for a Chief Executive Officer, the Board of ACDL sought an industry veteran from a leading company who has a deep understanding of international gaming development, particularly in Asia. Lloyd has been a driving force in the world of global gaming and his successful track record, extensive experience in Asia, and legal background make him ideally suited to successfully lead ACDL in the development and growth of the Ho Tram project. We are delighted to have Lloyd at the helm,” Mr. Wolfe said.

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Mr. Nathan joined MGM MIRAGE in 2002, serving initially as Managing Director Europe based in London, then as Executive Vice President and Managing Director of MGM MIRAGE International, based in Hong Kong, and most recently as President of MGM MIRAGE Global Gaming Development, based in Las Vegas. Among other key projects, Mr. Nathan has been closely involved with the Ho Tram Project for the last two years. Prior to joining MGM MIRAGE, he had a distinguished career as an executive in leisure and technology businesses, and as a dual qualified attorney specializing in international transactions. Mr. Nathan, who has conducted business in Asia for more than two decades, will manage the ACDL offices in Vancouver and Vietnam.

“I look forward to leading ACDL and working with the management team in realizing the immense potential of the Ho Tram project,” Mr. Nathan said. “The Ho Tram Strip is set to become the pre-eminent gaming and leisure destination in Southeast Asia. With the only large-scale gaming license granted by the government of Vietnam, the investment backing of one of the world’s leading investment funds, Harbinger Capital Partners, the development of a positive regulatory framework and competitive tax structure, and a first-class partner in MGM MIRAGE, this is an incredible opportunity. I also look forward to continuing to work with the government of Vietnam on creating Southeast Asia’s largest destination resort complex that will be a huge economic benefit for the Vietnamese people.”

Philip A. Falcone, Chief Executive Officer of Harbinger Capital Partners, a leading private investment fund and ACDL’s largest investor, said, “The Ho Tram project represents one of the most compelling investment opportunities in the integrated casino resort industry. With Lloyd’s experience and leadership, ACDL is well positioned to successfully deliver this unprecedented project, transforming the area into one of the most attractive resort and gaming destinations in Asia.”

The first of five resorts planned for the Ho Tram strip, the MGM Grand Ho Tram will anchor the $4.2 billion multi-property resort complex being developed by ACDL on 420 acres of land along 2.2 kilometers of pristine beaches bordering the South China Sea. Located in the Ba Ria -Vung Tau Province of southwest Vietnam, 130 kilometers from Ho Chi Minh City, it will be the initial component of the most ambitious tourism complex in Vietnam.

"With its temperate climate, scenic vistas and world-class entertainment, the MGM Grand Ho Tram will become the premier tourist destination in Southeast Asia,” said Gamal Aziz, President and CEO of MGM MIRAGE Hospitality. "Under Lloyd’s proven leadership, we know our powerful global brand is in excellent hands in this partnership and we look forward to continuing to work closely with Lloyd and ACDL to ensure the unrivalled success of the MGM Grand Ho Tram.”

The MGM Grand Ho Tram will ultimately feature 1,100 rooms, a world-class gaming and entertainment facility, luxury retail stores, chef-driven restaurants, high-tech meeting space, live entertainment stages, destination spa services, an exclusive VIP area and a championship golf course as well as a variety of beach-front recreation activities.

Among the fastest growing economies in the world, Vietnam is expected to enjoy GDP growth of 6.5 percent in 2010, according to the Asian Development Bank. Vietnam also benefits from strong foreign direct investment, rising personal disposable income and a tax structure favorable to business. This, along with intense demonstrated demand for quality gaming in the region, creates robust growth opportunities in the tourism, entertainment and gaming sectors. The 16 countries in close proximity to Vietnam comprise almost two-thirds of the world’s population, but only five percent of the world’s licensed gaming establishments. According to a 2009 report by PricewaterhouseCoopers, casino gambling revenues in the Asia Pacific region could more than double to $34.4 billion in the next few years, from $16.5 billion in 2007.