New Mixed-Use Project in Vietnam

Massive resort project doesn't include casino, but some expect it to come later

A Rockefeller-backed group announced a $2.5 billion mixed-use project in the Vietnamese province of Phu Yen. Investment management firm Rose Rock Group says it has teamed with Vung Ro Petroleum on a project to build 760 hotel rooms, 4,300 apartments, 100 luxury townhouses, 350 marina berths and 200k-square-meters of space to be filled with retail and entertainment facilities.

According to Vietnamese gambling laws only holders of foreign passports can legally patronize casinos. But there have been many glitzy resort casinos springing up in the country in recent years, taking advantage of its beautiful locales on the South China Sea. The proposed project is in Vung Ro Bay.

Government mulls reducing restrictions

Developers called it "a world class destination for discerning residents and visitors." The term "discerning residents" says a lot about the project, as locals are not yet allowed to gamble legally. However, Vietnamese authorities have made gambling news by indicating that the government may begin to experiment with opening up gambling on a limited basis.

The Vung Ro Bay project is not officially a casino, and the proposal does not specifically include gambling amenities. However, many observers believe that the investment group plans to eventually convert it to a casino if they can obtain the licensing.