Casinos are big business in Asia, but the scale of the bets now being placed on its growth is staggering.
The latest punt comes from the hand of Philip Falcone, a New York hedge fund manager whose Harbinger Capital Partners is backing a vast hotel and casino on a coastal strip south of Ho Chi Minh City, Vietnam’s commercial hub.
Ho Tram, as the development is known, opened six months ago and is aimed at gamblers visiting from China, as well as overseas Vietnamese making seasonal visits back to the homeland. Locals are not allowed to gamble – yet.
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