Ho's gamble on Vietnam

PERCHED at the tip of a gusty headland in northern Vietnam, a white-washed chateau capped with twin turrets stands in evidence of a remarkable political coup by casino mogul Stanley Ho Hung-sen.

The European-style mansion is being transformed from an eccentric but neglected home into Mr Ho's newest casino venture - an icon of capitalist excess amid Vietnam's paddy fields of socialism.

Mr Ho's casino at Do Son, 20 kilometres from northern Vietnam's fledgling industrial hub of Haiphong, aims to lure Asia's high-rollers into leaving their precious foreign currency at its roulette wheels and blackjack tables.

The chateau, reputedly built in 1954 by a Vietnamese woman who won a lottery, was seized by the Government and converted into the Van Hoa hotel. A circular driveway will lead players to the doorstep, and a former open-air dance hall, overlooking the crashing waves, will be transformed into an enclosed table room.

The project has already absorbed about US$20 million (HK$154 million) and is still at least a month from completion.

It comes as Vietnam hastens to join Asia's economic tigers, guided by the Government's steady determination to keep a firm grip on foreign development.

Any casino - let alone the luxury establishment taking shape at Do Son - is a paradox which goes against the socialist grain. To maintain its status as the only licensed casino in Vietnam, Mr Ho's negotiators have had to open their cheque books frequently.