Toronto-based Asian Coast Development Ltd (ACDL) hopes to trump them all with the Ho Tram Strip of resorts and "Las Vegas-style" casinos in Ba Ria-Vung Tau province, 80 kilometres (50 miles) southwest of Ho Chi Minh City.
"This is going to be the largest development of its kind in the history of Vietnam," said ACDL chairman Michael Aymong.
"We're building five major resorts, two full-scale casinos, a Greg Norman golf course, a celebrity tennis facility, a marina and a Dolphin Quest marine habitat, where families can swim face-to-face with dolphins."
The first phase will include two hotels with 2,300 rooms, retail areas and a convention centre, and the entire 169-hectare (418-acre) stretch is scheduled to be finished within a decade.
Vietnam bans gambling for its citizens but allows foreign passport holders to visit a casino and use the betting facilities of major hotels.
Aymong said he could not comment on what Vietnam's government may do but added: "I imagine that the government will examine and consider allowing Vietnamese to gamble in the next two or three years."
For now, he said, "we're targeting the Chinese, the Koreans, the Japanese, the Australians and the Russians."
He said the casino and resort strip would be family-friendly with a strong environmental theme and complement, rather than compete with, Macau.
"This is a different type of product," he said. "It's a destination resort. Our real competition is going to be Singapore."