Victim of Its Own Success
Most casino regulatory systems are either too new or too old.
When a system is new, regulators and lawmakers have freedom to play at being social engineers. New regulators are often inflexible about allowing rules to change to match real-world experience. This is how you end up with docked riverboats throwing all their patrons off the ships at the end of phantom cruises.
But if a system is too old, regulators become captives of the casinos they are supposed to police.
Macau is unique in that it faces the best and worst of having a system that is both too new and too old. And most of the problems this has caused have been ignored up to now, because everyone was making so much money.
This year, Macau casinos will make more than all of the casinos in Las Vegas and Atlantic City combined.
Yet it’s hard to even know who owns the casinos.
Macau is the only jurisdiction in the world that licenses operato… Continue reading Victim of Its Own Success
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