August 29, 2006
It's not easy being a monopolist for 40 years, reaping massive profits, before the harsh winds of competition ruin your monopoly rents. Just ask casino mogul Stanley Ho, who's been mouthing off for weeks. From the unlinkable SCMP:
Gaming mogul Stanley Ho Hung-sun yesterday accused the Macau government of favouring his American competitors. The tycoon also suggested that "vicious competition" in Macau's casino industry may incur the ire of Beijing, while attending the launch of budget airline Viva Macau's first Boeing 767 jetliner at Macau International Airport.You hear that, you nasty Americans? Stanley's going to call on Beijing to take control if they don't stop being so, umm, capitalist. Or something. It's not fair. Except for Macau itself, which is experiencing booming economic growth and a massive influx of investment.
Perhaps Mr. Ho should take a look at Hong Kong's gambling "monopoly", the Hong Kong Jockey Club. In this case, the monopolist faces massive competition from illegal bookmakers. So naturally they respond as any player does in a competitive market: they look to match terms. Indeed the HKJC has been lobbying the government for years to change the legislation and tax regime to allow the HKJC to better compete with the illegal bookies.
As I said, it's not easy being a monpolist.
Hemlock joins in kicking a monopolist while he's down:
The putrid stench of hypocrisy permeates the Big and Little Lychees this morning. In Hong Kong, Gillian Chung of the inane Twins duo sobs to the press in the company of fellow Canto-stars about the terrible ‘ordeal’ she has suffered after gossip rag Easy Finder ran blurred photos of her apparently adjusting her bra strap. All sorts of publicity-seeking invertebrates and moralizing bores, from politicians to feminists to the Society for Truth and Light, are jumping on the bandwagon. Were my hands not occupied gripping an extra-large air motion discomfort receptacle, I would be tempted to give Chung a slap on her tear-streaked face and a reminder to tone down the hysterics. Much more weeping, and she’ll start giving people the impression it’s just an act. They might even think that rather than being the distraught, innocent victim, she is no more than a talentless bimbo who signed up to become a manufactured product created by a company whose boss sleeps with every starlet and her mother and gets his way by ordering kidnapping, rape and choppings. Which, being totally untrue of course, would be tragic. “What I am most worried about,” she tells us, “are my young fans who look up to me as a role model.” They scare me, too.posted by Simon on 08.29.06 at 09:27 AM in the Macau category.
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Yes perhaps an upgrade of the old casinos in Macau might actually make for a better product.
It's inevitable that there would be poaching of staff when there is still a requirement that I think about 50% of staff be hired locally, in a city that has a tiny population.posted by: HK Dave on 08.29.06 at 12:56 PM [permalink]
HKJC is not much better than Ho's clan.
IMO HK should deregulate, or at least award the footbal gambling through open bidding.posted by: sun bin on 08.29.06 at 11:20 PM [permalink]