Thinking of a globe


Rex posted yesterday about Japan, fishing, Hilary, Sarah, China, gambling and the globe.  Rex suggests we spin the globe and think of our little world as being part of that spinning globe, one part of a whole and not a separate self-sustaining individual world.  I commented:

The Las Vegas Sun has taken up the subject, implying that Nevada, and by inference any other state, is incapable of controlling Chinese gaming; the article quotes Bill Eadington as saying: “it is too big too fail.” I agree with Bill’s choice of metaphors, but would apply it differently. Nevada has three or four companies that have reached that “too big to fail” category; that makes the Macau dilemma even more challenging. If they are too big – the major casino companies with operations in both jurisdictions – than Nevada cannot revoke any license, removing its ability to effectively regulate. The debate Nevada needs to have is not about the invasion of Chinese – or Rex’s Japanese silent partners – but the size and importance to the state of the major gaming companies. Can Nevada afford to have that dependence any more than the American economy can afford to have a few financial institutions that are too large to fail? While Rex is spinning the globe, I am stuck in my ego-centric world of Nevada gaming and struggling to see what the next era of gaming in Nevada will be.

I am going to leave it at that for the day; I see this issue as most probably the biggest ever to face gaming regulation in the United States, not because of the invasion of the Chinese, but because of the evolution of a few gaming companies in monsters that control every jurisdiction where they operate and are the automatic choice of regulators for every new license in new jurisdictions.  The company that is “too big to fail” is a threat to the integrity of an industry and the economy in which it functions – and that includes banks, cars, energy or casinos.

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