Gaming In line with the experiences of other nations throughout the world (see, e.g., Hall and Hamon 1996; Nichols, Giacopassi, and Stitt 2002; Meister 2005; etc.), the recent development of casino gaming in various Asian jurisdictions re-validates the argument that legalization and growth of this industry provide a considerable amount of economic income, hence resources and opportunities for promoting tourism, and urban development and re-development.
In the process, investments made by related firms further stimulate employment and income in the jurisdiction as well as business opportunities for other hospitality-related businesses, such as hotels and retail (i.e., the accelerator and multiplier effects7). To sustain the growth of this particular the economics of asian casino gaming and gambling 79 entertainment-based business, the provision of “fresh experiences” to complement routine gambling activities has been a common and necessary tactic undertaken by the industry.
Thus periodical renovations and reinvestment in fixtures not only maintain the vigor of the industry; they also contribute to economic growth. Returning to the example of Kangwon Land in South Korea, it is well documented that “casino development as a strategy for economic rejuvenation of the county is well recognized” (Cho 2002, 185). On top of the casino revenue generated by this property, local employment is safeguarded.
In addition, the success of Kangwon Land also contributes a set of fixtures that enhance the development of the county’s tourism and social welfare. As pointed out by the CEO of Kangwon Land, 10 percent of the property’s annual profits since its opening in 2000 “have been spent on various ventures to support local communities” (Lee 2010a). Similarly, monetary contributions to local communities made by the respective Asian casino industries (e.g., Macau, the Philippines, Malaysia, etc.) in one form or another also are unquestionable.
Indeed, contributions are made either directly by the casino firms to support various social and charity programs or indirectly through tax payments, which strengthen the fiscal position of the public sector to sponsor social welfare and investment programs. For example, even though in the case of Malaysia where casino gaming is highly restricted and only approved in a remote area of the country, Genting Highlands organizes and supports various forms of charity concerts and sport events as a measure to win social recognition.