Inside Asian Gaming

inside asian gaming November 2014 22 Liechtenstein is Europe’s fourth- smallest state. But the companies drawn to its favorable business environment have helped develop a prosperous, highly industrialized free-enterprise economy and robust financial-services sector. EVOLVING MACAU Fédération Internationale de l’Automobile, the governing body for world motor sports. The devil-may-care attitude of the drivers defying death at every turn on its ancient, perilously narrow streets resonates with its fabulously wealthy denizens. In business, as in racing, the greatest glory is achieved by taking big risks while maintaining a cool head. Thus, the Monaco GP serves as a superlative marketing tool in defining the character of the city. Macau introduced its own street-circuit Grand Prix much later, headlined by Formula 3 races. Though the Macau GP has emerged as an important event in its own right and raised the profile of F3, it simply doesn’t stand up to Formula 1, either in terms of horsepower or the buzz and glamor that surround it. Of course, Monaco enjoyed such a strong and early start positioning itself as Europe’s leading playground for the über-rich it was a natural transition for it to become a second home or tax haven for many of them. According to the CIA World Factbook, Monaco has the highest number of millionaires and billionaires per capita in the world. And these are not kooky rich people with gambling compulsions who need to live close to a casino, because Monaco’s citizens are forbidden to set foot in its casinos. American and Asian casino resort builders often speak of “critical mass”—build it and they will come, they say. Both Macau and Monaco rank alongside each other as the world’s most densely populated places. But critical mass can take different shapes. Europe’s sophisticates are inclined to steer clear of the hoi polloi within the garish, faux architecture of modern megaresorts. What they’re after is a destination replete with likeminded people— attractive, educated, worldly, with whom they can share their disdain for ordinary people. For the Chinese coming to Macau, it’s mostly just baccarat they’re after, the more critical the mass, the better. LIECHTENSTEIN: YOU’VE GOT a FRIEND The similarities between Macau and Liechtenstein are few, except they are both short on natural resources. One key reason for Liechtenstein’s success is that it’s one of the few countries in the world with more registered companies than citizens. Business taxes Casino de Monte-Carlo oozes elegance, but its revenues don’t stack up to its more modest Asian counterparts.