Paradoxes crash and crash of casino empires in Bangladesh

casinio-bangladesh

Once grown with the blessing of power politics, the money-making gambling industry is facing the end of government today

A decade after the reign of the ruling Awami League party in Bangladesh, this month’s law enforcement agencies have cracked down on illegal casinos allegedly run by members of the ruling party.

Law enforcement officials reportedly produced a list of about 60 casinos in the capital, Dhaka, for a transaction volume of 1.2 billion Bangladesh Taka ($ 14 million) per night.

After quiet growth, but with the apparent wisdom and patronage of powerful neighborhoods, the casinos – especially in Dhaka – would likely surpass the casinos run in a city of another country where casinos are not illegal.

The sudden drive against the casinos from 18 September caught the leaders of the youth front of the governing party, the Jubo League, which is to run the casinos under the coverage of some popular sports clubs. Some have been arrested, others remain at large. See articles Macau neighbor Zhuhai hopes to lure casino operators across bridge with MICE.

“Understandably, the establishment went out of control and now wants to bring the casinos under control, it’s a lot of money, and the government wants to revamp its image,” said Imtiaz Ahmed, political scientist at Dhaka University, Anadolu Agency. He added that from the point of view of state security, “the idea was to bring discipline”.

The secretary of the Ministry of Tourism has already said that in the future casino facilities will be provided to foreign tourists in exclusive zones.

Many criticized the proposed idea in the country comprised mainly of Muslim population, saying that the constitution, which states, “The state will take effective measures to prevent prostitution and gambling.” Paradoxically, casino and gambling materials were legally imported because they are not restricted items. According to Bangladeshi colonial law, punishment for gambling is easy and Global online gaming industry will surpass 94.4 billion dollars by 2024 .

The beneficiaries of Prime Minister Sheikh Hasina’s Awami League party initially protested the move, calling it late for the continued growth of casinos, but as soon as the Iron Lady said she would continue the campaign to rule in this sector, no opposition or even criticism was to be seen.

General Aziz Ahmed, head of the country’s army staff, welcomed the move, describing it as a prime minister’s position against corruption and misdeeds. In his speech on September 24, he said that intelligence had been asked to investigate corruption and misdeeds.

How it happened

The crackdown on casinos was preceded on September 14 by the postponement of the governing party’s president and general secretary, the Chhatra League, allegedly for having received commissions from a $ 10 billion Taka ($ 122 million) development project at a public university.

One of those arrested during the voyage is AG Shamim, the man who moved with private bodyguards, allegedly carrying 18 million taka ($ 213,000) in cash and $ 1.65 billion (19 , 5 million US dollars) in his possession during the raid on him had. House. A governing member of parliament was also named as one of the beneficiaries of the casino club, which reportedly received 1.8 billion taka ($ 21.2 million), but the officer who made allegations was later withdrawn from his assigned job ,

Since the Awami League took office following a 2008 electoral victory under a military-controlled government, influential leaders of the Jubo League and Chhatra League have been involved in blackmail, bid rigging and the underworld. Activities.

Once again coming to power through controversial elections in 2018, the party’s incumbents and their sycophants called such actions an attempt to clean the house, though past drives against corruption and drugs were turned into fiasco as alleged godfathers of both corruption and drug trafficking largely untouched.

National economy

The opposition Bangladesh Nationalist Party (BNP) blasted the governing party for the “misdeeds of the ruling quarters” revealed by the raid, but also expressed skepticism that it would continue.

“The more such drives continue, the more the leaders of the Awami League, the Jubo League and the Chhatra League are exposed,” BNP leader Nazrul Islam Khan was quoted by the media.

Government ministers have begun blaming BNP, which last ruled the country from 2001 to 2006, for casino culture and often call casino operators “infiltrators” into the Awami League.

Privately, some leading party leaders admitted their ignorance of the attack and said they regretted that Bangladeshi politics no longer belonged to politicians.

Imtiaz said casinos were under the surveillance of the authorities, who, he said, missed no target during the raid.

“The timing was carefully chosen because there is now no electoral question and what was allowed is part of the accumulation of capital in a brutal way,” he said.

According to Washington-based Global Financial Integrity, approximately $ 6 billion was bailed out of Bangladesh in a single year (2015). In its index over the past two decades, Berlin-based Transparency International has ranked Bangladesh as one of the most corrupt countries in the world.

Visibly invisible

Money-making men allied with the governing party are made top officials in state sports boards, while some Jubo League leaders have taken influential positions in various sports clubs used for casinos.

“If there had been proper elections in the clubs, this situation would not have been created, and the people nominated by the government now run various organizations,” journalist Syed Abul Maksud argued, casting doubt on whether everyone involved in the casino business would be caught the clubs “, he argued,” just a small part of an overall picture “of Bangladeshi society.

These muscle-and-money leaders and government officials played a crucial role in the parliamentary elections in December 2018, which held the party in power with a majority of more than three quarters, after another one-sided victory in the 2014 elections. led opposition parties, which together secured less than 10 seats in the 300-member parliament, rejected the polls completely manipulated and absurd.

Speaking to the nation after forming a government in January, Prime Minister Hasina said that people from all walks of life, from business people to doctors to former bureaucrats to writers / journalists, supported their party during the election campaign.

“When people from almost all levels and professions express their support for a party, this party can not be stopped in any way,” she added.

According to reports released on September 20, the Prime Minister said her government targeted the leaders of the Youth Front after taking action against the student leaders.

There is no discussion of how the recent situation was created, who patronized these elements to break the law and commit corruption, under what political circumstances it was possible and why people tolerated this situation.

Ali Riaz, a professor at Illinois University in the US, argued in an article published by a Bangladeshi newspaper that the absence of a debate on critical issues surrounding the growth of casinos in the media as a whole “hints of something different”, an atmosphere that some people lack freedom or smothered by self-censorship. See Analysis of Paradox of rise & fall of casino empires.

Macau neighbor Zhuhai hopes to lure casino operators across bridge with MICE

macau-casino

Macau neighbor Zhuhai is preparing to auction a 226,000-square-meter property that he hopes will convince the billionaire casino giants to cross the bridge and invest in new hotels and convention space.

Hong Kong, Macau and Zhuhai – after the opening of the 34-mile pier linking the three regions, collectively known as the Greater Bay Area last year – are all banking on increased business travel. For Macau, the world’s richest gaming hub, local leaders are pushing for diversification to reduce their dependency on casino taxes.

MICE is the name of the new game, which is an industry term for “Meetings, Incentives, Conventions and Exhibitions”.

Zhuhai officials say that the auction process for the plot of lance north of Zhuhai port will begin October 9 and run until October 18. The opening bid is 5.64 billion yuan ($ 790 million).

The property is near the point where the Hong Kong-Macau Bridge tilts travelers in Zhuhai. The longest sea crossing in the world shortens the car time between Hong Kong and Macao from about four hours to 35 minutes.

Gambling is banned in China, Macao is the lone exception – that is, no casinos can be built in Zhuhai. The People’s Republic also has a state lottery.

MICE, hotel focus

Macau’s six casino operators currently account for nearly 90 percent of the enclave’s tax revenues.

Macau Liaison Office Director Fu Ziying and the International Monetary Fund (IMF) have both recommended that the Special Administrative Region (SAR) support incentives that encourage casino casino owners to invest in more hotel rooms and MICE facilities. , Morgan Stanley said in a statement this week that Macau does not have enough hotel rooms to support its growing mass market visits. See article Global online gaming industry will surpass 94.4 billion dollars by 2024 for more.

As the land is limited, Macau may allow certain incentives for casinos to invest in non-gaming projects in nearby places like Zhuhai.

“When the property is sold, it will set a benchmark for the real estate market, as well as a benchmark of land for tourism in the Greater Bay Area as a whole,” said Vincent Cheung, managing director of Vincorn Consulting and Appraisal, in an interview with South China Morning. Provide.

He added, “Zhuhai wants to become a leading provider of tourism in the Greater Bay Area, Zhuhai has been in the tourism industry long before Macao, but the rise of casinos in Macao has led to a decline in customers coming to Zhuhai. “

Zhuhai is located north of the Macau Peninsula, while Hengqin Island, another Macau neighbor much larger in terms of land size, is located southwest of the Cotai Strip. Hengqin is already being used by Macau casinos for MICE development.

Land is not cheap

The opening bid of $ 790 million may seem a bit rich, even considering that Macau casinos have won more than $ 37.8 billion on their casino floors over the past year crash of casino empires in Bangladesh . The initial offer is $ 14.15 million per hectare.

But by comparison, $ 790 million for nearly 56 acres in the Greater Bay Area does not seem so atypical.

For example, Wynn Resorts agreed to pay the Macau Government $ 193 million for 51 hectares on the Cotai Strip in 2011, which now houses its $ 2.5 billion Wynn Palace Resort. But unlike selling Zhuhai properties, Wynn does not actually own the space, but simply leases it out of the enclave. Read more Zhuhai Hopes MICE Will Entice Macau Neighbours.

Global online gaming industry will surpass 94.4 billion dollars by 2024

Gaming-Industry

Studies have shown that online gambling can continue to grow enormously as an industry, and there’s nothing stopping this move! If you look at the conservative numbers, with the exception of countries where gambling is not yet completely legal, it was estimated that the online gambling marketplace could well reach the $ 94.4 billion within the next 5 years, a significant increase over the former. 45.8 billion estimate was predicted only 2 years ago. The new estimate represents a compound annual growth rate (CAGR) of nearly 10.9% between 2018 and 2024.

A study by Zion Market Research

This forecast was submitted by a respected company called Zion Market Research, which released a report on the subject covering all forms of gambling including horse racing, sports betting and gambling on popular online casino platforms such as Betway. mobile and others. On closer inspection, this report provides a transparent overview of the current market for sports betting and online gambling around the world. They have taken into account a highly competitive scenario and the portfolios of leading companies operating in sports betting and online gambling.

To better understand the competitive nature of this landscape, Zion Market Research conducted an analysis of the Porter’s 5 powers model in relation to the online sports betting and gambling market. This specific study takes into account the market attractiveness analysis, which covers regional segments and the game form component and compares them to aspects such as overall attractiveness, growth rate and overall market size.

Most of the expected growth will be attributed to regional markets across Europe, including countries such as the Czech Republic, Malta, France, Poland and many more, as well as several Asia-Pacific countries. It has been found that a significant increase in Internet access around the world also facilitates growth in the online gaming industry crash of casino empires in Bangladesh . Nearly 47% of the world’s population had access to the World Wide Web in 2016, 2.5% more than the year before.

Cryptocurrencies and legalization of gambling contribute to growth

This big boost in the online gambling industry is also expected to be driven by the introduction of cryptocurrencies around the world. The research firm highlighted the fact that the total value of cryptocurrencies at the beginning of 2017 was close to $ 17.7 billion and will increase steadily in the future. As a result, it is only natural to expect more cryptocurrency usage in the online gambling sector during this timeframe. See post Macau neighbor Zhuhai hopes to lure casino operators across bridge with MICE for more.

Moreover, according to this report, Europe is the largest growth segment for the online gaming industry, thanks to the way online gambling is legalized across the continent. Italy, France, Spain and many other countries have either joined or are about to join this room, bringing with them a large pool of players. Latin America and the Asia-Pacific region are not far behind either. It is noteworthy that this Zion study did not take into account the US market and how the country could contribute to global gambling growth in the future. Although several US states have either legalized or are legalizing online gambling, there are many issues that still need to be resolved before this industry can make good in this part of the world. Read more at Global online gambling industry size 2009-2024.