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Since the landmark Supreme Court ruling in 2018 that allowed states to legalize sports betting, gambling has become increasingly intertwined with American culture.
Paired with the recent rise of prediction markets—which allow traders to stake money on everything from sporting events to pop culture outcomes—Americans are risking more money on casino-like activities than ever before.
Buffett has repeatedly raised concerns regarding the mainstreaming of gambling and its marketing under the guise of investing. In May, he targeted prediction markets and traders speculating on short-term instruments like 30-minute bitcoin options.
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Macau generated MOP293.3 billion ($36.3 billion) in gross gaming revenue in 2019, equivalent to 65.8% of its GDP. In 2025, GGR stood at approximately $30.9 billion, still accounting for around 59% of GDP.
Yet Macau’s IR proposition extends well beyond the casino floor. Luxury accommodation, restaurants, shopping, concerts, conventions, art and other forms of entertainment have become part of a wider, equally indulgent experience surrounding gaming.
For Japan, the question is whether this broader proposition could make casino resorts more socially and culturally palatable by giving visitors reasons to come, other than gambling.
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“The regulatory failures are unhelpful but perhaps the sheer number and regularity of them has made them less remarkable, such that they become ‘wallpaper’,” Waugh says.
He argues that some lawyers and licensees believe the Commission’s presentation of cases is detached from the operational reality but feel they have little option other than to accept the “regulator’s truth” when settling.
“The Commission’s approach to reporting may well create the inaccurate impression that the industry is inherently non-compliant,” he adds. A more balanced account might place failures alongside the majority of licensees that pass assessments or lead on customer wellbeing, although Waugh considers such a shift unlikely.
