The former Portuguese colony of Macau -- the only Chinese territory where gambling is legal -- cannot meet Chinese demand, nor can the illegal casinos and gambling dens that have sprouted up in cities and towns across China. While China flirts with legalizing gambling (as I explain in"The Big Bet," by allowing parts of Hainan, an island province that benefits from special economic policies, to experiment with casinos and poker tournaments), casinos are encircling China -- from South Korea to the north to Cambodia to the south to even Kazakhstan to the west. Perhaps the most grandiose and quixotic plans belong to William Weidner, who is trying to build a second Macau on the tiny Taiwanese islands of Matsu.
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