Asia's Next Strategy

As a gambling Mecca, Macau has a comparative advantage that's hard to beat: it's just about the only game in town. Casinos are outlawed or heavily restricted throughout Asia, so no other city is vying to become the region's gambling capital. Malaysia boasts one of the more substantial operations, at Genting Highlands. Stalinist North Korea is home to casinos at a Pyongyang hotel and in the remote and bleak special economic zone of Rajin-Sonbong, but the country's isolation means few outsiders visit. South Korea's 13 casinos, all but one of which are closed to locals, don't fare much better: most of...