權力、賭場與社會：澳門賭場業之監管資本主義分析

Abstract

本文探討澳門賭場業自2002年賭權開放後的監管變化及其不同階段出現的不確定性。澳門賭場業進入賭權開放後，經歷了三次顯著的賭博收入波動，分別發生在2009年、2014至2016年，以及2020至2022年。這些波動並非由澳門政府監管失誤或不可抗力因素引起，而是受到中國政府外部因素影響。本文利用監管資本主義（regulatory capitalism）理論框架，透過政府、賭場企業和社會的三方互動關係，並比較賭權開放後三個階段的變化，從而分析澳門賭場業的發展。本文發現，根據澳門賭場業的監管互動可分為四個時期，並隨著賭場業的發展有不同的傾向，這些互動同時受到中國政府外部因素的影響，導致其傾向產生轉變或深化；這種現象也呈現出一種由中國政府主導，無論尺度、層次和模式都截然不同的監管體系，屬於情境式調節（situational regulation），為現有的監管資本主義分析框架對造成受監管市場不確定性的解釋填補了其空白。本文以監管資本主義的視角為分析賭場業發展提供另一條研究途徑，並建議未來研究可以擴展到其他賭場業地區，以驗證其適用性。

This paper delves into the regulatory changes in Macau’s casino industry following the liberalization of gambling rights in 2002 and the uncertainties that have emerged at various stages. After the liberalization, Macau’s casino industry experienced three significant fluctuations in gambling revenue, occurring in 2009, 2014 to 2016, and 2020 to 2022. These fluctuations were not attributed to regulatory failures or force majeure but were significantly influenced by factors related to Chinese government. This paper draws on the theoretical framework of regulatory capitalism, the study analyzes the development of Macau’s casino industry through tripartite interactions among the government, casino enterprises, and society, and compares the changes across the three stages post-liberalization. This research identifies four periods based on the regulatory interactions in Macau’s casino industry. These interactions were influenced by Chinese factors, leading to changes or deepening of these tendencies; this phenomenon also presents a regulatory system dominated by the Chinese government, with completely different scales, levels, and models, it belongs to situational regulation, which provides a basis for the existing the regulatory capitalism analytical framework fills its gaps in explaining the causes of uncertainty in regulated markets. This paper provides an alternative research approach by examining the development of the casino industry from the perspective of regulatory capitalism and suggests that future research could expand to other regions with casino industries to verify its applicability.