How To Win With Regulators When Opening a Foreign CasinoSeptember 23, 2013 – In The News
Patrick Madamba Jr. was featured in the Law360 article “How To Win With Regulators When Opening a Foreign Casino.” While the full text can be found in the September 23, 2013, issue of Law360, a synopsis is noted below.
While many U.S. casino operators see potential in foreign markets, not many companies have taken on juggling U.S. regulations and foreign laws to run a casino abroad. This article offers tips to help protect clients who are considering operating a foreign casino.
Madamba advises seeking esteemed local counsel because they might be able to recommend reputable partners so you’re not doing business with strangers.
It is important to have an oversight committee for the casino that is attentive to reviewing the information.
“They need to put some serious thought to whether the company should move forward with the deal,” says Madamba.
If a country is just starting to develop new regulations and is willing to allow the American operator to give input towards those laws, be mindful that it might be the best long-term decision to push for stricter rules.
“There’s a lot of upside to fashioning the regulatory system to be one with great rigor,” Madamba says. A tight regulatory system will help keep out other bidders. “But more importantly, it makes you doing business in that country more acceptable to U.S. regulators and attracts investors.”