It really is justy bad governance that is a result of a policy vacuum stuck since the 1980's
Three steps should be taken
Allow 4-5 more franchises to operate in the city and allow more areas to have gambling - What would be the odds for a Pan-Democrat to be CE in the next 27 years?
2) Separate operations from Gambling
HongKong loves a government sanctioned monopoly to gouge the public. The operations side of the HKJC should be seperated from the the gampling side. All gambling in the city should pay into a fund for running horse races and dealing with gambling addiction
3) Legalise off-shore betting
But enfocre the same level of taxation for bets placed in Hong Kong. (as the UK does)
Again the HKJC has a government sanctyioned monopoly from an administration that loves the simplicity of rent seeking monopolies rather than systems that make the city more efficient and innovative. Reform could stop tax losses from oevrseas gambling and hopefully make HK a offshore gambling hub thningy generating even more cash imported cash.
Also the HKJC should be restructured as the club seems to give to many benefits to the wealthy while just taking money from the poor. The money should not be treated as a slush fund for the executrive branch to look good but go into general taxation. This would further benefit the city.
I am sure a pro-authoritatrian poster will explain why the current system is so good.