For the same reason captive animals die quickly in the wild; the same reason Mozilla fixates on its social justice campaigns and pays its CEO millions while presiding over a collapse in market share. When the basis of your ability to survive is guaranteed, you get lazy. Malfeasance grows like mould. There’s no need for prudent capital management when your competition is eliminated by government dictat. The tiger gets fed by the zookeepers, its teeth can go blunt.

The management layer is notoriously shit in casinos. Governments literally babysit them by appointing people to senior management when it gets particularly bad (ie. when even the public pegs the real object of casinos: bringing offshore money into the country to help government fund itself).