How crucial is setting to the short story, "The Most Dangerous Game"?

Setting is not important at all; this story could have taken place anywhere.

Setting is somewhat important, but it could have just as easily taken place in a small, country town.

Setting is extremely important, as the fact that they are on a remote island is what advances the plot and makes it so difficult for Rainsford to escape General Zaroff.

This story would have been more believable had it taken place in a large urban setting.