The Casino Industry
A casino is a place where gambling activities take place. Although they often offer a variety of other entertainment and luxury amenities like restaurants, hotels, and stage shows, the vast majority of the profits they generate is from the games of chance themselves. Slot machines, blackjack, roulette, and craps are some of the most popular gambling games. In addition to these traditional games, casinos often have a few other things in store for their visitors such as musical shows, lighted fountains and elaborate themes.
The word casino is derived from Italian and means “little house.” It was originally used to describe villas or summer houses. However, over the years it has come to mean a public space where gambling activities take place. Nowadays, it is a multi-billion business and one of the most profitable industries in the world. The casino industry is regulated in most countries and is closely watched by regulatory bodies. In order to stay competitive, the casino industry constantly innovates new games and new ways to play them.
Modern casinos are sophisticated and heavily guarded facilities. In addition to armed security personnel and closed circuit television systems, some have high-tech surveillance capabilities. This high-tech “eye-in-the-sky” allows casino managers to monitor the entire facility from a control room. The cameras can be adjusted to focus on suspicious patrons or to capture video of any criminal activity.
Although casinos rely on games of chance for the bulk of their revenue, they are in no way neutral with regard to the outcome of any particular game. For this reason, they routinely offer big bettors extravagant inducements in the form of free spectacular entertainment, luxurious living quarters, reduced-fare transportation and elegant hotel rooms. Casinos also invest substantial sums in attracting high-stakes gamblers, who can make or break a casino’s financial fortune.
Another significant source of income for casinos is comps, or complimentary gifts given to players. These include free food and drinks, show tickets and merchandise. The casino industry is also characterized by a high percentage of players who are problem gamblers. This is a serious concern because these players often drain local gambling establishments of revenue and harm the economy as a whole.
In addition to their lucrative nature, casinos are an integral part of the tourism industry and provide a significant source of tax revenues for states. As the popularity of casino gambling continues to grow, some states are considering legalizing it. However, many critics argue that the net value of a casino to a community is negative, due to the resulting shift in spending from other sources of entertainment, the cost of treating problem gamblers, and the decline in property values caused by casino development.
In 2008, 24% of Americans reported having visited a casino. The typical casino visitor was a forty-six-year-old female from a household with an above average income. Those who visit casinos are predominantly white, and nearly half have either some college credit or an associate’s degree.