A casino is a building that allows people to gamble and play games of chance. Many of these places also feature musical shows, lighted fountains and elaborate themes. But while these features help lure customers, casinos would not exist without games of chance like slots, blackjack and baccarat. The popularity of these games is what fuels the billions of dollars in profits raked in by casinos every year.
The history of gambling goes back as far as recorded human history, with primitive protodice (cut knuckle bones) and carved six-sided dice found at the most ancient archaeological sites. But the modern casino – as an organized place to find all types of gambling under one roof – didn’t develop until the 16th century, when a gambling craze swept Europe. Italian aristocrats held parties at venues known as ridotti, where they could wager on their favorite card and board games. The success of these private club-style casinos led to the rise of the public casinos, which were modeled on the ridotti.
Modern casinos are built to maximize revenue in every way possible. They offer players free spectacular entertainment, reduced-fare transportation and elegant living quarters to encourage big bettors. They also use cameras and other technological devices to keep the patrons as safe as possible.
While the vast majority of the profit casinos make comes from gambling, they do have other sources of income, including restaurants, hotels and shopping centers. In addition, they employ people in the gaming industry and support local businesses. Studies have shown that communities with casinos see an uptick in jobs and spending in the local economy.
However, the economic benefits of casinos can be offset by the negative effects of gambling addiction. Studies have shown that five percent of casino patrons are addicted to gambling, and their disproportionately large share of the profits makes them a major drag on the overall profitability of the casinos [Source: PBS]. Casinos must spend a significant amount of money on security measures to protect against cheating and stealing by their addicts.
While the casino business has a seamy reputation, it has been able to attract wealthy investors with deep pockets. Real estate developers and hotel chains have purchased casinos in order to capitalize on the growing interest in gambling, and they are able to operate them without the mob’s interference. The mob once owned and controlled most of the casinos in Nevada, but federal crackdowns on organized crime and the threat of losing a casino license at the slightest hint of mafia involvement means that legitimate investors now run many of the country’s largest and best-known casinos.