A Casino is a place where a variety of games of chance can be played. The term can also refer to an establishment that adds other forms of entertainment and profit centers such as restaurants, free drinks, stage shows and elaborate themes to attract patrons. However, casinos would not exist without games of chance, and these are the foundation on which casinos build their billions in profits each year. Craps, blackjack, poker and other table and video games provide the lion’s share of the money that casinos earn each year.
While gambling almost certainly predates recorded history, the modern casino as a place where gamblers can find a wide range of ways to risk their money under one roof did not develop until the 16th century when a gambling craze swept Europe and Italian aristocrats held private parties in places called ridotti where they could play games of chance. These were essentially private clubs, but because the activities were illegal, the aristocrats were often able to avoid legal repercussions.
In the United States, the first modern casinos were built in Nevada in the 1950s when state laws changed to permit them. While legitimate businessmen were reluctant to get involved with a business that had the taint of vice, organized crime figures stepped in and provided the cash that made the new casinos possible. In addition to providing the bankroll, mobster owners took sole or partial ownership of some casinos and even influenced the outcome of certain games by using their own men as dealers.
Today, casinos are often designed around noise, light and excitement. Players may be surrounded by other gamblers as they play craps, poker or slot machines and are often encouraged to shout out encouragement to their fellow players. Waiters circulate throughout the casinos with alcoholic drinks and nonalcoholic beverages, and the overall atmosphere is designed to stimulate the senses and encourage gamblers to spend more than they can afford to lose.
While the glamour of casinos helps them to draw in customers, it is the amount that gamblers lose that drives them away and reduces the profits they generate. Studies show that compulsive gamblers generate a disproportionate share of the profits at casino tables, and the cost of treating problem gambling can offset any economic benefits that a casino may bring to a community. As a result, many economists argue that the net value of a casino to a region is actually negative. The loss of spending by local residents, the reversal in local property values and the cost of treating addiction cancel out any monetary gains that casinos might bring. Nonetheless, some people still enjoy visiting casinos and gamblers are a huge part of the economy at large. In 2008, for example, nearly half of all Americans who visited a casino did so legally. That figure is expected to increase significantly in the future as more states legalize casinos and more foreign jurisdictions follow suit.
