The Casino Industry
A casino is a place where people gamble by playing games of chance or skill. It has a high concentration of games, such as blackjack, video poker, roulette and craps. It also has food and beverage venues.
The casino industry is highly competitive, and it is regulated by the federal and state governments. It is the world’s largest source of gambling revenue, with more than half of the profits coming from the United States. It is also a major employer in the economy of many countries. Casinos are designed to be exciting and enticing, with bright lights, noise and entertainment. They often have a theme, such as the Wild West or a pirate ship. Some casinos offer free drinks and snacks to gamblers.
Something about gambling seems to encourage cheating and stealing, either in collusion with other patrons or by individuals acting independently. For this reason, casinos spend a lot of time and money on security. Modern casinos usually have a physical security force and a specialized department for surveillance. The surveillance team operates a closed circuit television system, which is known as the eye in the sky.
Casinos make their money by establishing an advantage, or house edge, over players. This advantage can be as low as two percent, but over millions of bets, it adds up to a large profit for the casino. This advantage is built into the rules of every game, though it varies from game to game. In games where players compete against each other, such as poker, the casino collects a commission, or rake, from each player’s bet.
A large part of a casino’s profit comes from high rollers, who gamble in special rooms separated from the main floor. These players can bet tens of thousands of dollars at a time, and the casino rewards them with free luxurious entertainment, transportation and living quarters. The casino also makes substantial profits from lesser bettors, who are offered reduced-fare transportation and hotel rooms, free drinks and cigarettes while gambling and other inducements.
Before casinos became legalized in Nevada, organized crime figures provided much of the funding. Mafia money gave a bad image to gambling, and legitimate businessmen were reluctant to get involved. However, as the industry grew, many states adopted laws to regulate it.
In the early twentieth century, some of the most famous casinos were built in Las Vegas and Atlantic City, with the most prestigious locations boasting fountains, giant pyramids and towers. More recently, some American Indian tribes have opened casinos on their reservations, which are exempt from state antigambling laws.
There are more than 3,000 casinos worldwide, although the vast majority are located in the United States. In 2008, 24% of Americans reported visiting a casino in the previous year. This figure was up significantly from just 20% in 1989. The average casino visit lasted about three hours. About 10% of those who visited a casino in the past year returned to gamble, and 40% made at least one bet.