What is a Casino?
A casino is a place where people can gamble and play games of chance. Musical shows, lighted fountains, elaborate hotels and shopping centers may draw the crowds, but the billions in profits generated by the gambling machines and table games are what keep casinos afloat. In this article, we will examine how casinos make money, what types of gaming they offer and some of the more unusual aspects of this industry.
The term casino is most often associated with games of chance that involve a combination of luck and skill. These include poker, blackjack, roulette and craps. However, it also can apply to other gambling games that require only luck such as slot machines and video poker. These games are conducted by live croupiers and often are housed in buildings with bright, gaudy colors that stimulate the senses and encourage the gambler to lose track of time. It is for this reason that many casinos do not display clocks on their walls.
Gambling in its various forms has been around for thousands of years and is one of the world’s oldest pastimes. People in every culture and social class have been known to try their hand at winning the pot of gold, whether it is through a lottery or a game of chance. However, it has been said that something about gambling, probably the fact that the stakes are so high, seems to encourage people to cheat or scam their way into a jackpot. This is why casinos spend so much time and effort on security.
Casinos make their money by charging a fee to gamblers. This is called a “vigorish” or a “rake” and can be as low as two percent. In addition to the vigorish, casinos make money by selling alcohol and food to gamblers. They also collect fees for using casino credit cards. In the past, casinos offered complimentary items to high rollers, but today they are more choosy about who they allow to gamble in their establishments.
In 2005, 24% of Americans reported visiting a casino. The typical gambler was a forty-six year old woman from a household with above-average income. According to the Harrah’s Entertainment report, these gamblers tended to be married with children and were more likely to own a home than other gamblers.
Communities that host a casino see a boost in economic growth. This can be attributed to the direct employment generated by the casino and related businesses, as well as to a broader economic effect that includes increased spending in surrounding retail stores and restaurants. In addition, a recent study found that counties with casinos had a higher percentage of employment than those without them. The increase was even greater when controlling for a number of other factors.