Casino is a term used to describe a gambling establishment. It may have a variety of entertainment features, including musical shows, elaborate scenery and shopping centers, but the vast majority of the money raked in by casinos comes from games of chance. Slot machines, blackjack, baccarat, craps and roulette are just some of the popular games that generate billions of dollars in profits for casinos each year. Casinos are often associated with Las Vegas and Atlantic City, but there are casinos in many other locations throughout the United States as well.
Many local governments and business owners use the fact that a casino brings jobs to an area as proof that the facility is beneficial to the economy. However, this can be misleading. In order to determine whether the casino actually increased employment in an area, the changes in local unemployment must be compared with statewide unemployment changes and other economic factors. In addition, the work force employed by the casino should be considered. Many times, the employees of a casino are not from the local community. This can result in a shift in employment from other types of businesses.
In the past, casinos were often run by mobster gangsters who took advantage of poor labor laws and lax security measures to steal as much money from their patrons as possible. Today, real estate investors and hotel chains are much more choosy about which casinos they invest in. They are also more concerned about federal crackdowns and the risk of losing a gaming license at even the slightest hint of mob involvement.
Casinos must spend a great deal of money on their security, especially to keep out the mafia. On the floor, casino workers constantly watch patrons and monitor the games to make sure all goes as expected. Dealers and table managers are trained to spot blatant cheating, such as palming cards or marking the edge of dice. Elaborate surveillance systems offer a high-tech eye-in-the-sky view of the entire casino, and can be adjusted to focus on specific suspicious patrons.
Like any other business, a casino must compete with other casino establishments in its market to attract customers. This competition takes the form of discounts and perks that encourage gamblers to spend more, including free food, drinks and show tickets. A large portion of casino revenue comes from these perks, known as “comps.” Some casinos even have their own television channels and advertise themselves on the radio and in movie theaters. As a result, they have to be careful not to overspend and end up with a deficit. In addition, casinos must contend with the social costs of problem gambling. This includes the cost of treating compulsive gamblers and the lost productivity from their lost working hours. These social costs can offset the positive economic impact of a casino, so casinos must be selective about whom they attract. This is why they concentrate on high rollers, gamblers who wager large amounts of money and receive lavish perks in return.
