A casino is a place where people play a variety of games of chance and wager money. Some casinos have a luxurious feel and are set in exotic locales such as Venice, Monaco or Singapore. Other casinos are more like public gambling houses with less lavish accommodations. The word casino comes from the Italian “casona,” which means a small clubhouse for members to gather and socialize.
Casinos make a profit by taking a percentage of bets made on their machines or at tables. This advantage is often only two percent or less, but it adds up over the millions of bets placed each year by casino patrons. This profit is sometimes called the house edge or vig. In addition to this revenue stream, casinos earn additional money from fees charged for services such as drinks and cigarettes. These profits, combined with the casino advantage, allow casinos to build expensive hotels, fountains, pyramids and towers or replicas of famous landmarks.
Gambling addiction is an insidious and growing problem, and casinos contribute to the problem by encouraging gambling. Studies show that compulsive gamblers generate a disproportionate amount of casino profits, and they divert spending from other forms of entertainment and reduce job productivity. These negative effects also diminish the value of casino-related revenue for local economies.
In order to attract and retain gamblers, casinos invest in stimulating atmospheres, including the use of colors, scents and music. They also use cameras to ensure security. In the United States, casinos are regulated by federal and state governments. They must have a gaming license to operate, and they are required to meet certain security and operational standards. The casinos also must disclose their financial results.
Many casinos feature a wide range of games, but the most popular are slot machines and poker. In a survey of Nevada citizens conducted in March 2002 by Gemini Research, the majority of respondents chose slot machines as their favorite casino game. In second place were poker, followed by blackjack and then baccarat. Table games such as keno and bingo were far less popular, with only 6% of the respondent’s choosing them.
As casino business expanded in the 1950s, owners sought funds to finance expansion and renovation in hopes of drawing even more Americans. Mobster money flowed into the gambling businesses, but the gangsters were not content to simply provide bankrolls. They became heavily involved in the operations, took sole or partial ownership of some casinos and influenced the outcomes of games through intimidation and threats. Federal crackdowns on mob involvement in casinos and the threat of losing a license at the slightest hint of Mafia involvement caused legitimate businesses to become involved in the industry. Hotels and real estate developers had deeper pockets than the mob, so they were able to buy out the mafia and begin running their own casinos.