Professor Eva Smith
June 16, 2011
Casino is no longer an alien word for people who have some idea about gambling. Casino has become a favorite place for a large number of people who want to spend time in recreation activities. The United States is the breeding place for International casinos. People from every part of the world visit the casinos in the United States for gambling purpose. Casino Industry in the US is one of the largest revenue generating industries for the US government.
It is not easy to manage a place where financial transactions of millions of dollars are made every day. Casino management is a challenging task for the casino managers. It is no wonder that several institutes in the United States now offering casino management courses keeping the complexity of casino management in mind.
History and Development of Casino Industry
Gambling in the United States goes back to 1800s when the British introduced it in the United States. However, the public opinion and the political establishment were always divided on the issue of gambling. That led to several protest and legal battles. The most defining moment in the gambling history came in 1931. “The stock market crash of 1929 caused a tremendous financial distress in the country. That changed the anti-gambling mood and gambling was considered as an option to boost the economy” (Cabot, 24).
“In 1931, Nevada took the initiative to legalize most forms of gambling in the state. The decision of the Nevada Legislature was aimed at encouraging the tourism industry and making the state financially secure” (Cabot, 25).
Casino gaming dominates the commercial gambling market in the United States now. “For 45 years, Nevada was the only state to legalize gambling. Later New Jersey and other states followed suit” (Gallup Organization, 1999). Currently casino industry is booming in most parts of the United States. Las Vegas casinos are the most famous casinos in the world. A casino usually involves banked games. In banked games, the house acts as the participant. “Land-based casinos are common in the US. However, there are some states that have legalized riverboat casino gambling. In 1991, Iowa State launched the first gaming vessel in the US” (American Gaming Association, 1998).
In the early days of casino gaming, ordinary slot machines were used. However, now the casino floors are equipped with high-tech machines. The importance of electronic gaming in the modern casino industry forced the casinos to expand the gaming floors. The increase in number of visitors to the casinos is overwhelming. To meet the requirements of customers, latest games with modern technology are being introduced in the casinos. “Electronic gambling devices including reel-spinning slot machines now comprise 80 percent of the total casino floor space” (American Gaming Association, 1998).
When gambling was legalized in 1931, complex collections of springs, wheels and gears were used in slot machines. Gradually, the casino games have evolved with the use of electromechanical slot machine. “In 1981, computerized reel-spinning slot machines and video-display games were introduced. Today most of the casinos in the United States are using microprocessor-based gaming devices” (Kilby and Fox, 45).
Casinos are no longer limited to games. Food outlets, fitness center, musical entertainment and luxurious accommodations have become part of the casino business and these facilities provide great comfort to the visitors besides generating huge revenues. Atlantic City Hilton, Bally's Atlantic City, Claridge Casino, Caesars, Harrah's, Sands Casino Hotel and Trump Marina are some of the famous casinos in the United States.
Economic Impact of Casinos
Casino industry is a hub of financial activities that generates huge revenue for the government. The huge revenue motivates the government to promote the...