The Casino Business
A casino is a place where people gamble on games of chance. Many casinos offer elaborate scenery, musical shows and other entertainment to draw in visitors, but the vast majority of the money raked in by casinos comes from gambling. Slot machines, blackjack, poker, roulette, craps and other games provide the billions of dollars in profits that casinos make each year.
While casino games are often thought of as being pure luck, the reality is that casinos have built-in advantages, known as the house edge, that ensure the establishment’s profitability. Even when the players are skillful, it is impossible to beat the house in the long run.
The casino business is booming, with profits increasing as more Americans and others around the world have access to legal gambling. But casinos also have a dark side. Studies indicate that compulsive gamblers generate a substantial portion of casino profits. And economic studies show that the money spent treating gambling addictions and the loss of productivity among people who lose their jobs to gambling can more than offset any profits a casino brings in.
Casinos are usually open 24 hours a day, with slot machines and table games taking up most of the floor space. Other gaming options include video poker, table tennis and, in some countries, sports betting and horse racing. In the United States, casino revenue surpassed $24 billion in 2009, making it the largest source of private-sector profit in the nation.
A modern casino is a multi-million dollar complex with lavish decorations, elaborate restaurants and spectacular stage shows. But behind the flashy fronts, a casino is a business that relies on gambling. The average casino is expected to earn a gross profit of about 10 percent from its gaming operations, which includes both slots and table games.
In addition to high-stakes gambling, casinos are also big business for their food and beverage services and for supplying room accommodations. The Casino de la Moyet in France, for example, offers its guests free drinks and a hotel suite if they spend enough time playing their favorite games. Casinos in the United States offer similar incentives, though these tend to be less extravagant.
A modern casino may be heavily reliant on technology for security purposes. Elaborate surveillance systems allow security personnel to look down on the casino floor from catwalks in the ceiling, or through a series of cameras that monitor every table, window and doorway. In addition, the casinos are wired to a central server where statistical deviations can be monitored and tracked. In addition, casino employees have the ability to adjust their focus on specific patrons, if necessary. This eye-in-the-sky system is supplemented by a staff of people monitoring table games and other gambling areas, who can also spot blatant cheating or suspicious activities such as palming, marking and changing cards. This information is recorded by the security department and sent to a surveillance room filled with rows of screens that can be adjusted as needed.