A casino is a place where you can play a variety of games of chance, including slot machines, blackjack, roulette and craps. Many casinos also offer fine dining and live entertainment. Although these amenities may help casinos attract guests, the vast majority of their revenue comes from gambling. In this article, we’ll take a closer look at how casinos make money, what kinds of games they offer and the history of the casino industry.
Gambling predates recorded history, with primitive proto-dice and carved dice from ancient archaeological sites [Source: Schwartz]. But the idea of a centralized gambling facility didn’t emerge until the 16th century, when Italy’s ruling nobles started holding private parties in their villas known as ridotti. The popularity of these venues drove the creation of the modern casino, a business that offers various ways to gamble under one roof.
Modern casinos are often massive complexes with multiple gaming areas, restaurants and bars, shopping centers and other entertainment options. Some have lighted fountains, stage shows and dramatic scenery. Despite all the extravagance, however, casinos would not exist without the games of chance they offer. Slots, blackjack, baccarat and other games provide the billions of dollars in profits casinos bring in each year.
The casino industry has an interesting relationship with organized crime, especially in Nevada. Until the 1950s, mobster money funded much of the development of Las Vegas and Reno. But the mob didn’t want to be limited to just providing the funds, so they became involved in management and even took sole or partial ownership of some casinos. Eventually, real estate investors and hotel chains got wind of the potential and bought out the mobsters.