A casino is a gambling establishment offering a variety of games of chance to patrons. In addition to the typical gaming floor, many casinos host live entertainment events such as concerts by world-class artists and side-splitting comedy shows. Some even offer gourmet dining options and elegant nightclubs.
In the past, a casino could be any number of places that housed games of chance and allowed players to gamble for money. Today, however, the term casino typically refers to a facility with a specific theme that adds elements such as restaurants, stage shows and luxurious living quarters. Casinos may be built in conjunction with hotels, resorts, cruise ships or other tourist attractions, and they are also found on military bases and in some states where gambling is legal.
Like any industry in a capitalist society, the goal of casinos is to make money. Successful ones rake in billions each year for the companies, investors, and Native American tribes that own and operate them. In addition, state and local governments benefit from the taxes and fees generated by casinos.
The history of casinos is a tale of power struggles, political intrigue and colorful characters. Some of the best-known casinos are located in glamorous cities such as Las Vegas, Monte Carlo and Macau. Others are more discreet, such as the elegant spa town of Baden-Baden in Germany, which became a playground for European royalty and the wealthy elite 150 years ago and is portrayed in several films including the James Bond film “From Here to Eternity.”
From the beginning, casinos have been a magnet for powerful, sometimes corrupt businessmen and organized crime figures. Mobster money helped to fuel the growth of casinos in Las Vegas and Reno during the 1950s, and many mobster families controlled major casinos in these cities. The shady origins of casinos gave them a reputation for crooked dealings and violence, and legitimate businessmen were reluctant to get involved.
A casino’s edge is the statistical probability that it will win a given bet, or at least not lose more than it wins. This advantage can vary by game, but it is typically very small (less than two percent). Over time, this tiny advantage helps a casino to earn enormous profits.
To maximize their profitability, casinos focus on high-stakes players. These big bettors are favored with free tickets to spectacular shows, reduced-fare transportation and luxury suites. They are also offered complimentary drinks and cigarettes while gambling, and lavish personal attention from staff members. For a less ostentatious experience, casual bettors can enjoy the wide selection of table games and slot machines available.