How casinos influence local and world economy?

Casinos and slot machines are an important part of world’s entertaining industry. Thus, casinos may be considered an influential player in economy sphere. It’s not a secret that many cities or even countries aim to take the first place in the list of world casino industry. The development of casino industry is an important feature of tourist attraction, who are a great source of additional income for casinos. Increasing taxes for casinos leads to improvement of economical factors. Understanding of this fact makes us understand why casinos are such a popular type of entertainment all over the world.

When did it start?

It is believed that the term casino comes from Italian ‘casa’ (a house), and ‘casíno’ originally means a ‘small house’, ‘community’, or ‘summer house’. Centuries back this term didn’t have a unified meaning, designating a public house, a theatre, or even a place for public meetings in different countries.
The dictionaries dated 150-200 years ago used to define it as a public place or a community of noble people, because only well-dressed people from the highest society were let to enter the venue. The representatives of the higher society were discussing the news of politics and rumors while playing a game with their partners. This term in modern language means some facility for gambling games. Large number of casinos are also a place for various performances and concerts.

In a modern age…

The technologies of new age give a great boost to developing new methods and forms for doing conventional things. The progress could not stay apart of one of the oldest spheres known by humanity – gambling. It undoubtedly has high influence on economy of countries for centuries so far.

What are the economical benefits of casinos?

Modern online casinos are enormous entertainment centers, many of them are situated in world-known Las Vegas or Macao, and the major part of their visitors are tourists. Such places create working places for local citizens and bring a lot of profit to the country through taxation system.
It is interesting to know that Las Vegas is situated in a desert, and it has been a depressive region for many years. Erection of attractions and entertainment centers, including world known casinos, has become a powerful bust to economy of the region.

Macao is an autonomous region, which is a part of China, and is the biggest port and transport hub. But nowadays more than 70% of income of the region is ensured by gambling business.
It is considered to be rude talking about it, but gambling industry makes a noticeable part of the UK economy. Having established 15% tax on gross profits, it now brings over 6 bln pounds to the UK economy annually.

However, some countries have a ban for gambling, and people who practice it, are prosecuted by the law, however, this ban cuts essential part of profit from the state economy, and we are sure, this embargo will be cancelled in the nearest years.
The reality shows that a total ban of gambling does not eradicate it, but in fact leads to losing control and criminalization of the industry. Recent tendencies clearly show that it is more beneficial for both gamblers and state, that gambling is open, legal, and under state protection and control.

And one more pleasant fact for the gamblers is not only that significant part of casino revenues form budget of their own countries, but also that many legislations prescribe using these funds for charity, thus, each gambler makes his or her input in important humanity missions.

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