A casino is a facility where people can gamble and play games of chance. Casinos are often built near or combined with hotels, resorts, restaurants, retail shops, cruise ships, and other tourist attractions. Some casinos are also known for hosting live entertainment, such as stand-up comedy, concerts, and sports.
Casinos offer a variety of games of chance, including slot machines, table games, and card games. Popular table games include blackjack, roulette, craps, and poker. Card games such as baccarat and pai gow are also common in casinos.
In addition to traditional games of chance, many casinos now offer electronic Gaming machines (EGMs), which are computer-based games that simulate traditional casino games. EGMs are often very popular with casino patrons because they are easy to play and can offer large payouts.
Casinos make money by taking a percentage of the money that gamblers wager on games. This percentage is known as the house edge. The house edge varies from game to game, but it is typically around 2-5%. This means that for every $100 that gamblers wager on a game, the casino expects to make a profit of $2-$5.
History of Casinos
The history of casinos can be traced back to ancient times. In ancient Greece and Rome, people would gamble in public houses and baths. In China, people would gamble on dice and other games of chance.
The first modern casino was opened in Venice, Italy in 1638. This casino was called the Ridotto, and it was operated by the government. The Ridotto was a popular place for wealthy people to gamble, and it was known for its lavish parties and balls.
Casinos began to spread to other parts of Europe in the 18th century. The first casino in Germany was opened in Baden-Baden in 1744. In France, the first one was opened in Monte Carlo in 1863.
Casinos were introduced to the United States in the 19th century. The first casino in the United States was opened in New Orleans in 1812. However, gambling was illegal in most parts of the United States at the time, so casinos were often operated in secret.
In the early 20th century, gambling was legalized in several states, including Nevada. This led to the development of Las Vegas, which became known as the "Gambling Capital of the World."
Casinos continued to grow in popularity throughout the 20th century. In the 21st century, casinos have become even more popular, thanks to the rise of online gambling.
Today, casinos are located all over the world. They are a popular tourist attraction, and they generate billions of dollars in revenue each year.
Here are some of the key milestones in the history of casinos:
- 1638: The first modern casino, the Ridotto, is opened in Venice, Italy.
- 1744: The first casino in Germany is opened in Baden-Baden.
- 1863: The first casino in France is opened in Monte Carlo.
- 1812: The first casino in the United States is opened in New Orleans.
- 1931: Gambling is legalized in Nevada, leading to the development of Las Vegas as a major gambling destination.
- 1970s: The first slot machines are introduced in casinos.
- 1990s: The first online casinos are launched.
- 2000s: Casinos become more diversified, offering a variety of amenities in addition to gambling, such as hotels, restaurants, and entertainment venues.
Today, casinos are a major economic force in many parts of the world. They provide jobs and generate tax revenue. Casinos are also a popular tourist attraction, drawing millions of visitors each year.
Largest Casinos
The largest casinos in the world, by square footage, are:
| Rank | Casino | Location | Square Footage | Built |
|---|---|---|---|---|
| 1 | WinStar World Casino and Resort | Thackerville, Oklahoma, USA | 600,000 | 2003 |
| 2 | Venetian Macau | Cotai, Macau | 546,000 | 2007 |
| 3 | MGM Cotai | Cotai, Macau | 500,000 | 2018 |
| 4 | City of Dreams | Cotai, Macau | 420,000 | 2009 |
| 5 | Wynn Palace | Cotai, Macau | 420,000 | 2016 |
| 6 | Galaxy Macau | Cotai, Macau | 400,000 | 2011 |
| 7 | Foxwoods Resort Casino | Ledyard, Connecticut, USA | 344,000 | 1992 |
| 8 | Wynn Macau | Cotai, Macau | 294,000 | 2006 |
| 9 | Ponte 16 | Macau | 270,000 | 2008 |
| 10 | Rio Casino Resort | Klerksdorp, South Africa | 266,330 | 2006 |
The majority of the largest casinos in the world are located in Macau, which is a special administrative region of China. Macau is known for its high-stakes gambling and its lavish casinos.
The largest casino in the United States is WinStar World Casino and Resort, which is located in Thackerville, Oklahoma. WinStar World Casino and Resort is the second-largest casino in the world, and it features a wide variety of amenities, including a hotel, spa, golf course, and multiple restaurants.
Largest Casino Owners
Here are the largest casino owners by company, in order of market capitalization as of August 4, 2023:
| Rank | Company | Market) Capitalization) (USD) |
|---|---|---|
| 1 | Las Vegas Sands | $27.6 billion |
| 2 | Wynn Resorts | $9.96 billion |
| 3 | MGM Resorts International | $12.19 billion |
| 4 | Caesars Entertainment | $9.94 billion |
| 5 | Penn National Gaming | $6.57 billion |
| 6 | Boyd Gaming | $14.08 billion |
| 7 | Station Casinos | $5.63 billion |
| 8 | Flutter Entertainment | $23.89 billion |
| 9 | DraftKings | $12.09 billion |
| 10 | Kindred Group | $5.36 billion |
These companies own and operate casinos all over the world, including in the United States, Macau, and other countries. They also offer online gambling services.
It is important to note that the market capitalization of a company can fluctuate over time. Therefore, the ranking of these companies may change in the future.
Additionally, some of these companies may own casinos through subsidiaries or joint ventures. For example, Las Vegas Sands owns the Venetian Macau through a subsidiary called Sands China.
Casinos and the Mafia
The history of casinos and the mafia is a long and intertwined one. Casinos have been a source of wealth and power for the mafia since the early days of organized crime.
The early days:
In the early 20th century, the mafia began to take an interest in casinos. Casinos were seen as a way to launder money and generate iIncome](@leoglossary/leoglossary-income) from illegal activities such as gambling, prostitution, and bootlegging.
One of the first mafia figures to get involved in casinos was Benjamin "Bugsy" Siegel. Siegel was a powerful mobster who was known for his ruthlessness and his ambition. In the 1940s, Siegel moved to Las Vegas and oversaw the construction of the Flamingo, one of the first major casinos on the Strip.
Siegel's involvement in the Flamingo was controversial, and he was eventually murdered in 1947. However, his death did not deter the mafia from continuing to invest in casinos.
The rise of Las Vegas:
In the 1950s and 1960s, Las Vegas experienced a period of rapid growth. The mafia played a major role in this growth, as they invested heavily in casinos and hotels.
The mafia also controlled many of the key aspects of the Las Vegas casino industry, such as security, labor, and entertainment. This gave them a great deal of power and influence over the city.
The decline of the mafia's influence:
In the 1970s and 1980s, the mafia's influence over the Las Vegas casino industry began to decline. This was due to a number of factors, including increased law enforcement scrutiny and the rise of corporate ownership of casinos.
Today, the mafia still has some influence in the casino industry, but it is much less than it was in the past. Most casinos are now owned and operated by large corporations.
The legacy of the mafia in the casino industry:
The mafia's legacy in the casino industry is a complex one. On the one hand, the mafia was responsible for much of the early growth and development of Las Vegas. On the other hand, the mafia also engaged in criminal activity and corruption.
Despite its decline, the mafia still has a certain mystique in the casino industry. This is reflected in the popularity of movies and TV shows that depict the mafia's involvement in casinos.
Here are some examples of the mafia's involvement in the casino industry:
- In the 1940s and 1950s, the mafia controlled many of the early casinos in Las Vegas, including the Flamingo, the Riviera, and the Tropicana.
- The mafia also controlled many of the key aspects of the Las Vegas casino industry, such as security, labor, and entertainment.
- The mafia used casinos to launder money from illegal activities such as gambling, prostitution, and bootlegging.
- The mafia also used casinos to exert its power and influence over Las Vegas.
The mafia's involvement in the casino industry had a significant impact on the development of Las Vegas. The mafia helped to make Las Vegas a major tourist destination, but it also contributed to the city's reputation for crime and corruption.