The Impact of Worldwide Casinos
A casino is a place where legalized gambling is being done. Ideally, it is situated in a destination spots for tourists, and has other facilities such as hotel and restaurants and other pleasure attractions. Some casinos are in a cruise ships, sometimes called "floating casinos"
Aside from gaming activities, casinos provide live entertainment, concerts and sporting events to attract tourists and players.
When gambling was legalized by various countries, establishment of casinos began, and today, casinos worldwide are about 4,750.
Casinos have been very popular in many countries and even conservative countries like China, Russia, Poland, Korea, Laos, and Vietnam have established their own casinos.
Russia has 119 casinos, 2 in North Korea, 19 in South Korea, Poland 30 and 2 in Vietnam
In Macau, the only place in China where gambling is legalized, reports said that it has overtaken Las Vegas earnings in 2005, with a revenue of US$5.6 billion. Macau has 33 casinos and has a population of 470,000 people.
Out of 194 countries in the world, 158 operate casinos. Notably, there are no casinos in the Arab league of countries. As for economic advantages, casinos pump in revenues for the government. Several casinos have reported positive growth and income revenues, and none reported losses. .
Considerable revenue is realized thru legalized gambling and as indicated in a Michigan report, that more than $61 billion is spent by Americans in gaming activities.
Indian tribal casinos [casinos operated by Indian tribes] the MPPI reports had $10.6 revenue comprising less than 10 percent of the total gaming industry revenue. and has provided employment for 250,000 people.
New Mexico Business reports Income from the Indian casinos in New Mexico sends tribal members' children to school from elementary to college and has supplied a computer for each household. Indian casino income has provided development projects, resorts, housing and golf course benefiting their tribes.
In some cases, the economic impact of the casino, as per analysis done of casinos in New England, showed that only Rhode Island showed rapid growth, while for the rest of the country, revenues from casinos remained constant and have shown little secondary impact.
It had shown little multiplying effect in businesses because tourists going to casinos do not necessarily go to stores and restaurants in the community.
While there is a claim of employment as justification for casinos, on the overall, there is only a slight change in the employment rate in the area for New England.
The legalized casino operations undoubtedly provide economic advantages in terms of revenues and employment. It is also a place for fun and excitement in playing the games. The average amount spent by Americans in gaming is not totally lost, as some of the revenues earned from gaming are reverted back to benefit the people.