In the last two decades, we’ve seen rapid growth in the casino industry. This growth is not only limited to the US soil but can be seen in far-flung places like Macau and Singapore. In the continental US alone, there are almost a thousand casinos of different sizes in operation today. This development is not only limited to land-based casinos, but many online casinos like Blue Fox Casino are pulling crowds every day.
This growth in the casino industry is really beneficial for a region’s economy. There are a lot of ways a popular casino can boost the local economy. How? That’s the topic of today’s discussion.
How Casinos Improve the Local Economy?
You may think casinos take our money most of the time, then how it improves the local economy. Actually, there are a lot more factors involved than just the games casino offers. Here’s how a casino can transform the region it operates.
Creates Job Opportunity
Every casino needs a minimum number of 100-200 people to operate. The larger casinos, especially the ones in Vegas or Macau, require thousands of staff. Those casinos act as holiday destinations and entertainment hubs offering living and dining facilities apart from the usual gambling scene.
To function with these many services, a large hotel cum casino creates huge job opportunities. Generally, casinos prefer local people as staff rather than outsiders. Also, casinos offer a competitive wage, thus upgrading the average wage of the region. As more and more people earn a standard wage from working in casinos, they also tend to spend more which boost the local economy.
In 2019, the total tax revenue from gambling in the US is $43.6 billion. The state of Nevada alone earned $12.03 billion. This data clearly shows how a state or region can increase their income from casinos. That is why more regions are allowing casinos to be set up in spite of the social issues like increase of crime and gambling addiction among residents.
Increase in Tourism
49.5 million people visited Las Vegas last year. For Macau, this figure is 35.6 million. If not for the casinos, who would visit a semi-desert US state and a small, not so developed exclave of China. People mainly go to these places because of the established gambling institutions. In the process, they spend billions of dollars in their food and lodging, thus creating more earning opportunities for local residents.
When a large casino is being set up in an area, other businesses follow suit. Businesses such as restaurants, pubs, theme parks, hotels and gas stations sprout around it. These businesses not only create employment opportunities but also pay a good amount in taxes to the city.
Las Vegas: A Perfect Example How Casinos can Enhance an Entire City
In the 1930s, Vegas was an arid deserted land where the only income sources for the residents was farming. The landscape was also not ideal for farming as there was a severe shortage of water. It’s needless to say; this was one of the poorest regions in the continental US. It has only one paved road.
The state of Nevada, in 1931, legalised gambling to combat the Great Depression. It was the first US state to do so and oh boy what a brilliant decision it was. Soon businessmen started to flock in with the intention to kickstart a complete new business segment, the casino industry. Now, after 90 years, Las Vegas is one of the richest cities in the US according to per capita income. It clearly shows how casinos can make a city world-class tourist destination.
Besides the huge cash influx that the gambling industry is responsible for, casinos are also known for offering their clients titanic amounts of amusement. Casinos also provide their guests holiday-like relaxation, competitive feeling & hope of getting rich quickly. Not to mention the sizable amount of artists and staff a casino employs. In conclusion, casinos not only influence the local economy greatly but also take care of the well-being of the region.