Economic Importance of Casinos

Casinos like any other businesses have great impact on the economy. They contribute greatly to the many different facets of the country’s economic growth both positively and negatively. In this article we will feature the positive side. The only negative side of the casino is that it is used by criminals to hide their acts such as in money laundering or sourcing money for illegal businesses as arms trade and drug trade.

In every casino both live and online there must be staff; so they create employment for millions around the world from dealers, security men, waiters, cleaners, room attendants, valet, chefs, entertainers, cashiers and many others that are in the hospitality business. Indirect employment is also seen through the providers of other services such as the software and its maintenance, tours and travel, casino accessory makers and many others that directly support the casino industry. All these people are able to put a meal on the table and afford shelter for their families among other needs. In most cases casinos do not operate alone but are embedded into other hospitality services adding value.

For the players they earn extra cash that can be used to cater for their needs. There are people who have switched to casino gambling as a fulltime occupation; although it is very risky the pros have managed to earn a living for their families through gambling.

Casino development has catalyzed the research, development and growth of the related technology and also segments that are not directly related to them. Most casinos fund different research especially on security; both physical and cyber security; which is then integrated into other functions of our daily lives.

Casinos are stimulants to development: An example is the city of Las Vegas which has seen its growth due to gambling. It stimulates development by creating need for infrastructure which sometimes the casinos themselves fund to create convenience for their clientele. Buildings as hotels, roads, power, communication lines and many others are erected around the area with casinos. With the casino chipping in these developments they save the treasury a lot of money which is directed to other vital areas such as health and education.

It has been seen that most casinos participate in corporate responsibility or their immediate people and environs. Many casinos have sponsored sports events, health care, education and general environmental needs to try and return some of their profits to the people. Their efforts have seen the endowing of the locals through empowering them. The services provided by the casinos in the community supplement the government’s efforts or omissions making the community develop and tend to reach the other more developed areas.

Finally, the casinos contribute greatly to the tax man’s basket. The IRS and other tax authorities receive huge tax returns from the casino gambling communities that include the players, the casinos and all the related industries. Many people see gambling as a way to evade tax which it not true. Patriot citizens always pay their taxes on gambling income thus they have no conflict with the tax authorities.