Prof El 6 Sports,Leisure and Recreation

Lec #10

Gaming Entertainment Industry

• The casino industry is one subset of the gaming
industry.
• There are a lot of casinos, including:
– Land-based and Riverboat Casinos.
– Card Rooms.
– Charitable Games.
– Lottery-operated Games.
– Greyhound and Horse Races.
Definitions
• Handle: Total amount of all bets.
• Win: The net amount of spending by the
customer.
• Cruise to nowhere: Gaming and entertainment
onboard the ships are the main attraction.
Gaming versus Gambling
• Gaming entertainment:
– Casino floor (gambling).
– High-quality food and beverage.
– Hotel rooms.
– Live performances.
– Theme park, theme rides, and
museums.
– Land-based and riverboats.
• Gambling:
– Playing a game of risk for chance of
making money.
Historical Review of Gaming
Size and Scope of Gaming
• As public acceptance of legalized gaming has
grown, state and local governments have
permitted gaming entertainment
establishments to open.
• The gaming entertainment industry pays billions
of dollars per year in gambling privilege taxes to
state governments.
– Casino gaming companies pay an
average of 12% of total revenues in
taxes.
Key Players
• MGM Mirage Resorts:
– Now controls half of the Las Vegas Strip.
– Properties include:
• The Bellagio.
• MGM Grand Las Vegas.
• The Mirage.
• Treasure Island.
• New York–New York.
• Boardwalk Hotel and Casino
• Plus several others.
• Harrah’s Entertainment:
– Partnered with Caesers Entertainment.
– Now the world’s biggest casino
operator.
– Operates 40 casinos in 3 countries.
– A $1.5 billion company publicly traded
on the New York Stock Exchange.

• Today the precise origin of gambling is still • Boyd Gaming:

unknown. – 18 gaming and hotel facilities in 6
• There are Chinese records that date the first states.
official account of the practice as far back as
2300 BC.
• A public gambling house was legalized for the
first time in 1626 in Venice, Italy.
• Romans were also gamblers.
– They placed bets on chariot races,
cockfights, and dice throwing.
• The gaming entertainment business has its
roots in Las Vegas.
• From 1940 to 1976 Las Vegas was a monopoly
for gaming.
• Las Vegas is rich with tales of Bugsy Siegel.
• The gaming industry has exploded from just two
jurisdictions in 1976 to a presence, through
some form of legal gambling, in 48 states.
• Only two states, Hawaii and Utah, do not permit
some form of gambling.