CASINO GAMBLING INDUSTRY EXTERNAL ANALYSIS
The word gambling connotes a bad event or an immoral thing to many people. This is due to the fact that illegal gambling has posed many problems to the society. But it is not entirely bad. In fact gambling can be a good thing if properly managed and controlled by the relevant authorities. Gambling is a game where people bet on odds with what they have but mostly with money. There are many gambling games available like scratch tickets, cards, pull tab tickets, dice, bingo games, betting on sports, mahjong, lottery tickets or casino games.
Gambling is one of man’s oldest activities as it dates back to the olden days of man’s civilization. Historians point out that the earliest form of gambling took place in China around 2300BC. According to the government library, gambling in the United Sates started as early as the 15th centur. The early colonies with their different attitudes towards gambling were divided into two by historians - the English and the Puritans.
While the English believed that gambling was harmless, the Puritans outlawed everything that has to do with gambling. This continued with different regulations and laws changing from strict laws to what we have now.
Casino Gambling Industry External Analysis
The casino gambling industry has been growing immensely especially since its prohibitions in many cities have been lifted. In the US, the gaming revenues from casino gambling reached $35.64 billion in 2011 alone. Also the industry had employed more than 300,000 people in the US by the end of 2011 according to the statistics released by the Marquette Advisor, Gaming and Hospitality Today.
Apart from these strengths, it has also had some weakness like making people get into debt. It has also accounted for addiction as some people become so addicted to casino gambling that they forget other aspects of their lives. Statistics from the High School Facts Sheet (n.d) show that about 4-6% of players become addicted. Again we have to consider the disposable income of many families as most families today cannot really afford to play casino because of the economy.
Recommendation and Conclusion
My recommendations are that the casino companies that are already in debt should refinance and if that’s not possible, sell off their properties. Owners of casino places should invest in their business with their turnover and embrace the latest technology.
Casino gambling can be a good business for any country if properly regulated and controlled. As many are discovering, with the right legalization and monitoring, it can be a good source of tourism income.