Well, the inevitable has begun to happen. When the recession first hit and credit dried up, everyone predicted the casinos would lose out. If the banks squeeze credit, people cannot maintain their levels of discretionary spending and, sadly, gambling is always going to be one of the choices made less often. The prediction then ran on: if fewer people go into casinos and those that do go spend less, the casinos will find their profits under pressure. At this point, the forecasters would take a deep breath. This will not be a problem so long as the casinos hold their nerve. The economy will slowly pick up. Confidence will return as consumers save less and spend more. In three to five years time, casino revenues will be back to their normal levels. But, and this is where the forecasters would look grim, if the casinos try to suck extra dollars of profit out of fewer players, they risk killing the golden goose. So which way have casinos played their hands?
The world never stands still too long. If it does, this may mean it’s dying and has nowhere else to go. The eternal question for every business lucky enough to hit a winning formula is whether to change it and, if so, by how much and how quickly. In one shape or form, casinos have been around for centuries. They were gambling in Ancient China and Rome long before anyone thought of building in the Nevada desert. Yet, the basic idea has remained the same. If your luck is in, a small bet will win you a fortune. It’s a remarkably seductive temptation. Just think. All you need is for the dice to fall just so, or the next card to be the 8. The games may change their appearance, but the principle of betting on the outcome of random events remains the same. To that extent, gambling never changes and probably never will change significantly. If there is change, it’s superficial. Say, from the one-armed bandit invented by Charles Fey to the video slots version you start by the press of a button. This makes the arrival of online casinos the first real revolution for at least a century. People have always gathered together to gamble. It could be in a friend’s home, a private club or a place with public access (often condemned as a “den”). The internet does away with the requirement for a “place”. Now people can stay home and still enjoy the pure experience of gambling. It avoids the inconvenience and expense of travel, buying food and drinks in more impressive surroundings and, in many cases, finding somewhere to stay overnight. All you have to tolerate is the quality of the animation and the annoying soundtrack of “live” players and the games. Over the last decade, real world casinos have come under real competitive pressure. They are not doing too well. But, before you all celebrate, this means the states take less in revenue and, as their deficits rise, tax hikes may have to fill in the gap.
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