Social Impact of Casinos

Now a day’s casinos are very famous in mega cities. These are also very fast rising industry in the developed countries. Though there is a controversial fact of being legalized in some countries but the matter of fact is that from this sector the economy earns a lot. Even in the society many people using this industry as their main earning source. The effects on economics decided by the people who used to go to make profit. This is the one way profit making for both people of the society and the economy. Though the profit is high for both but the social cost is also high. This is a place where people come with a pocket full of money and back even with double in amount or even penniless. So as there is some good effects of this industry there are also some bad effects too. Here in sometimes people use to steal or unethical way to make more profit. And for this if they caught they have to pay also a big amount. So we can say that casinos are not only a profit making industry but it can also make one loss a lot (Alan Mallach 2010). This industry can play an imperative role in the economy of developing countries. By the profits of casinos their struggling economy can move upward with a slow pace and it might also trickle down the effect of developing in other sectors of economy. In some of this developing countries, the amount that society earns from the casinos is debauched through leakages outside the host country (Terance J. Rephann et al., 1997). If a country can establish some strict law of gambling and for cheating in those industries then this can be used in a positive way for the society as well as economy.

In casinos people not only gamble, there are also some attractive game as well such as, pari-mutuel racing, bingo, lotteries and some other attractive gaming activity. The effect of this is not so easy to measure because it is a recent phenomenon for growing world. In casinos if there is more visitors then the profit will also be more. They offer

References: Community Research Partners (2010). The Social impact of casinos: Literature review and Cost Estimates. Columbus, Ohio. Gorman Linda (2008). The Social and Economic Impact of Native American Casinos. The National Bureau of Economic Research. Retrieve from http://www.nber.org/digest/feb03/w9198.html in 27 October 2013 Terance J. Rephann, Margaret Dalton, Anthony Stair and Andrew Isserman (1997). Casino Gambling as an Economic Development Strategy. Tourism Economics. Douglas M. Walker (2009). The Economic Effect of Casino Gambling: A Perspective From U.S. Macao Polytechnic Institute Mallach Aalan (2010). Economic and Social Impact of Introducing Casino Gambling: A review and Assessment of The Literature. The Federal Reserve Bank of Philadelphia. Retrieve from http://www.philadelphiafed.org/community-development/publications/discussion-papers/discussion-paper_casino-gambling.pdf in 27 October 2013