A casino is a place where people go to watch and participate in a variety of games and sports such as horseracing, football, tennis and so on. Gamblers, in addition, meet in casinos to lay bets as they play games. There are many socio-economic benefits of casinos. Some of these benefits are discussed below.
A casino promotes peace and harmony within the society. Casinos being social places, individuals from various different backgrounds assemble. They chat, play, socialize, and get to know more about each other's backgrounds. This in the process helps them appreciate their individual differences. Casinos therefore, act as agents of spreading peace and harmony between people of different backgrounds, colors, and races.
In the states that the casino industry has been made legal, it earns them numerous gross revenues plus billions of money from commercial casinos. Therefore, casinos have economic merits as well as social merits. In 2009 for instance, casino companies contributed $5.6 billion to the United States and the local government.
Furthermore, the casino industry contributes to the growth of the economy by providing jobs. This helps in reducing the rate of unemployment and thus in the process reducing the dependency rate. This also helps in raising the living standards of the people they provide jobs too. A better living standard directly relates to fewer diseases, better education, good nutrition and more of the same.
The casino industry also contributes in crime reduction. By the virtue of creating job opportunities, it reduces the number of idle people in the community. Reduced levels of unemployment in the community then translates to reduced crimes. When there are too many idlers in the society the community's security is at stake. This is because this jobless people need to eat, dress, and sleep well. They will thus engage in illegal activities to earn a living.
The casino industry also provides tourist attraction activities and services. When casinos draw in more tourists into the state, the gross revenues are meant to increase. This leads to the expansion of the tourist industry and thus increased foreign revenue. Taxes collected from the casinos also add up to the benefits to the economy. Casinos thus contribute significantly to the state's product.
Casinos also hamper the growth of underground business activities. Containing the benefits of underground activities is beneficial so as to prevent the reported national product from deviating from its actual significance.