Casino Business Essay Example
As an advocate, I support the casino business. Responsible gambling is what is promoted in the industry, with the company operating legally and making sure that it is fulfilling its corporate social responsibility. There are ethics which guide the casino activities starting with establishing fair methods in which the games are conducted. On the corporate social responsibility, the casinos can contribute to the welfare of the community. There are employment chances given to the community members thus making the company part of the society. In addition, the casino contributes to community welfare such as any development projects. To promote responsible gambling, the casinos have warnings to the customers such the addictive nature of gambling and the effects it can have on the health of the person as well as draining one financially (Ladouceur, Shaffer, Blaszczynski, & Shaffer, 2018). Gambling is one of the main economic activities in the society since it is a legally registered business which has to pay taxes. Gambling is considered as a zero-sum game according to Game Theory. It means that it is a non-corporative game where winning and losing are equal since on player losses and the other gain, thus the net benefit is zero. The value of gambling is the casino making a profit, thus the more the games, the larger the profits (Choliz, 2018).
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Capitalism is an economic system where businesses are owned by private individuals. These people are in charge of making the rules that will run the business and the operations that will be done to promote profitability. The owners are also in charge of making pricing decisions. Casino businesses are known to be very profitable since they attract large numbers of customers who are after winning. The customers keep on playing, and some even lose all their financial possessions, and the company benefits most since all the profits are theirs. The lack of specific regulations on casinos and large profits is attracting business people to open their casinos. There was a period when the casinos were considered to be uncertain and with large chances of risks. Therefore, the casino business which had a public interest were to be made inaccessible and expensive to discourage customers as well as people who wanted to join the market (The Economist, 1998). However, lots of changes have happened, and it has supported more casinos to be opened. Their changes are the advancements in technology, innovations in the operations of financial markets, the increase in market scope changes from commercial banking to investments, growth in the Asian investment markets and the government being removed from bank regulations. Therefore, opening and running a casino is much easier (Ndubisi, Nataraajan, & Chew, 2014).
The casino business can be able to create a balance between its best interests as well as those of the consumers through ethical business operations. Gambling has lots of negative effects and for the casinos to be responsible in their operations; they should have warnings to the community members on the possible effects. In that way, when a person is gambling, they will be doing it willingly (Choliz, 2018). Some of the warnings to be created are about addiction to the point of gambling all the family property and after that mental conditions due to depression are likely to happen. As long as the customers are aware of the effects of gambling, then the casino will be making profits in an ethical approach.
Choliz, M. (2018). Ethical Gambling: A necessary new point of View of Gambling in public Health policies. Frontiers in public health, 6, 12.Ladouceur, R., Shaffer, P., Blaszczynski, A., & Shaffer, H. J. (2018). Responsible gambling research and industry funding biases. Journal of gambling studies, 1-6.
Ndubisi, N. O., Nataraajan, R., & Chew, J. (2014). Ethical ideologies, perceived gambling value, and gambling commitment: An Asian perspective. Journal of Business Research, 67(2), .
The Economist. (1998, October 15). Casino Capitalism. Retrieved January 28, 2019, from /business/1998/10/15/casino-capitalism