Casino business in the 1970s: How big was it?

It's hard to imagine now what a casino was like 50 years ago. We're used to playing online, getting free spins no deposit bonuses, and chatting with dealers via camera. But things used to be different.

In the 1970s, casinos were thriving. It was a time when gambling was becoming more and more popular, and people from all states flocked to gambling establishments en masse. Local businessmen, Wall Street yuppies, showgirls, and even a journalism teacher from the tv101 school would stop by the casino to roll the dice. But that doesn't tell you much about how massive the industry had become.

The Mafia ran everything

One of the reasons for the success of casinos in those days was that the Mafia controlled everything. In fact, it had a monopoly on the industry and made a lot of money from it. It all started in the early days of Las Vegas when Bugsy Siegel opened the Flamingo Hotel. At that time, there were only a few hotels in Las Vegas, and the Mafia could control them all because they had money and power.

In the 1970s, things began to change. The government took action against the Mafia, forcing them to sell their establishments. This allowed other companies to enter the casino industry, and it soon became a competitive market. However, even though the Mafia lost control, it still had a great deal of influence over the industry.

Growth of the casino industry

The casino industry continued to grow throughout the 1970s. Moreover, it grew at such a pace that new gambling outlets were constantly being built. This led to a lot of competition, and each casino tried to outdo the other. This led to a lot of innovation, and the industry started to become more and more advanced. At this time, the first casinos outside of Las Vegas began to appear. Atlantic City became a popular destination for gambling enthusiasts, and several casinos appeared in places like Reno and Lake Tahoe.

Money Printing Industry

Casinos were then widely commercialized and even supported by local governments. Thus, turning into a kind of "money printing industry". This industry was so successful that it began to influence macroeconomic indicators. For example, in 1977, the Nevada economy grew by 14%, and this was primarily due to the casino industry.

The industry flourished, and many new casinos were built. If you want to learn more about the history of the industry, I recommend watching old movies from that time. They give you an idea of what life was like back then.