A casino is a building or room where gambling takes place. It is also a place where people socialize and enjoy entertainment. Often, casinos are combined with hotels, restaurants, retail shops or cruise ships. Some are built in exotic locations such as Venice, Monaco or Singapore. Some casinos are famous for their live entertainment; Caesars Palace has hosted entertainers from Frank Sinatra to Celine Dion.
In most casinos, customers gamble by playing games of chance. Some have an element of skill, such as blackjack, but most rely on luck and randomness. The house always has an advantage over players, which is called the house edge (or expected value). Casinos earn money by charging a fee to play, known as a rake. Some casinos offer complimentary items or comps to players.
Gambling has been around for millennia. Archeological evidence of dice-throwing dates back to 2300 BC, and card games appeared in Rome in the 1400s. It is believed that the first modern-day casino opened in 1763, in Venice, Italy.
In the 1950s, mobster money helped fuel the growth of casinos in Reno and Las Vegas, but mobsters weren’t satisfied with just providing the bankroll. They became personal investors, took sole or partial ownership of many casinos and influenced the outcome of games by intimidating staff. The era of organized crime’s monopoly on casinos ended with federal crackdowns and the rise of real estate investors and hotel chains.