Group research paper edited
Casino, its Appeal, and Outcome
Casino, its Appeal, and Outcome
The company was incorporated in 1990 as Harrah’s Entertainment and remained
operational for 30 years (Murray, 2017). However, its history predates its establishment,
considering that Caesars Entertainment was based on the Eldorado Hotel. The venture was
originally founded by the Carano family and started operations in May 1973 (Murray, 2017).
Don Carano is revered as one of Reno’s gambling and entertainment pioneers as he established
the first gaming and resort investments. He also created the region’s first wine brand, FerrariCarano Vineyards, and it was later purchased by the regional tycoon Bill Foley (Murray, 2017).
The Eldorado experienced significant growth and development in its revenues and
administration, and in July 1995, the venture expanded by opening a second resort identified as
Silver Legacy Resort Casino (Murray, 2017). This deal was a partnership with Circus Circus
Enterprises, a subsidiary of the Mandalay Resort Group. Don realized the need for better
accounting and rebranding after realizing the company was now worth $100 million (Murray,
2017). Thus, he changed the company’s management and renamed his company Eldorado
Resorts LLC in 1996.
Since the company now had better management and an official brand, it immediately
sprang into action. The first step regarded saving money for future investments (Murray, 2017).
It experienced explosive growth rates and decided to engage in asset management in 2005. After
brief negotiations, the company took over the Hollywood Casino Shreveport after being declared
bankrupt in 2005 (Murray, 2017). Don bought a 76% stake in the company worth a little over
$154 million. Since the company had the majority stake, the business was rebranded as the
Eldorado Casino Shreveport (Murray, 2017). Other mergers occurred, such as the 2013 reverse
merger with MTR Gaming Group, the 2015 Circus Circus Reno merger, and the 2017
amalgamation with Isle of Capri Casinos (Murray, 2017). Eldorado Resorts carried out the last
purchase in 2017 after it purchased Harrah’s Entertainment for $18 billion (Murray, 2017). It was
at this point when the CEO rebranded Eldorado Resorts as Caesars Entertainment Corporation.
Appeals and Effects of Gambling
The company’s success is a testament to the appeal of gambling and its addictiveness.
Scientifically speaking, people are generally inclined towards activities that excite them or make
them happy (Caler et al., 2017; Millar & Baloglu, 2008). Once people engage in activities that
gratify them, their bodies release dopamine, a neurotransmitter that plays a significant role in
experiencing pleasure. Human beings are generally curious and optimistic. Thus, gambling
presents itself as an activity that will easily get people addicted (Associated Press, 2016; Caler et
al., 2017). The general appeal regards how one can win big with little input. For instance, the
recent Powerball jackpot hit $20 million, yet one Powerball ticket goes for $2 only. However,
these companies rarely indicate how low the odds of winning are (Our Friends, 2020; Alegría et
al., 2009). The same principle is used in casinos. People are looking for easy ways to make
money, so the casinos create this mirage where unsuspecting people part with their money while
hoping for big wins.
The effects of gambling are easily noticeable following the premise about its appeal to
the general public. The first effect regards its highly addictive qualities (Kunst, 2020; Wheeler,
2016). Gambling addicts are there not just for the money but for the need to satisfy their wants.
As the body seeks more dopamine releases, the victim gambles more and more, thus risking
losing their savings, income, and personal belongings (Chhabra, 2007). The victims often believe
that the next bet will back their lost earnings, but gambling houses often push this fallacy. With
time, gambling slowly ruins one’s self-esteem, mental health, relationships, and overall
productivity (Rahman et al., 2012; Botterill et al., 2016). Since casinos often sell alcoholic
drinks, depressed gamblers are more likely to become alcoholics as they cope with their losses.
Therefore, the effects of gambling far outweigh the benefits.
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