The casino business was booming in the 1970s. This was a time when gambling was becoming increasingly popular, and people from all over the states were flocking to casinos in droves. You can find local businessmen, Wallstreet yuppies, showgirls, and even a tv101 journalism teacher would visit to roll some dice. But that doesn’t tell us much about just how big the casino industry had become. So, stick around to find out.
The Mob Ruled Everything
One of the reasons why the casino was so successful back then was because the mafia controlled everything. In fact, the mob had a monopoly on the casino industry, and they were making a killing. This all started in the early days of Las Vegas when Bugsy Siegel opened up the Flamingo Hotel. At that time, there were only a few hotels in Las Vegas, and the mob could control them all because they had the money and the power.
The 1970s was a time when things started to change. The government cracked down on the mob, forcing them to sell their casinos. This allowed other businesses to get into the casino industry, and it soon became a competitive market. However, even though the mob lost control of the casinos, they still had a lot of influence in the industry.
Growth of the Casino Industry
The casino industry continued to grow throughout the 1970s. In fact, it was growing at such a rate that new casinos were being built all the time. This led to a lot of competition, and each casino was trying to outdo the other. This resulted in a lot of innovation, and the casino industry started to become more and more sophisticated. During this time, the first casinos started to appear outside of Las Vegas. Atlantic City became a popular destination for casino lovers, and there were also a few casinos popping up in places like Reno and Lake Tahoe.
Money-Printing Industry
Then the casino got highly commercialized and even gained support from local governments. So, in the wake of this, the casino business became a kind of a “money-printing industry”. The industry was so successful that it started to affect macroeconomic performance. In 1977, for example, Nevada’s economy grew by 14%, and this was primarily due to the casino industry.
The 1970s was a great time to be a casino lover. The industry was booming, and there were lots of new casinos being built. If you’re interested in learning more about the history of the casino industry, I suggest checking out some of the old movies from that time. They provide a really good glimpse into what life was like back then.
