Benefits Of Gambling And Nevada

1674 Words7 Pages
Gambling has been a form of entertainment since ancient history. Games of skill and chance using an early form of playing cards can be dated as early as 2300 B.C. and for thousands of years has evolved to become one of the most lucrative forms of business. In the year 1931 a bill was introduced to legalize gambling and Nevada 's first casino resort, the Meadows opened. By December 1946 brought a new form of casino gaming with the Flamingo Hotel as the first modern casino in Las Vegas offering, luxurious rooms, nightclub, golf course, and a fine dining restaurant. Caesars Entertainment Inc. is a perfect example of a modern casino that has evolved to become the largest casino company in the world and contributed in the revolution of the…show more content…
Arthur Goldberg, Park Place Entertainments chief executive, stated in an article written in the New York Times “By acquiring the Caesars brand name and related customer data base, we have plan to heavily cross-market between our destination resorts. This will boost revenues and expand the markets where we operate.” (CITE) Arthur Goldberg planned to expand on what Starwood had started which, made Park Place the largest gaming company before the millenium. The combined properties had the most hotel rooms in the industry and an estimated 2 million square feet of gaming space and net revenues reaching $3.2 billion dollars in 1999. The loss of Arthur Goldberg in October of 2000 was the epitome of the saying “all good things come to an end” the company had been doing extremely well with sales reaching $4.9 billion and the industry started to see significant growth. Days after Goldbergs passing Thomas Gallagher, a former Hilton Hotels exec,was chosen to be Park Place’s CEO. During Gallaghers tenure Park Place Entertainment hit a few rough patches with shares falling 2 consecutive years valuing 45% (CITE), and the economic effects of terrorist attacks during 9/11 did not contribute much to the financial situation that the company was experiencing. Despite all the issues Gallagher did his best to steer the company in the right direction attempting to remain consistent
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