Rank paints mixed picture
British-based leisure group Rank today said annual profits would be lower than last year as its Blue Square sports-betting and bingo operations continued to offset growth at its Hard Rock Café chain.
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Gambling casinos history:
- Las Vegas is a testament of the powerful ability of gambling to foster economic development. Because of gambling, Las Vegas has shown impressive job growth, developed into a major city with a low tax burden that many state and local governments look at with envy.
- Video Poker machines were introduced in the 1970s, when an oil embargo had a negative impact on Vegas revenues. The machines were popular enough to spark a recovery in casino business.
- Many casinos in Nevada were financed by mobsters. Most notable perhaps was Las Vegas' Flamingo which was opened in 1947 by Bugsy Siegel.
- The current wave of legal lotteries started in New Hampshire, spread to other North-Eastern states, and then across the nation.
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