The Casino Sunk Cost Fallacy
A casino is a business that succeeds by encouraging guests to gamble repeatedly in exchange for the chance to win big. Every aspect of the experience — from sound and lighting to architecture and even food — is designed to create an environment that’s difficult to step away from.
The glitz and glamour of casinos make them a magnet for tourists and locals alike. Many people enjoy playing games like blackjack and roulette, which require a certain amount of skill and strategy, or slot machines that offer a more laid-back approach to gambling. But what really draws people to casinos is the feeling of excitement that comes from being in a place where they can try their luck at winning money.
Casino is a classic movie that captures the essence of Las Vegas and its past ties with organized crime. It stars Robert De Niro as a mobster named Ginger McKenna and Sharon Stone as his blonde sidekick, Santoro. The movie is a thrilling story of greed and treachery.
The bright lights and blaring sounds of casinos are designed to be intoxicating and euphoric. People are often served large amounts of booze to lower their inhibitions and help them focus on the game at hand. When a person wins, cheers arise from the crowd. The cheers are intended to keep other players from leaving the table or machine, even though their losses will outweigh any small gains they might have made. This is called the sunk cost fallacy.