March 19

On March 19, 1931, Governor Fred B. Balzar of Nevada approved a bill that legalized most forms of gambling statewide. The measure aimed to stimulate the state’s economy during the Great Depression by attracting tourists and generating tax revenue. Nevada became the only U.S. state to permit licensed casinos, slot machines, and betting houses. This law paved the way for the rise of Las Vegas and Reno as premier gaming destinations. Over subsequent decades, regulated gambling grew into a cornerstone of Nevada’s culture and economy. The decision transformed a sparsely populated desert territory into an international entertainment hub.

On March 19, 2023, the Swiss government brokered a landmark deal for UBS to acquire rival bank Credit Suisse in a bid to shore up confidence during the 2023 global banking crisis. This unprecedented intervention aimed to prevent a broader financial collapse after Credit Suisse faced severe liquidity pressures. UBS agreed to a purchase price far below Credit Suisse's market value, backed by state-backed liquidity guarantees and loss-sharing arrangements. Regulators fast-tracked approvals to complete the deal within days. The consolidation marked one of the largest banking mergers in Swiss history. Global markets reacted positively to the swift action, though some analysts voiced concerns about moral hazard. The rescue underscored the importance of government support in safeguarding systemically important financial institutions.