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Casinos Vie for Baby Boomer's Business

"That's why even though advertisers worldwide have been focusing on Gen-Y, generally 18- to 25-year-olds, Las Vegas casino execs are looking at the baby boom generation -- who have been credited with helping propel the U.S. economy for much of the past 30 years, helping end the Vietnam War and creating whole new industries catering to their whims -- to sustain their fortunes far into the future.

"…Casino operators' strategies might best be summed up by Glenn Schaeffer, Mandalay Resort Group's chief financial officer, who has long said aging baby boomers constitute the prime Las Vegas market.

"`The good news is,' Schaeffer has said, `people get older ... (but) they want to act younger.'

"The trend is important for the casino industry because people over the age of 50 account for half of the discretionary spending in the United States and more than three-quarters of the leisure travel spending. Indeed, the boomers, or those born between 1945 and 1964, generate the most travel, the most vacation trips, the most hotel room stays and the most airline flights of any age bracket, according to the Travel Industry Association of America.

"…It's clear that the customers casinos have cultivated over the past 30 years likely won't be gambling 30 years from now, so the aging boom demographic offers casinos their greatest opportunity, industry insiders said.

"…Individuals in that age bracket on average have reached their peak earning power, tend to be empty-nesters with no direct financial obligations for their children and have free time for leisure and entertainment activities, [Las Vegas professor and casino gambling expert Bill Thompson] said…"

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