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Some food for thought

Discussion in 'Misc. Vegas Chat' started by jerseyguy, Apr 7, 2014.

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  1. jerseyguy

    jerseyguy VIP Whale

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    Bumped into a neighbor in AC last night. We started talking about how many seniors you see in casinos. He brought up an interesting topic for discussion. Will the casinos really be hurting when our generation is gone? Will the next generation of retirees have the same disposable income we have to gamble on?
     
  2. sybgal

    sybgal VIP Whale

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    Very interesting & thought provoking topic. I worry that the next generation was not taught to save & invest like us baby-boomers. Many may be in trouble personally which will affect many industries and businesses - not just the gaming industry.
     
  3. leo21

    leo21 VIP Whale

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    When we went the Sterling Brunch a few years ago, a server mentioned that some of their regulars were at the point of coming less frequently or worse making their last trips to Vegas. And she wasn't happy with the younger customer that was replacing them. But that is the generation before the boomers.

    So far the millenials don't seem interested in gaming. And with the looming student loan crisis, it may never happen. As for Gen X, there are a lot of stresses. The recession hit the retirement accounts badly and so many will be having to provide elder and child care at the same time. However, our retirement age was already later and I think most will just keep working as long as they can. Less leisure time compared to boomers but maybe the income for trips to the casinos. The problem I see for casinos is that they went from the boomers to the millenials in focus and skipped over a group of folks soon to be in their magic 50+ age range. When the boomers who are retiring right now stop gambling, I can see issues.
     
  4. smartone

    smartone VIP Whale

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    I'm 55, so I may be in the "generation" being spoken of, but IMHO each generation has ALWAYS overestimated their importance on society. I get it, they wanna be sure they're not forgotten, but I tire of old people telling me how this younger generation can't read or write (maybe not but they can sure program the shit outta computers) or how they don't have the same work-ethic, how the world was better "back in the day", blah, blah, blah. Trust me... the next group will figure it out... maybe they won't get into so many wars, maybe they'll be kinder to their fellow man, maybe they'll learn to live as a good neighbor in the world, as opposed to dictating to their neighbors how things are gonna be.

    Now... more specifically to the OP's question, will they be gamblers? I think we're already seeing that shift. Will they still seek to be entertained? Yes.... Will they have the $$$ to make it happen? TBD
     
  5. dankyone

    dankyone VIP Whale

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    This is an interesting consideration. People who are in their 70s now were in their 20s in the 1960s. Were they gambling then? Mostly not. In 40-50 years people attending Marquee today will be gambling.
     
  6. Kickin

    Kickin Flea

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    Say what? The baby-boomers have been the most financially irresponsible generation in any of our lifetimes. I only see improvement for us in the generations that have followed because anything worse would be too depressing.
     
  7. pressitagain

    pressitagain Low-Roller

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    I agree. They should be labelled the "Me Generation."

    Future generations will be suffering to undo the global ruin, that they have created. Financially and ecologically...
     
  8. KellyLovesVegas

    KellyLovesVegas certified personal trainer/retired space nerd

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    At soon to be 54 I'm right there with you, smartone! Thanks for your excellent post which articulates my view far more artfully than any attempt I might make :nworthy:
     
  9. LV_Bound

    LV_Bound VIP Whale

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    There isn't any reason to save because social security will be paying us a huge retirement amount. :wink2:
     
  10. BayouBengal

    BayouBengal VIP Whale

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    I'm in my 30's and my generation will hardly know what it was like to have 3:2 Blackjack! The Millennials will think 6:5 BJ is ok! The horror!!!!
     
  11. steveharris

    steveharris Tourist

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    Food For Thought:"Only gamble what you can afford to lose.."
     
  12. sybgal

    sybgal VIP Whale

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    Guess I am thinking of the boomers who are our friends who have always worried about retirement and made good use of our 401k opportunities. Know it worked for me and was able to retire earlier than some. I had employees that couldn't understand that concept even with our company's 8% match. ......
     
  13. slimmy28

    slimmy28 Low-Roller

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    Two reasons I think my generation will still be gambling come our 50's and beyond. (I'm 37)

    1) I have no facts to back this up, but I feel like people have been exposed to Vegas and specifically gambling at a younger age then say my parents. My parents didn't gamble in a casino until they were in their early 40's. My first time in a casino I was 24 or so, first time to Vegas I was 26. Now many people go straight when they turn 21. I know there are exceptions to all generations, and again, it's a gut instinct, but we are more exposed now then in the past is how I feel.

    2) My generation may not be saving as much as we should, but many also don't marry or have families. No spouses and/or no families will mean more disposable income in many instances.

    I know I only said two, but here's a 3rd. Marketing professionals are getting better and better in every industry it seems. If casinos hire smart, bright people, they will find a way to get us in the doors. I think the better question will be, will the service and gaming keep people around?
     
  14. MikeOPensacola

    MikeOPensacola VIP Whale

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    You hit the nail on the head with your last two points.

    :peace: :beer:
     
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  15. topcard

    topcard Older than the Stardust!

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    There is a profound difference between what "our" government does (or fails to do) and what we as individuals do (or fail to do).
    I'm 56. I've never gotten anyone into a war, I am certainly kind to my fellow man, and I get along great with my neighbors.
    I have also put money aside for my retirement (401K), have eliminated all of my debt (except for $60K remaining on my mortgage...which will be paid off by 2016), and I budget for 100% of my "discretionary" activities, like Vegas trips.
    I put both of my kids through college and they graduated with zero debt and a paid-off car, never having to pay a penny for either.
    I have always participated in my "community", even holding an elected office for 4 years. I am active in my church, give nearly 10% of my income to them, but have also held secular leadership positions on the church council.
    I typically give a few 1000 a year to others in need and/or other non-religious charities.

    OK...I know that reads like I'm trying to shine my own star, but the point is that I know many - in fact, MOST others in our generation have lived similar lives...at least the friends and family I associate with.

    Many in the younger generations (but primarily those born mid-80s and later) do not seem to hold the same values, nor do they care to.
    There really does seem to be an "entitlement mentality" that has become pervasive in our culture. It saddens me a great deal.

    Forget not knowing how to spell or use proper grammar - how about having just a basic understanding of economics? Nope...very, very few of them do.

    You mentioned the "work ethic". Well, perhaps our cultural standards have changed, but I see very little of any kind of 'ethics' from most of the 21 to 30 year-old youth of today - but certainly not much in terms of "work ethic".

    As for the "world being a better place back in the day"? Yeah - in many ways I think it was.
    Illegitimacy rates were far lower. Far fewer people became dependent on the government handing them the money that others earned. Divorce rates were lower. Literacy rates were much higher. Crime was lower. Patriotism was more sincere. Church attendance and belief in God was more pervasive. People were generally "nicer", and gave more of themselves (and their money) to help their fellow man.

    Now, I obviously realize that these sort of generalizations - of either group - are not all-inclusive. There are good people today and there were assholes "back in the day".
    It will always be that way. But trends reflect real things.
    The trends I have observed over the last 20 years or so have, for the most part, been detrimental to our culture and our nation.

    So, I suppose we'll just have to disagree. And that's ok.
    :beer:
     
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  16. vegasvic

    vegasvic VIP Whale

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    It's human nature to remember the good and forget (or at least ignore) the bad. Everyone talks about the "good old days". My son is in college right now, his generation will do just fine. Each generation feels superior to those that come after. And it's complete crap.
     
  17. Kickin

    Kickin Flea

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    topcard, there is so much in your post I can't agree with that it would be pointless to quote it line by line.

    You think the younger generation doesn't "hold the same values"? Do you really think there is more support for something like hawkish foreign policy and jingoism in the younger generation than amongst the boomers?

    If you think younger people have an entitlement mentality maybe its because their consumer and debt obssessed helicopter parents tried to cater to their every whim in order to keep up with the Joneses. The younger generation didn't come up with nonsensical things like 0% financing, zero-down payment mortgages, and inherently leveraged structured products. We didn't run up the borrowing in our public and private institutions and we didn't rape the economy for three decades in order to fund unaffordable consumer lifestyles. The boomer generation has been like the spoiled kid who took over his hard-working dad's strong and stable company and then pilfered it to pay for his permanent vacation and high-priced toys.

    As far as intelligence goes that is really unfounded. Sure with texting and social networks it looks like kids can't spell or write coherent sentences, but I wonder how much better boomers would have looked when they were that age if every single one of them could type out and broadcast any inane thought that was in their head 24 hours a day. More importantly, things are way harder now academically than they were for the boomers. Heck, they are way harder now than they were since I went to college in the late 90s. I went to good schools that I wouldn't have come close to being able to get into today. It has become way more competitive every year. In your day you didn't necessarily even need a college education, when I went to school the idea was you needed a college education, now its like you need to be in either a great college or get a graduate degree. And ask any college professor about the curriculums taught now versus 30-40 years ago, they just become more and more dense and in terms of technical proficiency taught now its not even comparable.

    As far as work ethic it has become popular to think the millenials, especially, don't have any. That they expect to be coddled. I've held that notion as well. But I've helped hire millenials and worked with them and they just have a different work ethic. If they think they should be coddled it doesn't matter, reality hits them fast and hard. Their difference is they like to be engaged early on, they are less concerned with structure and hiearchy. I'd get annoyed sometimes when some intern kept asking me questions about what I was doing and I'd think "shut up and go get me some lunch". But they just want to feel involved instead of biding their time and moving up the chain. That's probably a good thing given the shitty decisions made by so many decision-makers of the older generation in rigid top-down environments.

    Would you really rather start out today in the decimated economy left by the boomers versus start out in your day with the economy left by the "Greatest Generation" (i.e. your parents)? When academics have become so much more competitive, the job market has become so much more competitive, income inequality has become so much greater, cost of living has risen so much faster than income, and global competition has become so much fiercer?

    I can't even get into the social issues you mentioned. There's no way that could end well.

    I feel way more confident that when the younger generations take full control of the wheel we'll be more careful. We're not growing up with this flawed "great society" type thinking that would lead us to believe we're invincible the way boomers seem to have thought. I think people are a lot more community focused and a lot less obsessed with consumerism despite the bling bling culture focused on by the media. Maybe I'm wrong but I have to think positively because if my generation and the millenials end up being as irresponsible as the boomers I'd be too scared about our country's future. Especially with the new global competition and balance of power.
     
  18. NYPoker

    NYPoker Tourist

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    I am a millenial and agree with everything said here. People need to give my generation a chance. We are not this lazy, unfocused, misguided generation we are set out to be. The part you mentioned about being involved is spot on. I work for an attorney and luckily she's a great boss. She understands that I have been brought up in a world that has made me question what is going on and she is extremely forthcoming and helpful. When I move on to become an attorney in the next few years, my questioning and interest in the inner workings of her business can only help strengthen my abilities for when I open my own office. My generation is also, from my experience, much better with money than older generations. We understand what can happen if you keep borrowing and borrowing and borrowing. I don't know anyone my age that has debt besides student loan debt. My credit card is paid down to $0 every single month. I have 4 separate savings account, each with a different goal for them and 2 retirement accounts. I do not make huge amount of money, but know where to save and where not to waste. Millenials have a huge amount of personal experience to make better financial and social decisions, I believe, than any of the 2 previous generations. I think that time will show that we aren't the failure that older generations think we are going to be.

    Back on topic... I believe given the financial problems millenials have seen, they find it difficult to gamble their money away. I believe you will see larger savings accounts, CDs, Money Markets, and less stock based investment accounts, credit cards, and loans than previous generations. My generation wants to have safe cash reserves and I believe you will definitely see a decline in gambling revenues from our demographic accordingly.
     
  19. topcard

    topcard Older than the Stardust!

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    Clearly, not all of my post was read, or if it was, it was misunderstood.
    I've re-posted what it is I think y'all missed.
     
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  20. Bossplayer21

    Bossplayer21 Low-Roller

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    I agree with this statement. Throw in work ethic, today's music is crap (said by every adult about their child's music for all eternity), morals and manners, etc I can go on and on.


    @Topcard, you didn't say anything about the next generation that wasnt said about your's previously. And I do agree with some of what you said.

    The world will move on, it will just be different.:beer:
     
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