Las Vegas Strip casinos are continue to struggle, even Steve Wynn's properties. And retirees and baby boomers don't appear to be helping as much as expected, according to recent statistics. Gaming revenue dropped 14 percent in May 2010 compared to the previous May.Most gamblers are 50 or over and have more time and money to spend in casinos than younger people. But many of them have lost huge portions of their retirement savings, meaning that they have far less money to gamble and spend in Vegas casinos. What's worse, many retirees have large amounts of money tied up in homes that are worth far less than before the recession began so Las Vegas trips are not a possibility.
The bottom line is that baby boomers and retired Americans no longer have access to easy cash like they did in the 90's and most of the 2000's. Declining home values have made them feel less secure financially than ever before. Experts believe that they won't be returning to Las Vegas in large numbers until we see a major increase in home values, the biggest factor in most retirees' wealth.
Learn some mo': Retirees, with nest eggs crushed, can’t muster Strip rebound
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