...ECON 230: Urban Economics (G2) Term Paper: Business Location Decisions & Patterns: An Analysis of the Agglomeration Effects in Las Vegas Table of Contents Introduction 3 Motivation 3 Background and History 3 Las Vegas Strip Today 6 Location Quotient of Las Vegas 7 Development Phases of Las Vegas 8 The First Wave of Development 9 Supply-side Factors 9 Demand-side Factors 10 The Second Wave of Development 11 Demand-side Factors 11 Supply-side Factors 13 Summary of Development Phases 14 Comparing Macau with Las Vegas 15 Lessons Learnt For Singapore 17 Conclusion 18 Bibliography 19 Introduction Motivation Over the years, Las Vegas has developed itself into a city housing mega-resorts and massive entertainment providers. More specifically, Las Vegas Strip, which is a 6.8 kilometer long highway leading from Los Angeles into Las Vegas, has seen a conglomeration effect with many large hotels, casinos and resort properties congregating there. Nineteen of the world’s twenty-five largest hotel by room count are on the Strip, with a total of over 67,000 rooms. In this paper, we are interested in studying the agglomeration trends of the mega-resorts in Las Vegas, understanding the reason and benefits of concentration. Next, we attempt to analyze difference between Las Vegas and Macau, the 2 gaming giants of the world. Lastly, we will extend these lessons learnt to two upcoming integrated resorts in Singapore. Background and History ...
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...Executive Summary Las Vegas Sands Corporation (“LVS”) is arguably the world’s premier casino resort operator. With its operations in Las Vegas, Macau, Pennsylvania, and its new development in Singapore and Europe LVS, is now well-positioned to capture a large slice of what is becoming an increasingly huge pie. They are the biggest company in its industry with a USD market cap of 35.1 billion as of 2011. The casino operator has been a pioneer in opening new markets in Asia, and will continue to aggressively focus on a variety of other development opportunities where it’s needed. However, LVS has faced significant financial challenges since the economic recession began in the fourth quarter of 2008. Among the significant ones is its large amount of long term debt currently at 9.58 billion. Las Vegas Sands Corporation has strategically sold some of their “non-core” assets such as the Venetian retail mall, and its Shoppes at the Palazzo in order to remain compliance with its credit covenants. With this said, there are now in the position to return to profitable operations with its Asian pipeline and its new development project in Europe with the assumption that upon completing these projects it will generate enough revenue to get rid of all their debts. In addition, to their debt issues are the ongoing lawsuits that have brought a threat from government officials questioning how the company conducts its domestic and foreign operations. This is an issue of growing importance especially...
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...The City of Las Vegas, Nevada Budget Process Sarah Molda Missouri State University The City of Las Vegas, Nevada Budget Process In accordance with Nevada state Law, City governments in Nevada are created either by general law or special charter. The City of Las Vegas is a special charter city, and operates under a council-manager form of government as proscribed by Nevada Revised Statutes (NRS) Chapter 268, with our mayor elected at-large and six City Council members representing the 6 single member wards that represent the City. The vision of the City of Las Vegas is to be “a world-class, vibrant, affordable, economically and ethically diverse, progressive city where citizens feel safe, enjoy their neighborhoods and access their city government. Its mission is to provide residents, visitors and the business community with the highest quality municipal services in an efficient, courteous manner and to enhance the quality of life thorough planning and visionary leadership.” (City of Las Vegas) The Las Vegas city council oversees the general administration, makes policy, and sets budget. The council appoints a professional City Manager who is charged with the running day-to-day operations, with the City Managers office being responsible for the administration and operation of all municipal services for the City of Las Vegas as well as the oversight for all redevelopment and economic development. The City Manager's staff also tracks the progress of various projects,...
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...revolutionized the city of Las Vegas one casino at a time.1 He started with small stakes in the Frontier Hotel in 1967 as a newcomer to Vegas to upping the ante with a complete renovation of the Golden Nugget from a dingy downtown Vegas casino to a four-star resort and gaming facility. Mr. Wynn was not satisfied with his accomplishment of attracting high networth clientele to downtown Vegas; he had dreams of expanding his casino empire, starting with a twin Golden Nugget resort in Atlantic City, a rival gambling destination. IAISO on his repertoire of great successes are the magnificent Mirage (1989), Treasure Island (1993), and the breathtaking Bellagio (1998). After what was considered the largest merger in the gaming industry's history, the Mirage became a part of M G M , Inc. for $6.4 million. Steve Wynn stepped down as Chairman and CEO of the Mirage and set his sights on developing his largest casino resort yet, the Five Diamond Wynn Las Vegas. Wynn Resorts, Ltd. owns and operates the Wynn Las Vegas and the Wynn Macau, a casino resort located in the Macau Special Administrative Region of the People's Republic of China (PRC). The company is in the process of developing an expansion "KNOW WHEN TO HOLD 'EM; KNOW WHEN TO FOLD 'EM" Millions of people travel to Las Vegas each year with big dreams of hitting the jackpot; most of them leave Las Vegas empty handed, heartbroken, and even further in debt. Very few people win big, and even fewer C13 to the Wynn Las Vegas, called the Encore...
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...Las Vegas Case analysis 1- Given all the changes in the branding strategy, has the Vegas brand had a consistent meaning to consumers? Is this benefit or a detriment as the city moves forward? Ans: yes there is a consistent meaning. Although the positioning of the Vegas brand has changed, Vegas will never lose the ‘’ sin city ‘’ label. Important aspects of the core brand are consistent; old and new customers attest to a Vegas experience that includes a degree of naughtiness. Different customers have been targeted through city histories and this came from there strong branding strategy, which is: a) Las Vegas as a powerful brand name has a Brand Equity: knowing that the brand name has an effect on the customers’ response to the product or its marketing. b) Las Vegas has positioned its brand in target customers minds through: Brand positioning: by associating its name with a desirable benefit and experience to its customers (being naughtier). Brand name: when the name Vegas get mentioned it means ‘’ sin city ‘’ , luxury vacation and wholesome entertainment to its customers. Brand development: Product Category Existing: Line Extention : extending the brand name to new forms, colors, and sizes. | Brand Extension: extending brand name to new product categories: | New: Multibrands: | New Brands | Its benefits since the city have a broad pool of potential...
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...MGMT 102 Strategy Las Vegas Sands A Company and Industry Analysis Submitted by: Adhitya Christian Martin (G3525406X) Chye Hui Lin (S8734971C) Darren Chng Meng Hoe (S8509392D) Jasmin Hamdani Ham (G3529740K) Karina Ondang (G0638741T) Liu Fang (G3529124K) Louis Lim Wei Chun (S8416257D) * Contents Executive Summary | 1 | Company Overview | 2 | External Environment | 2 | Internal Environment | 4 | Acquisitions, Restructuring and Cooperative Strategies | 6 | Business-Level Strategy of Las Vegas Sands in the U.S. | 6 | Corporate- Level Strategy of Las Vegas Sands in the U.S. | 11 | International Business-Level Strategy of Las Vegas Sands | | Macau | 14 | Singapore | 17 | Bibliography | i | Appendix | iv | * Executive Summary Las Vegas Sands is a hotel, gaming and resort development company which operates in many countries worldwide. It has 3 significant establishments; The Venetian and The Palazzo in United States, The Venetian Macao in Macau and Marina Bay Sands in Singapore. The company places strong focus on their code of conduct and ethical behavior of their employees. The company has both tangible and intangible resources. Their capabilities include excellent management of operations and human resources, specifically tailored offerings to the Asian market, the MICE business and Eco 360 cost savings initiative. We have identified their core competencies to be in MICE, the Eco 360 program, its Paiza Club which...
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...also one of the largest investor in Las Vegas his is the 512 richest person in the world today according to Forbes magazine. Stephen Wynn has been in the hospitality industry pretty much all his life because he was born into it. Wynn was born in New Haven Connecticut and his family owned bingo parlors through the eastern part of the United States. His last names was not originally Wynn it was actually Weinberg but his family changed it back in 1946 to avoid discrimination because they were Jewish; Stephen was six years old at the time. Wynn and his family moved to New York where he attended The Manlius School; which is a private all boys’ school then in 1959 he studied cultural anthropology and English literature at the University of Pennsylvania. When his father passed he left Wynn with $350,000 in gaming debt, so he took over the family’s bingo businesses. He became quite successful running the family business and this success allowed him to move into bigger business ventures. Wynn invested in the Frontier Hotel and Casino in Las Vegas in 1961 and moved there with his wife Elaine. Wynn also had another company while he invested in Las Vegas, which was that he owned and operated a wine and liquor importing company. He was making good money and had enough profit and connections in his life that in 1971 he managed to strike a deal with the likes of Howard Hughes and it involved him controlling the interest of the Golden Nugget in Las Vegas because the casino was shabby and worn...
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...fathers of Las Vegas development. As the former president and CFO of Candid Resort Group, you transformed the south end of the Las Vegas Strip into prime real estate, desirable to both the high-end leisure and convention markets. As the co-founder, CEO and president of Florentine Resorts LLC, you have a mission to redefine luxury by building another iconic hotel and casino in Las Vegas once the Florida Florentine hotel project can be negotiated. James Foster hired you largely due to your track record and ability to attract key investors. In fact, the executive chairman of the investment group who funded the Candid Bay project, cited your knowledge of the “casino resort experience” and “successful career at Candid Resort Group” as reasons for his company’s decision to invest in Florentine Resorts, LLC. Consequently, you have focused most of your efforts on securing $2.4 billion in funding for the Las Vegas location while James Foster has been working on the Miami Beach location. Although you have had limited contact with the Oasis deal, it is essential that you align strategies with James, whom you think will probably want to lead the Florentine negotiation team. You would be willing to partner with James Foster as co-lead in this negotiation team, but only if he is willing to acknowledge and show some respect for your many years of history in resort development. James has primarily been a residential developer and has had one recent success in Las Vegas; but now...
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...XXXXX America: North Las Vegas Training Needs Assessment HR421 – Employee Training and Development Instructor- By: Steve Flatt XXXXX America: North Las Vegas Training Needs Assessment XXXXXX America is the sub-corporate division of XXXXX International, a global corporation associated with the design, manufacture and development of electronic, defense, industrial and Medical products. Within the corporate structure of XXXXXXXXXXXX America, their newest site, known as a green site sue to its non-supported and total adaptation of the facility, is the North Las Vegas Site. This factory has been in operation since January of 2011 and is the single manufacturing plant for industrial size solar panels, measuring 60Ft x 60Ft. As the design and development of this product increases, the plan in the next year is to add over 500 employees to the site headcount. As with all XXXXXXXXXXX sites, the corporate culture and policies are expected to be enforced with one unique task. XXXXXXXXXXXXX has what is commonly known as the “XXXX culture”, and one of its roots is LEAN manufacturing. What is unique about LEAN is the concepts and training can be replicated but the actually process is unique at each location. Currently the location has a core team of approximately 7 senior managers, Plant, Program, Facilities, Materials, Human Resources, Engineering, and Business Excellence and 90 direct and indirect labor employees focused on the set up,...
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...There are some conditions in Las Vegas are the most suitable for developing solar energy. Las Vegas has enough sunshine all year around and also has a typical hot desert climate. According to a daily high and low temperature chart of Las Vegas, Nevada: From January to December, the lowest temperature is rarely below 34°F or above 110°F (see fig.1.). The average temperature from April to October is high enough to collect abundant solar power which is a really long period to collect. Due to the plentiful sunshine in this desert area, the collection of solar energy becomes an easy process compared with other alternative energies in Southern Nevada. Geographical position is also a condition which makes solar energy be the best alternative energy to support Southern Nevada’s daily energy consumption. Fig.1. Daily High and Low Temperature (Average Weather For Las...
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...[pic] Keuka College Bachelor of Science in Management List 1. Develop a Porter 5-forces model of the casino industry. Make sure you discuss each of the five forces in a separate paragraph or section 3 2. How are the gambling companies in Las Vegas responding to the changes in the industry structure and the increased competition . 21 3. How have the casinos in Atlantic City tried to compete with Las Vegas? What threats do they face . 23 Chen Huisheng 323945 Lin Weijie 324066 1.Develop a Porter 5-forces model of the casino industry. Make sure you discuss each of the five forces in a separate paragraph or section. For purposes of this case, we will define the casino industry as including full-service, diverse entertainment (i.e. traditional) casinos of Las Vegas and Atlantic City, and treat other gambling alternatives (e.g. Native American casinos, riverboat gambling, etc.) as substitutes. When discussing each of the five forces, be sure to consider each of the factors relevant to each of these five forces as we discussed in class. In terms of Porter’s 5 forces analysis, the bargaining power of suppliers is weak because of the fact that casinos basically provide their own services with internal resources, such as employees properly trained in various casino games. The bargaining power of customers is strong, especially because even a slight change in the demand for casino services could directly impact the revenues of the industry...
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...Thesis Prohibition of the 1920s introduced the maturation of the American mafia. The religious left and established political groups influenced and created the 18th Amendment to the United States Constitution which made it illegal to produce, sell, transport, and import alcohol. If prohibition influenced the creation of the Mafia what did the Mafia influence and how did it affect American Society? Preview of Main Points I was able to find several areas where the Mafia was able to influence American society as we know it today but; I will only touch on three of them. The music we listen to today was greatly affected by the popularity of jazz being performed in the underground night clubs which were owned and operated by the Mafia. Las Vegas, or “Sin City”, wouldn’t be the city it is today without the funding and early management provided by the Mafia. Finally, crime scene investigation or forensic analysis was adopted by the Federal Bureau of Investigation to aid in the investigation of Mafia related incidences. Evidence The Mafia was able to flourish and profit during the early days of prohibition, they provided what was deemed illegal to people who were willing to pay. The Mafia, being entrepreneurs in the times of prohibition, opened plush nightclubs called speakeasies with exotic...
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...Sport Marketing Project for Sport Planning and Promotion Spring 2009 Sean Waple Sports Exercise Science: Sport Management University of Akron TABLE OF CONTENTS PAGE 1.) Cover Page PAGE 2.) Table of Contents PAGE 3.) Team Logo PAGE 4.) 4 Ps of Marketing PAGE 5.) Our Consumer PAGE 6.) Mission Statement PAGE 7.) Marketing Objectives PAGE 8.) Duties and Positions PAGE 9.) Salaries of Marketing Team PAGE 10.) Demographics PAGE 11.) Map of Las Vegas PAGE 12.) Competitors PAGE 13.) Stadium Layout PAGE 14.) Ticket Prices PAGE 15.) Sponsorships and Promotions PAGE 16.) Signage PAGE 17.) Bibliography 4 Ps of Marketing Product: The nature of the product or service, including decisions as to a product line, product extensions, and meeting new consumer needs within the designated group of customers. Price: A fair price that also reflects the image you want to portray about your product or service. Consideration includes competitor’s prices, available discounts, and market share. Place: The actual distribution of your product or service. This could include means of transporting goods to wholesale and retail outlets or references to the geographic location of your stadium or health club. Promotion: Getting your message about products and services to potential consumers. This can be attained through publicity, advertising, or other means of communication. Our Consumers Our Consumers are classified in one of the following categories based on...
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...http://scholarsarchive.jwu.edu/mba_student/3 This Research Paper is brought to you for free and open access by the The Alan Shawn Feinstein Graduate School at ScholarsArchive@JWU. It has been accepted for inclusion in MBA Student Scholarship by an authorized administrator of ScholarsArchive@JWU. For more information, please contact egearing@jwu.edu. Johnson & Wales University Providence, Rhode Island Feinstein Graduate School WYNN RESORTS, LIMITED A Research Project Submitted in Partial Fulfillment of the Requirements for the MBA Degree Course: HOSP6800 Hospitality and Tourism Business Policy and Strategy May 10, 2011 Wynn Resorts, Ltd. 2 I. All financial data have come from the 20 I 0 or 2009 IO-K Report of Las Vegas Sands Corp., MGM Resorts International, and Wynn Resorts, Ltd. 2. All industry standards are from personal communications with Dr. Cooper, HOSP5600. 3. All industry medians are taken from Hoovers.com and the market price is taken from Yahoo Finance. Wynn Resorts, Ltd. 3 TABLE OF CONTENTS Executive Summary ......................................................................................................................... 5 Nature of the Business ..................................................................................................................... 7 Environmental Analysis ......
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...Sultan Alotaibi 2010 Las Vegas Executive Summary LVCVA aims to provide the best and luxurious entertainment products and services to targeted business environments in North America and the rest of the world. This plan seeks to generate a significant increase in company sales and profits from creating more contracts with businesses from Canada in a perspective of B2B customers, government alliance, government services, boarding the service-line, compared to the preceding year. The highlights of this plan are the targeted sales-revenue from managing the business relationship with other business clients. These targets are attainable through enhancing the relationship with our current clients and our market reach in the future, expanding business relationship with other business clients, teaming-up with leisure providers, and partnering with reputable international and regional suppliers and services firms to reduce competition, improve pricing, and reduce risks. Las Vegas is counted to be a complete city for any vacation, convention, and business trip. The city has 150000 rooms, 250000 resort industry employees, the resorts can host up to 19000 meetings, convention and incentive programs annually, ranging in size from 10 to over 100,000 attendees. Las Vegas has more than 10.5 million sq ft of exhibit space (Ralenkotter, 2009). This business plan was created on the basis of our market research. Data conclude the size and growth of the business market segments, business...
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