...University of Macau Faculty of Business Administration GAMM302 Gaming Regulations and legal Environment 2009/2010, second semester Written Assignment Topic: H istory of the 2001 -2002 concession public tender process in Macau Name: Lau Hiu Tung Number: B-A7-0070-2 Date: 30 April 2010 Abstract The purpose of the report this time is to share and have a discussion in the concession public tender process in 2001 – 2002. By reading this sharing, I hope we can have a clear picture about the whole tender process, what has happened, and how was it organized during those 2 years. As this is a very important topic in the gaming sector. Moreover, I will also have a discussion to see the main reason why were those 3 companies won in the competition, and also some specific issue that raised by some of the candidates. Introduction Macau has a very long history in the area of gaming business. In the old days, Macau is being named as “Eastern Monte Carlo”. Now, Macau can be called as “Eastern Las Vegas”, as many foreign companies have started their business in Macau after the liberalization of the gaming industry in 2002. This change let Macau step into a new era and increase its reputation all over the world. Why Macau can have such a big change after the operation in the style of monopoly concession for more than 70 years? How the tender process has been gone through? Why result in these 3 concessions – even though now there are 3 plus 3 sub/concessions, but this is another...
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...Case Study 1 Wynn Resorts LTD. Sean Brockert Palm Beach State College History 1967 complete renovation of Golden Nugget. 1989 complete renovation of Mirage. 1993 complete renovation of Treasure Island. 1998 complete renovation of Bellagio Mirage becomes part of MGM ($6.4 million) April 2005 Wynn Las Vegas resorts open. September 2006 doors open Wynn Macau. December 2007 2nd phase complete Wynn Macau. 2009 expected completion of encore Las Vegas. Internal Strengths and Weakness Strengths Brand Name recognition (Wynn 30 years experience in Vegas). Management team highly experienced and very successful in tourism. U.S. population living longer (retirees are more incline to spend money traveling, leisure activities and gambling). Strategic development of its product. Continuous promotion of brand part of company strategy. Direct marketing to high end customer * B. Weaknesses. 1. Too reliant on CEO Steve Wynn (many lines of credit as direct reflect of Wynn maintain CEO position). 2. Increase in terrorist activity lead to tourism worldwide decrease. 3. Rising gas prices has lead to direct increase in airfares which consequently leads to decrease in travel and tourism. 4. Many competing properties in both Las Vegas and Asia. 5. Sole marketing executive in strategic global location not sufficient to conduct through market research and adjust product according. Nature of external environments Risk of Entry by potential competitors ...
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...NIBC Valuation Memo Analysis of valuation methodologies Comparable company analysis compares trading and operating performance of the Wynn Resort to its peers. We used this valuation method to determine how the market has valued the earnings and cash flows of similar companies and allow us to analyze other parameters such as book value, leverage and margins. The main benefit of this valuation methodology is that market efficiency ensures that the trading multiples are similar for companies in a related industry, geography, and have similar market cap and growth rates, thus the company in question can be valued based on its close trading comparables. Disadvantages include an inability to find exact comparables, as no two companies are the same; thinly traded stocks may not fully reflect the fundamental value of the company, or extreme market volatility may cause deviation from intrinsic value, and an entire industry could be undervalued or overvalued as a result. Precedent transaction analysis determines the values offered in past acquisitions of similar companies and determines the pricing associated with past deals as compared to the target’s financial performance and current market value. The pro is that comparable transactions reflect reality as it has occurred in the past. This method gives you an accurate sense of how past transactions were successfully completed at certain premiums, which indicates a range of plausible premiums. Trends such as consolidating acquisitions...
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...This discussion was over the controversy of Pat Mulroy being appointed a board member of Wynn Resorts. The reason this became a debate is because Mulroy had been a member of the Nevada Gaming Commission less than a year before and was allowed to get this job. Nevada law states that a member of the Nevada Gaming Commission must have a one year cooling off period where they cannot sit on the board of any private gaming company because of the sensitive information that said person may be able to use to the companies advantage. However Mulroy was given permission to forego this one year cool off period and is on the board for Wynn. The Nevada Commission of Ethics found that, in Mulroy’s case, she did not have to wait. The commission’s biggest point...
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...Shawn Feinstein Graduate School 5-10-2011 Wynn Resorts, Ltd. Myung Ji Doh Johnson & Wales University - Providence, mjd141@jwu.edu Follow this and additional works at: http://scholarsarchive.jwu.edu/mba_student Part of the Food and Beverage Management Commons, and the Gaming and Casino Operations Management Commons Repository Citation Doh, Myung Ji, "Wynn Resorts, Ltd." (2011). MBA Student Scholarship. Paper 3. 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...
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...Title: Wynn Resort Executive Summary Wynn resorts, Ltd. is a premium destination world-class casinos and resorts owned and managed by Steve Wynn. It also owns and operates the Wynn Las Vegas, a casino resort that is located at 3131 Las Vegas Blvd. South, The Strip, Las Vegas, Nevada and a casino resort located in the Macau special administrative region of the People’s Republic of China. Problem Identified 1. The expansion in China and Macau has the right to take control of the Wynn resort in the year 2017 which would be devastating to the company and would drastically reduce the company profit and Wynn Resort should be able to make a good strategy in which it’s not. 2. Maintaining the competitive advantage of Wynn Resort over it’s competitors despite the increasing number of international and domestic competitors. Alternative Courses of Action 1. Focusing on high end customers is not just the main goal of the company but also should cater to people that belong to the middle class or middle market gamblers 2. Excellent customer service should be observed since it would be able to make the company boost their reputation and consistency in terms of customer satisfaction. 3. It would be better to lower their cost or price in order the middle class customers to gamble more often in their casino. 4. There should be a unique offering of amenities and facilities in the casino and hotel which would give them a stand out compared to other...
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...Case 1: Wynn Resorts Q1: What are Wynn Resorts’ distinctive resources and competencies? As stated in the case study, “The greatest operational strength Wynn Resorts has is the founder himself”, Steve Wynn is the company’s biggest advantage. It is abundantly clear that people in the industry respect his decision making as can be seen when he left the Mirage, many senior executives joined him in his new venture. Without Steve Wynn to point the company towards his ultimate vision, the success of Wynn Resorts would be substantially less significant. What Mr. Wynn possesses that cannot be imitated by any other company is his expansive experience and comprehensive knowledge of the hospitality industry. Moreover, his network of connections to both people in positions of influence and financially affluent customers contributes greatly to his ultimate goal. His judgment allows Wynn Resorts to differentiate itself from other competitors in a very competitive industry. Additionally, the other senior executives bring their own expertise to the company that cannot be imitated by competitors. By taking advantage of their experience in their respective fields the company is able to maintain its position as a world class leader in the gaming resort industry. And since these executive have worked together previously, their ability to work together as a cohesive unit is another aspect of Wynn Resorts that cannot be replicated. At present, Wynn Resorts is one of a handful of companies that...
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...Personality is all about dynamic and structured characteristics of thoughts, feelings and behaviors that make a person unique. In the case study there are three scenarios have been elaborated. A successful story of two different types personalities and importance of having people with positive attitudes and its implications to increase efficiency levels. In the first situation a group of people who are working with positive attitudes and high degree of commitment to their jobs. In the second part about the saga of Wayne Huizenga a successful entrepreneur with self confidence and risk taking personality. And finally the story of ever optimistic Steve Wynn with inherited personality and the way he motivates his employees to perform optimistically all times. Part- I “90 Hours a Week and Loving It”. Due to pleasant working conditions, structured & specified job functions, attractive packages and more importantly with the use of cutting edge technology employees at firms like Apple Computers are willing to work around- the- clock. People at the top level also play a significant role in formation of such positive attitudes, as Steve Jobs (CEO, Apple Inc.) is charismatic and influential leader, also a self monitoring and risk taking personality. According to Herzberg’s Motivation Hygiene Theory, the workforce at Apple would be categorized under Motivators as they have drive to achieve, personal growth, job satisfaction and obviously the recognition. In the local arena a good...
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...is also shared by everyone and by most members of any given social group. Older members of a group pass their culture on to the younger group members and it shapes behavior while structuring perceptions of the world (Adler & Gundersen, 2008). Diversity – a much broader concept – describes more than a person’s birth place, skin color, or ethnic heritage. In the most general of terms concerning group communication, diversity is simply the quality of being different. Most of the groups we are members of are made of individuals with different physical characteristics, traits, status, and attitudes. These characteristics include, but are limited to age, occupation, physical ability, marital status, personality, and religion (Engleberg & Wynn, 2010). Also, in terms of diversity, it exists within and among all cultures, but within a single culture certain behaviors are favored while others are repressed. The norm for a particular society is the most generally accepted values, attitudes, and behaviors (Adler & Gundersen, 2008). This paper will focus on what happens when these characteristics become a distraction within a group and potentially cause a delay in a project’s completion. The situation...
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...Case Analysis Project Summer 2014 Brandon Ast Christina Casey Table of Contents Introduction…………………………………………………………………………………………3 Overview of the Company Current Strategies Current Mission External Environment…………………………………………………………………………….4 Assessment of External Environment Porter’s Five Forces Assessment of Strategic Groups Key Competitors Internal Environment……………………………………………………………………………..7 Value-Chain Analysis SWOT Analysis Financial Statement Analysis Analysis of Financial Data Key Resources and Capabilities Internal Efficiency and Cost Savings Industry Analysis Analysis of Marketing Position………………………………………………………………..18 Company & Industry Growth Marketing Strategies Analysis of Management Stock Performance International Strategies Strategic Position…………………………………………………………………………………21 Current Core Competencies Competitive Advantages Performance Indicators Recommendations and Discussion………………………………………………………………23 Long-Term Options SBU Level Recommendations Short-Term Options Corporate Social Responsibility Environment and Sustainability Introduction Las Vegas Sands Corporation (LVS) is a multinational casino and resort company that began in 1989 when Sheldon Adelson purchased the Sands Hotel in Las Vegas, Nevada. Since 1990, LVS has grown into a luxury hotel, entertainment, and gambling corporation with locations in the United States in China. Among their most well-known American properties are The Venetian...
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...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 targets high end Asian clientele and the Venetian theme which is seen prominently in their establishments. We have also analyzed the company’s external environment based on Porter’s 5 forces. Most of the forces are identified to be moderate, with the exception of threat of substitutes being high. For this paper, we have defined their core business to be in the casino business. Their resort...
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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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...INVESTMENT STRATEGY AND SELECTION: The strategy employed for Stock-Trak was to diversify our portfolio among the sectors and various stocks. The goal was to earn at minimum 3% on the principal, and this was to be obtained by doing technical analysis and looking for stocks that showed future potential for a price increase, or a price decrease in the case of a short sell. We also looked for news from the companies that would positively or negatively impact them. We were more inclined towards trading stocks, and did not invest in other securities such as bonds and mutual funds, since stocks had the potential to offer a higher yield. In order to pick a stock, we looked at financial websites such as Google Finance and Yahoo Finance. We looked at the stocks that were most active in dollar volume for the particular sector, and within these stocks, the plan was to pick stocks that were not too volatile, and having an upward trend. This turned out to be a mistake on our part since we picked some stocks that were too highly priced hoping it would further increase, but instead decreased shortly after we bought it. Also, some of the stocks that we picked turned out to be volatile and dropped considerably thereafter despite our approach to stay away fi-om highly volatile stocks. We also picked stocks from different sectors, and these included technology, energy, basic materials, financials, services, and transportation. ,---- INVESTMENT SUCCESSES: Nokia is an example of a good investment...
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...Las Vegas Sands Corporation History The Las Vegas Sands Corporation started in 1989 as “Las Vegas Sands Incorporated” with the purchase of the Sands hotel and casino by entrepreneur Sheldon Adelson and his partners. In 1995 Sheldon Adelson bought out his partners in The Interface Group (TIG), the group that made the initial purchase of the Sands, and began planning the Venetian. In 1996 the Sands was imploded and in 1999 the Venetian was opened. Five years later, in December of 2004, Adelson took the Las Vegas Sands Inc. group public and it has since been the Las Vegas Sands Corporation (LVSC). Financial history The initial offering on December 14th, 2004 consisted of 23,809,524 shares at a price of $29 per share. From Bloomberg Business week, also shown in Appendix 1, we can see that since the first full month that LVSC has been traded on the NYSE its average record monthly high stock value was $103.05 and its average monthly record low stock trade value was $10.17. Within the last five years, the LVSC has suffered through the world’s economic downturn just like any other company. In Appenix 2 we can see that the early part of 2009 was the worst, in terms of stock prices, for the LVSC. We can also see that within the last two years, LVSC has also regained a lot of ground. There current share price is on the NYSE is at 51.50 and the performance of the Macau and Singapore markets continues to positively increasing the value of the overall company. Political position...
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...UNIVERSITY COLLEGE DUBLIN NATIONAL UNIVERSITY OF IRELAND, DUBLIN MASTER OF SCIENCE (SINGAPORE) Business Policy BMGT 4025S STUDY GUIDE MSc14/15 FT / Singapore Copyright October 2012 1 Author: Dr Yousef Eiadat and Dr Richard Tan (2012) This manual was prepared for University College Dublin as a comprehensive support for students completing the above mentioned Degree programme. © This publication may not be reproduced, in whole or in part without permission in from University College Dublin. Module Co-ordinator: Dr Yousef Eiadat & Dr Richard Tan Contact details Mobile: TBA Office: TBA Email: rich_bsc@yahoo.com.sg 2 TABLE OF CONTENTS PAGE Welcome message 1. INTRODUCTION a. Background details b. Module aims 2. MODULE OUTLINE a. Module learning outcomes b. Themes and topics c. Learning supports 3. MODULE DELIVERY SCHEDULE a. Session arrangements b. Student engagement c. Office hours arrangements 4. ASSESSMENT DETAILS a. Assignments b. Module assessment components i. Pre module assignment ii. Group project iii. Examination 5. GRADING a. University grading policy b. Grade descriptors for assessment components 6. CONCLUDING COMMENTS APPENDICES 5 6 10 12 16 19 21 3 Welcome message Welcome to this unit on Business Policy. Dr Yousef Eiadat will be joining me in teaching this course. In this unit we aim to build skills in Strategic planning – the analysis behind strategic decisions, the crafting of strategies and the implementation...
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