...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 What are Wynn Resorts’ distinctive resource and competencies? Resources: 1. Steve Wynn- A most important Key resource is Steve Wynn himself. It is clear that he has a great instinct for the business and has immense passion for his trade. His vision for where the business is heading and his instinct for what his customers would love made him a billionaire in a relatively short time. In addition, he is not just a strategic, “big picture” kind of a person. He also is a hands-on manager, just enough to inspire his employees and make his customers feel special. He is a charismatic leader. He is also a great communicator, because he is able to get other stakeholders such as financiers, developers, and politicians on board so that he can implement his plans smoothly. 2. High-end facilities- grandiose decoration throughout the hotel and recreational facilities such as its 18-hole golf course, fairway villas and private entry villas, diamond suits, lavish nightlife, and Ferrari and Maserati car dealership. 3. High brand image- “the resort is able to charge a premium price due to the clout of the Wynn name and the high quality of its products and services. In 2006 Wynn Las Vegas enjoyed 94.4% occupancy, far exceeding the area’s average. Wynn resorts’ brand is synonymous with luxury in the casino market, and it capitalizes on this reputation, appealing to the high-end market.” (jones hill 2010) 4. Operating license in Macau- A key resource in the international...
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...W Y N N RESORT make their lives' fortune in "Sin City"; Steve Wynn is one of the lucky few who has. He went from humble beginnings in a family-run bingo parlor in Maryland to Chief Executive Officer (CEO) and Chairman of Wynn Resorts, Ltd. premium-destination world-class casinos and resorts. Seen by many in the entertainment industry as a visionary, Steve Wynn has 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...
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...General motors corporation (GM) filed for chapter 11 bankcruptcy protection, the second-largest industrial bankruptcy in history (worldcom was the largest). GM, which hadn’t made aprofit since 2004, declare in its filing that it had 172 billion in debt and 82 billion in assets. As any competent business student could tell you. The ratio doesn’t make a balance sheet balance, especially when the companys equity is worth little. Fritz Henderson, who named CEO of Gm on march 30,2009, was a numbers guy, but he knew the companys culture had to change. His vision of the new organizational culture revolved around four guidelines: risk taking, accountability, speed, and costumer-product focus. The problem was that GM had tried before to reinvent itself, with mixed success. “GM’s past is littered with the buzzords of culture change. It has struggled to impose cultural change across the highly bureaucratic company in which brands, departments, and regions operated like self governing and competing states within a federation. But GM’s executive said, this time would be different. After all, there was the bankruptcy and the selective elimination of entrenched leadership. Were things really changing, though? Despite his well intentioned plans, Henderson was fired by the board on December 1, 2009 some felt he wasn’t radical enough to change the company. His replacement was the person appointed by the obama administrations car czar to oversee the automakers revival after bankruptcy, ed whitacre...
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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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...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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...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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...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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...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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...Industry Leader Stephen Wynn Steve Wynn is an amazing casino mogul and is 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...
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...2. What would you recommend to Rosewood Hotels & Resorts? Rosewood Hotels and Resorts’ management is considering a new brand strategy. They are hoping this will strengthen customer awareness of Rosewood Hotels and Resorts' other luxury hotel and make the brand more present in advertising. That is, until now they have kept the ‘Rosewood’ name out of all marketing and advertising at all their luxury hotels. In order to make a shift they need to create an implementation plan that is going to be effective but must be very calculated in its way of doing so. Rosewood’s management envisions great potential in this branding, for instance, they will be able to build awareness of their other properties and boost sales in the process. If part of the marketing team, I would make the following recommendations: 1. Increase awareness of Rosewood Hotels and Resorts to their current customers. There are few current customers that know Rosewood Hotel and Resorts exists and manages other properties. We are provided instances in which guests have never heard of the Rosewood Brand unless expressly told by their travel agents. Incorporating a Rosewood Logo would alleviate this and solve this problem. The manner in which is done will need to be in line with the hotel’s ‘luxury’ appeal. 2. Educating current customers of Rosewood’s other ‘luxury’ hotel locations. If these customers are happy with their accommodations at hotels such as Jumby Bay in the Caribbean they will be more likely...
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...information for analyses, It is found that all of Ian Resorts’ traditional lines of business has its own best and worst selling products. However the data varies at different period of the year. The company cannot determine vital information such as which customers are golfing and staying at the hotel or which customers are staying at the hotel and not golfing. For example, the three details that the customer Diego Titus ( 1) stayed four nights at an Ian Resorts’ managed hotel, ( 2) golfed three days, and ( 3) took an all- day spa treatment the first day are discrete facts housed in separate systems. Ian Resorts hopes that by using data warehousing technology to integrate its data, the next time Diego reserves lodging for another trip, sales associates may ask him if he would like to book a spa treatment as well, and even if he would like the same masseuse that he had on his prior trip. Ian Resorts is excited about the possibility of taking advantage of customer segmentation and CRM strategies to help increase its business.TO: Joshua Todd FROM: Rajson Solomon DATE: January 31,2013 SUBJECT: Inputs for the CRM strategic initiative. Although we have the IT infrastructure pieced together with various systems and applications, our CRM systems are not integrated. Using data ware housing technology will be a good idea to integrate. Accessing important customer information for analyses, It is found that all of Ian Resorts’ traditional lines of business has its own best and...
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...Rosewood Hotels & Resorts: Branding to Increase Customer Profitability and Lifetime Value Nature of Situation Rosewood Hotels and Resorts is a privately held hotel management company. Rosewood is the corporate entity behind many popular luxury hotels such as The Mansion on Turtle Creek and the Carlyle. Rosewood developed the luxury properties based on their concept of “A Sense of Place”. “A Sense of Place” incorporated the unique features-characteristics-culture of the location with the hotel to create a unique hotel at each location. In order to maintain the uniqueness of each individual hotel, Rosewood has kept the corporate company hidden from the boutique hotels. The strategy has allowed Rosewood to become a success and remain separate from some of their chain competitors. The differentiation of each hotel has created iconic hotels with no brand recognition amongst them. The following data demonstrates the importance of having brand loyalty in the luxury hotel business. 2003 report showed majority of customers did not know the Rosewood Brand. In 2004, John Scott, Rosewood President and CEO, and Robert Boulogne, vice president, were working to boost the growth and sales of the company. They looked to a competitor, AmanResorts, who had clientele that would seek out their hotels: Rosewood wanted to create the same clientele awareness. Rosewood was also collecting more data from their guests by using its central reservation system (CRS). The database is currently...
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...people know the clear information of holiday resort in China to promote this industry and bring innovation for this industry. We can refer to the successful cases to prepare for our future company. The holiday resort has an ability to attract people to come again by owning the advanced recreational equipment, beautiful environment and considerate service. Additionally, the holiday resort provides people with the happy and relaxing lives. With the rapid development of economy, people are willing to have a relaxation and close to nature. The holiday resort will satisfy customers. People simultaneously enjoy both psychological and physical comfort in holiday resort. This paper will use analysis of STEEPG, five-forces analysis, driving forces, key success factors, resource-based analysis, capability analysis, SWOT analysis. By analyzing, the important thing can show people clearly. Then, we come up with 2 strategic options. At last, we choose one strategy which is suitable for us to go, and we make further implementation for our company. Keywords: holiday resort, considerate service, analysis Industry The history of holiday resort has one hundred years. At the beginning, holiday resort only provides accommodation with the good environment for customers. However, as China rapidly develops, holiday resort offers customers green food, the advanced recreational equipment and many interesting things. Some holiday resorts even offer customers hot spring. Let customers...
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...The fresh-water pool at Zitahli Resort & Spa is perfect to lounge around The super deluxe beach villa is an oasis for the weary worth ` 1.40 Log onto traveLweLL.in Lakh and win a holiday to the maldives a n Two new experience, a new beginning and a new sense of appreciating nature. In keeping with the Maldivian sense of hospitality, Zitahli Resorts & Spa has been designed to remain in harmony with nature, without compromising on the quality of service. Surrounded by untouched reefs, turquoise waters and pristine beaches, this 5-star luxury resort has 50 contemporary, chic villas, 20 on land and 30 on the water. The name Zitahli comes from a combination of ‘Zita’, a star that rotates around the sun, and ‘Li’, a Chinese measure of distance, indicative of the resort’s distance from the real world while providing the perfect place to relax and rejuvenate in idyllic surroundings. the prize nights stay (on B&B basis) for a couple at Zitahli Resorts & Spa in the Super Deluxe Beach Villa with pool and access to the Zitahli lounge at the airport n Return Sea-Plane transfers Terms and Conditions for claiming the Gift Voucher/ coupon through a Lucky Draw: 1. The Lucky Draw is organised by Worldwide Media Private Limited (WWM) and is binding on all participants to this Lucky Draw and all applications for participation would be in the original form. Only one entry permitted per person. Entries made in bulk or by third parties are prohibited. WWM reserves the right...
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