...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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...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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...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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...However, Wakeley, Rivera, and Langer (2000) disputed Wynn (1992)’s suggestion that concept of number is innate. They based this assumption on previous studies such as Houdé (1997) who offered that children cannot add or subtract until the age of 3. They tried to replicated Wynn’s findings but failed to do so. First two experiments they conducted were the same as these in Wynn’s study. 5 months old infants were introduced to the Mickey Mouse doll and allowed to play with it. This was to let the babies get familiar with the toy. The procedure was the same as Wynn’s but used more computerised apparatuses. There were also two conditions: addition and subtraction. In the addition trial, a doll was placed on the stage and the screen came up. Then...
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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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...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...
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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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...identify the set of actions enabled by the ability in question. Third, define a set of criteria by which these actions can be identified in the archaeological data. This book also highlights the fact that evolutionary psychology does not seem to play much role in cognitive archaeology. Wynn explains this and writes that reasons for this are its overdependence on reverse engineering; a method that is less favored by archaeologists and its cultivated ignorance of the palaeoanthropological records. Every chapter tries to link one or the other cognitive process to archaeology. It is quite difficult to link the ideas of people from different backgrounds into a coherent whole. Where chapter 4 talks about consciousness next chapter jumps on to the references one can make about the linguistic system of the prehistoric men from the information about the hand that they used for working (handedness). Also, authors seem to have different ideas about the goals of the field. Where for some it is to figure out how and when the higher mental processes like decision making, reasoning, thinking, language etc. started ; what can be said as the onset of these abilities (Rossano, de Beaune) and for others like (Tattersall, Wynn and Coolidge) main goal is to find out the earliest glimpse of “modern”...
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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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...What Do Marc Cuban, Zappos & Steve Wynn Have in Common ... www.linkedin.com/.../20121002121856-101706366-what-do-...翻译此页 2012年10月2日 - What are the essential qualities that make a great leader? What are the skills, strategies, or tools that we can use to shape our natural gifts into ... 2. Steve Wynn Quotes - BrainyQuote www.brainyquote.com/quotes/authors/s/steve_wynn.html翻译此页 Quotations by Steve Wynn, American Businessman, Born January 27, 1942. ... And what I consider to be a total lack of leadership from the President and ... 3. Steve Wynn Industry Leader - Term Papers - Maritzritz www.termpaperwarehouse.com › Business and Management翻译此页 2013年6月13日 - Read this essay on Steve Wynn Industry Leader . Come browse our large digital warehouse of free sample essays. Get the knowledge you ... 4. STEVE WYNN: Extraordinary Quotes From The Sharpest CEO In ... www.businessinsider.com/steve-wynn-extraordinary-quotes-fro...翻译此页 2012年5月8日 - He has never held back when it comes to criticizing U.S. leaders. AP. A Nomura analyst asked about the political environment. Steve Wynn. 5. What do Marc Cuban, Zappos & Steve Wynn Have in Common? The ... business.tonyrobbins.com/what-do-marc-cuban-zappo...翻译此页 作者：Tony Robbins - 在 706,677 个 Google+ 圈子中 2012年10月3日 - Tony Robbins explores the essential qualities that make a great leader. What are the skills, strategies, or tools that we can use to shape our ... 6. Steve Wynn Biography - Investing Value www.investingvalue...
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...operate at a profit. These issues arose due to a decline in group motivation, and the choice of team members to engage in communication and listening habits that were counterproductive to group success. These destructive behavioral patterns, typically, gave rise to hidden agendas that resulted in a loss of revenue, rising development costs, and unplanned costs for an organization. Hidden agendas inhibit creativity, the ability to make sound business decisions and solve problems quickly, and hinder overall group cohesion. Only through good leadership can a company prevent or turn such situations around. Good Leaders motivate team members, manage group processes and make decisions that improve the culture of the organization (Engleberg and Wynn, 2013, p. 114 -115). They also can motivate team members and utilize effective communication and listening skills that leads the organization to the successful execution of the company’s strategy. Teamwork is the key to success. Analysis of the Situation Intergroup Conflict and Conflict Management Constructive conflict was presented when Mr. Marks partnered with a major PDA manufacturer. This was a great match...
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