Wynn Resort Essay Example for Free

Wynn Resort Essay Executive Summary 1.) Purpose To know if what is the overall strategy of Steve Wynn to make Wynn Resorts, Ltd. on the right track and quite a remarkable company. 2.) Statement of the Problem There are three problems which I found out in the case, and these are the three challenges that Wynn will have to face, and the future may throw some curveballs along the way. First is need to secure a way to maintain the competitive advantage as increased competition is introduce both domestically and abroad into the gaming industry. Second, The Macau government reserves the right to take control of the Wynn Casino in 2017; this would be detrimental to the profits for the company, and some solutions will need to be devised to ensure that the survival of the company is not majorly dependent on the revenues generated by Wynn Macau resort and casino. A third concern about future success, but certainly not the final concern, is the loss of Steve Wynn himself. Losing Steve Wynn would mean losing his expertise, passion and governmental ties. In the most likely scenario, a loss of Steve Wynn may result in the sale of the firm to a competing company, such as MGM Inc. 3.) Alternative Courses and Actions Wynn must focus on differentiating the company by concentrating on the atmosphere and design of the resorts. Wynn Rsort must enhance customers service and luxury as full-service provider. 4.) Recommendation Wynn must not only focus to target high-end gaming customers, but he must also offer affordable goods and services to the middle-income clients. This segment includes vacationers and younger people looking for relatively inexpensive place to say with the understanding that most of their budget will go to dining and entertainment. Methods of Analysis 1. SWOT Analysis SWOT ANALYSIS Strengths 1. The greatest operational strength Wynn Resorts, Ltd. has is the founder himself, Steve Wynn. 2. The resort has earned AAA five diamond, Mobil five-star, Forbes five-star, and Michelin five star ratings for hotel, as well as one Michelin star for restaurant Wing Lei, and is considered to be one of the finest hotels in the world. 3. One of Wynn Resorts’ greatest marketing strength is strategic development of its product. The product that Wynn sells is a luxury destination experience that makes customers feel pampered and value through high-quality amenities and customer service. 4. Steve Wynn is widely considered the â€Å"Father of Luxury Gambling†, and he is largely responsible for the image change and societal perspective change of the city of Las Vegas. | Weaknesses 1. The company’s complete dependence of Steve Wynn is a significant weakness. 2. Focusing solely on the high-end market could be a marketing weakness in that Wynn is missing a large customer base of middle-income clients. 3. Wynn Resorts’ biggest disadvantage is its youth. MGM Resorts and Caesars Entertainment are companies with history and territory. They have the majority of premier legal gambling locations such as Atlantic city under their thumb and they will create difficult barriers to entry for Wynn Resorts.| Opportunities 1. As the boomers retire, they are spending more money on leisure and recreation, and they are piling into the casinos, this growing represents an opportunity for the gaming industry and for Wynn Resorts specifically. 2. The development of a casino in Macau is a strategic opportunity. 3. Wynn Macau provides the opportunity for cross-marketing with Wynn Las Vegas, because the target market segment in both Wynn Las Vegas and Wynn Macau is high income, customers have resources to travel and vacation in other parts of the world, which can make cross-marketing very effective.| Threats 1. Social norms in the United States differ from those practiced in Macau and should not be universally applied. 2. The ability of the government to take control of the casino at any time it deems appropriate is a significant threat to the success of Wynn Resorts because it could lose control of its operation in Macau. 3. Another threat exists in the possibility of Wynn Resorts, Ltd. being unable to collect on its gaming debts. 4. The loss of Steve Wynn, himself.| Bibliography 1. http://www.studymode.com/essays/Swot-Analysis-Wynn-Ltd-946073.html 2. http://www.investingvalue.com/investment-leaders/steve-wynn/index.html