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Wynn resorts. The casino business in Las Vegas and Macau

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Introduction

Wynn Resorts, Ltd. Case study 1 Palm Beach State College History Wynn Resorts was formed by Steven Wynn, who was a former CEO of Mirage Resorts. He has been in the industry for a long time, and he is very knowledgeable about casinos and gambling. There are two locations, one is in Las Vegas and second is in Macau. The company first opened in April 2005, and it took its place as a full scaled resort. The property was located on the 217 acres of land with casinos, gaming tables, hotel accommodations with rooms and suites. Wynn is the only casino in the area that has a gold course in the area. it also has plenty of restaurants, bars, night clubs, and night time entertainment, and of course high end retail stores and expensive car dealerships. The company is currently competing with the largest casinos in Las Vegas, but they still seem to be up top (Hill & Jones, 2010). Internal strengths and weaknesses Strengths Steve Wynn Customer service Experienced staff Location Weaknesses Steve Wynn High end customers Slow rate increase External Environment Opportunities Demographics Acceptance of gambling Competitions merging Easier access to gambling license Traveling restrictions Threats Increase of competition Emerging market risks ...read more.

Middle

Wynn's marketing strengths are strategic development of the products. Both locations of Wynn Resorts have the same targeting segment, which are high end consumers. And when the cross marketing is being used, customers are able to travel all over the world (Hill & Jones, 2010). Weaknesses The major weakness of the company intervenes with the major strength- Steve Wynn. He is a weakness because the company is fully dependant on him, and if he was gone, there is a possibility of the company not surviving. Another major weakness is the focus on high-end customers only. There are a lot of people who can't afford to experience Wynn Resorts only because their income isn't high enough. And again their high prices get in the way, since they charge customers a lot more than competitors do, Wynn isn't able to increase their rates as fast as others get to do it. So when every other casino is allowed to boost up their rates up to 9 percent, Wynn can't go higher than 4(Hill & Jones, 2010). Opportunities The population is aging and they are a lot wealthier nowadays, so they can afford the Wynn experience. ...read more.

Conclusion

Regular employees are being kept under close attention, their names are remembered so are their preferences on rooms, games, and any other activities. Steve is building loyalty with his staff and the customers. There is a special incentives system involved where dealers are allowed to be a supervisor, and depending on their customer service skills, they can earn higher pay (Hill & Jones, 2010). Structure and control Wynn has no issues with the way the staff is being treated. They are all very experienced and professional, and most of them have followed Steve from Mirage Resorts. They all get appropriate incentives, depending on how well the performance of customer service was done and how well they interact with big spenders. Recommendations I would definitely recommend for the Wynn to make it more affordable, not to the point that anyone and everyone can enjoy the stay, but it shouldn't only target high end customers. And the company should save money itself, maybe some salary cuts could be made, and possibly reduced work weeks. Another recommendation I would make it to possible be advertized nationally. Since it is a high end establishment, it should be advertised on every corner. The ads will help them build different client relationships, and they will end up making g more profit, and doing more business than competing casinos. ...read more.

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Here's what a teacher thought of this essay

3 star(s)

***
A good analysis of the business but I believe that the recommendations at the end are not substantiated. The structure of the essay is quite loose and the writer could group the ideas more.

Marked by teacher Dennis Salter 15/05/2013

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