• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Wynn resorts. The casino business in Las Vegas and Macau

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Case Studies and Analysis section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

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

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Case Studies and Analysis essays

  1. Case study of The Jollibee Foods Corporation

    and Chinese food restaurants in the Philippines with over 200 branches in other countries. On March 26, 2008, Jollibee opened a new outlet in G-8, G-9 Jia Ning Na Mall, Shenzhen City, China, owned and operated by Kuai Le Feng, a wholly owned subsidiary of JFC.

  2. Zara case study. Zaras Objectives, Strategies and Problems.

    Last but not least joint-ventures in the markets where there are barriers of entry. 4.2 Assess and eliminate some other Inditex chains Zara is still in the growing stage and needs effort to stay as successful as it is now.

  1. Tesco Marketing Activities

    This method also does not target as large an audience but can have better customer response. Tesco Monaghan regularly carries out surveys within the shopping centre and car parks, by encouraging customers to fill out a questionnaire. This helps Tesco Monaghan develop accurate, up to date, specific market information which they can use to help them make a decision.

  2. Virgin Atlantic PESTLE analysis.

    employees, because if the value of money went down then they would have to pay more so that the employees would still be receiving their same wage or salary. Also the price of oil will affect the inflation rates because if the price of oil goes up so will the price of everything else, as oil is in everything.

  1. (P4) Describe the Functional Activities and the Independencies of Tesco Plc and Coleraine Borough ...

    * Continuing to authorise processes; making a discharge to air in accordance with the Pollution Prevention and Control Regulations (NI) Order 2003 5. Licensing and Regulatory services Objective: To secure public safety in premises and protect the public from infringements of legislation in relation to specified activities and sale of goods.

  2. Unit 1 P5 Describe the influence of two contrasting economic environment on business activities ...

    Investment When the economic is growing banks tend to invest or give loans to people more often this is because the people will be earning more money so the bank will get their money back in time. If the economic is in recession banks tend not to give loans or invest, so they increase more interest on loans.

  1. D2 Evaluate the effectiveness of business information and its communication as key contributors to ...

    This could pose problems because staffs who haven?t attended the presentation will be uninformed and therefore won?t be aware of the changes being made. Radio Tesco uses Radio as a tool for verbal communication to share information to their customers about things like offers and promotions.

  2. Unit 3 M2 explain the limitations of marketing research used to contribute to the ...

    a massive effect on their profit, but due to their research team and strong finances the chance of invalid data is very low because they will tend to use different ways to verify the information that has been received SWOT (internal strengths and weaknesses, external opportunities and threats)

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work