Wynn Resort Essay Example for Free

Wynn Resort EssayExecutive Summary1.) PurposeTo know if what is the overall strategy of Steve Wynn to make Wynn Resorts, Ltd. on the right track and quite a remarkable keep company.2.) Statement of the ProblemThere are three problems which I found out in the case, and these are the three challenges that Wynn will have to face, and the futurity may throw some curveballs along the way. First is need to secure a way to maintain the competitive advantage as increased competitor 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 benefit 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 bushel and casino. A third adjoin about future success, unless certainly not the final concern, is the want 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 ActionsWynn 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.) RecommendationWynn 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 taking into custody that most of their budget will go to dining and entertainment.Methods of Analysis1. SWOT AnalysisSWOT ANALYSISStrengths 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, Forbe s 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 securities industrying 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 comforts and customer service. 4. Steve Wynn is widely considered the 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 companys 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 scatty 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 majori ty 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 waste 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 eon it deems appropriate is a significant threat to the success of Wy nn Resorts because it could lose control of its operation in Macau. 3. Another threat exists in the possibility of Wynn Resorts, Ltd. being inefficient to collect on its gaming debts. 4. The loss of Steve Wynn, himself.Bibliography1. http//www.studymode.com/essays/Swot-Analysis-Wynn-Ltd-946073.html 2. http//www.investingvalue.com/investment-leaders/steve-wynn/index.html