EXECUTIVE SUMMARY Wynn Resorts Limited is a publicly traded corporation based in Paradise, Nevada that is a developer and operator of high end hotels and casinos. It was formed on October 25, 2002 by former Mirage Resorts Chairmen and CEO Stephen A. Wynn. The target client base for Wynn Resorts are affluent individuals who seek the highest quality—Wynn and its sister property Encore hold more Forbes Five Star awards than any other casino resort in the world. Recently, Steve Wynn has taken his brand global by building in Macau, China. With the opening of the Wynn and Encore Towers, Steve Wynn has proven that upscale gambling can be accomplished outside of Las Vegas. Steve Wynn’s marketing strategy is to emphasize the quality of service …show more content…
In Macau the company’s revenue increased from $392.2 million in the fourth quarter of 2008 to $508.4 million in the fourth quarter of 2009.
Wynn Resorts, led by the romantic and visionary leader Steve Wynn, is a leader in the gaming and casinos industry. Following its mission statement of, “A commitment to providing an elegant environment, high-quality amenities, a superior level of service and distinctive attractions for our customers,” the company is well known for its luxury and excellence. Some major competitors in the Industry are MGM Mirage and Trump Entertainment Resorts. Fortune Magazine said that ”Wynn, which also led casino resort operators in 2009, ranked second in the hotel, casino and resort category for innovation and number 3 for people management, quality of management and quality of its products and services.” Wynn Resorts management strategy is that of focused differentiation. They create products and services that are unique and valued in which customers will pay a premium and they focus on an upper class segment. The company does well in management or in parenting, by using the experience of the corporate office and the support of the corporate office. Wynn Resorts does an excellent job in branding and is a big part of the company’s core competencies.
The company recorded revenues of $25,003 million during the financial year ended January 2011, an increase of 6.4% over Fiscal Year 2010. The operating
Renaissance Hotels and Resorts: Target market: Quality-tier full-service brand providing guests with the ambiance of
Marriott is renowned for its elegant and comfortable hotels and resorts. The company caters to a targeted customer base, ranging from the frequent corporate business traveler to the family enjoying their occasional weekend get-away. Marriott has continued its rise in the lodging, contract services, and restaurant industries. The company continuously strives to meet the needs and wants of its customers while strategically maneuvering the rigors of today’s competitive and ever-evolving market of glamorous destinations and convenient services. In order to remain relevant in a highly-competitive environment, Marriott must strike that successful balance of minimizing costs, and gaining and effectively
The idea of repurchasing shares was no stranger to Bill Marriott by January 1980. Almost five million shares of common stock had been repurchased on the open market by Marriott Corporation during 1979 at a total cost of $74 million and an average price of $15.16 in the belief that they were undervalued—a belief that still was not fully reflected in the market price. At $19 5/8, the stock was selling at only six times cash flow per share; and its price/earnings ratio of nine was a far cry from historical multiples as high as fifty times as recently as 1973. Its low price seemed to offer once again an obvious opportunity to benefit shareholders. However,
Customers are the backbone of every business which is why building a solid relationship is essential to the success of every business. In order to remain competitive companies must be able to meet the needs and wants of their customers. With new hotels and casinos on the rise in the Caribbean, the hotels and casinos operated under Diamond Cluster Entertainment are struggling to remain competitive. Their competitors are making themselves known via social media and other online marketing strategies. This company is ignoring the importance of social media which is why they are struggling to remain competitive and build a solid relationship with their loyal customers. Their competitors are also investing in loyalty programs that offer customers free rooms, room upgrades, casino credits, and other perks.
As we examined the financial evaluation of Caesars Entertainment Corporation, it will reveal the financial stability of its revenues, gross margin, and earnings per share. The largest gaming companies in the world under the leadership of CEO Mark Frissora and its 31,000 employees. It is ranked #7 in the Airlines, Hotel & Travel industry. Its ticker symbol was CZR, established in 1989. Now as we further examine the financial of Caesars, we will describe the profitability, liquidity, solvency, and the positive/negative trends over the last three (3) years. The profitability will show and yield profit or financial gain. Liquidity will describe and reveal the availability of liquid assets; how easy it is to convert assets to cash.
This study will examine Wilmott Dixon Group, a construction company and conduct a case study on how the company began, its growth, market, life cycle and will conduct a SWOT and Pestel Analysis. This work will further state a five-year development plan for the company to move forward in a sustainable and fair trade market.
Synopsis of the Situation The Bellagio was one of 23 properties of MGM MIRAGE, one of the world's leading hotel and gaming companies. Located in the heart of Las Vegas, The Bellagio was widely recognized as one of the premiere casino resorts in the world. Richly decorated, the resort featured a conservancy filled with unique botanical displays, and eight-acre lake featuring over 1,000 fountains that performed a choreographed ballet of water, music, and lights, top-notch amenities and entertainment options, and 200,000 square feet of convention space. In the casino operations area, the Bellagio operated 2,409 coin-operated gaming devices (slot machines), and 143 game tables. Approximately 1,000 people were employed in casino operations. As
The hotel chain, Astor Lodge and Suites, Inc., operates 250 properties in 10 western and Rocky Mountain states. The company’s customer base primarily comprises business travelers. In addition, the locations of the properties surround airports, large regional shopping centers, and major highways close to suburban industrial sites as well as office complexes. Projections of 2005 fiscal year forecast a fifth consecutive year of a gross loss for the firm. The estimates include an anticipated $422.6 million in company lodging revenues but a net loss of $15.7 million for 2005. As a result, Joseph James, president and CEO of Astor Lodge and Suites, Inc., initiated a challenging goal for executive management to devise a strategy achieving net profits in two years and sustaining positive growth in the future.
Since its foundation in 1927 Marriott Corporation grew into one of the leading lodging and food services in the US. With three major business lines: lodging, contract services and related business, Marriott has the intention to remain a premier growth company. To achieve this goal the corporation’s strategy is to develop aggressively appropriate opportunities within their business lines. Marriott would like to be the preferred employer, the preferred provider and the most profitable company in each of the operating areas. The financial strategy includes four key elements:
The MGM attracts five types of customers; recognition seekers, escapist, reward seekers, socializers, and professionals. Escapist seek a getaway to entertainment sections and resorts located in different areas. The reward seekers are driven to visit the business due to their vested interest in rewards that casinos tend to offer. Socializers require a form of engagement where they get to meet different people as a form of distraction out of the ordinary way of life. Professionals make a living out of casinos and pay close attention to what a casino offers.
With a variety of casinos on the strip, it is hard to stand out and become the leading casino on the Las Vegas strip; however, with the right stand out strategy it is not impossible. Harrah's will have to implement a plan to stick out from the rest of the casinos. For example the Mirage has a volcano, Paris has an Eiffel Tower and Treasure Island has a pirate show just to name a few. Do you see a theme? Without a prominent attraction, Harrah's will concentrate on our other features like the reputation of its sister properties, the fun atmosphere, friendly staff and high quality technology to attract its customers.
The 5 star Wynn Las Vegas hotel is located on the Las Vegas Strip, with each room features two double pillow-topped beds, a marble bath, separate shower and water closet. Each room has floor to ceiling windows with views of either the Wynn golf course or the Las Vegas Strip. Wi-Fi, a safe, temperature control, iPod/iPhone docking stations and video-on-demand are also available for all rooms.
Within the luxury tier, many of the players do not actually own the hotels themselves, but instead manage the operation of the business, similar to that of FSH. In the luxury segment, competition for acquiring new management agreements becomes very high as hotel owners make their choices based on the quality and value of a company's management service and most importantly, its brand name. Moreover, guests who choose to stay in luxury hotels are commonly not very price sensitive, and thus it is essential that a hotel distinguish itself amongst its competition by providing value added services as well as maintaining an untarnished, reputable brand name and image.
Wynn Resorts Limited (Wynn) is high-end developer and operator of resort-style casinos. Wynn offers hotel rooms and suites, gambling, fine-dining, spas, and boutiques. Founded in 2002 by American business magnate Steve Wynn, the company currently has two locations in Las Vegas, Nevada and two locations Macau, China. In 2016, Wynn plans to open Wynn Palace, a 1,700 room hotel and casino in Macau. The company is publicly traded on the NASDAQ Global Select Market under the ticker symbol WYNN.