Wynn Resorts and answer the following questions Essay
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1. What is the importance of Mr. Steven Wynn himself, to the Wynn Resorts company?
Steve Wynn followed his passion as an entrepreneur and has changed the world of gaming. He has become the most talented casino gamer the world has ever seen. His patient, the man that he became has earned him a spot in the gaming world that can never be taken away from him He chose to make a smart move by purchasing the Desert Inn, and within eighteen, weeks he closed the Inn.
He developed the Las Vegas casino which is worth billions of dollars in today’s market.
His brilliant billion dollar strategy plan makes him powerful to the Wynn Resorts company. This may have been the best strategy that he decided to sell the Desert Inn in eighteen weeks. Now, to take the $270 million that he earned and reinvested it into what may be now, a billion dollar company that could be considered as grand. He made his initial investment into what now the Wynn Resorts Limited public.
By 2004, the investments that he made allowed the Resort to become worth billions of dollars, double his net worth. By April 2005, Mr. Wynn made an investment in his Wynn Resort in Las Vegas, which became the most expensive Resort. Its location, which stand’s on the site that the former Desert Inn once stood may be worth billions. One of three largest gaming concessions, Wynn made a wise successful bid for it in Macau.
This Special Administrative Region located in China has the world largest and longest history in the gaming market throughout the world. It surpasses Las Vegas, but it became known as Wynn Macau, which opened in September of 2006, became Mr. Steve Wynn most important investment of the Wynn Resorts. The newest Wynn Resort investment began in Encore Las Vegas, in 2008. This tower of Encore Resort became a model after the heart of the Wynn Las Vegas tower, which shares the same property although they not the same Resort. Mr. Steve Wynn employed over 3500 people for the Encore Las Vegas Resort alone. I am sure if I took a million dollar business and turn it over night into a billion dollar business can be significant to a company. The investment in the Wynn Resorts reached great potentials in a short time. While it may not be the largest Resort in the world, it has earned its place in the gaming world as the best in its business.
What potential problems could arise if Steve Wynn left the Wynn Resort Company?
Should Steve Wynn leave the Wynn Resort Company it could be disastrous for the company. If it had not been for Steve Wynn, the Wynn Resorts Company may not exist today. The company could lose many investors as well as lots of dollars and respect that the company has gained over the years throughout its short life span. Wynn pulled out of a developing project in Suffolk Downs, in East Boston, which could have brought in competition for the other Resorts in its area, but without Steve Wynn there cannot be any gain. He may be the man with the plan to boost up competition in the casino gambling market. He has the strategy plans to get the job done so, lose him and cut off Wynn Resorts life support, Mr. Steve Wynn.
2. What are the strengths and weaknesses of Wynn’s Macau (People’s Republic of China) strategy?
One of the main strengths of its performance were the table games revenue increase. They came from the new Encore in Macau and Las Vegas higher revenue of its table games. Strength that Wynn’s post operation profit could be up eight-two percent from Macau which actually may be even better than that. Wynn’s continue its expansion throughout the per table revenue at a faster than ever rate cause of its high roller strategy that’s working in the Macau location. The Wynn Macau highlighted a land concession that will allow them to build a full integrated resort and casino worth about $4 billion.
The weaknesses of the Wynn’s Macau, where nearly ¾ of revenues became the table game lowest in the VIP and the mass market segments. This places the pressure of the Wynn Macau on the bottom line. Certain restriction from the government interfered with the casinos in Macau.