Wynn Resorts Essay
Strengths: Wynn Resorts, Ltd. was formed in October of 2002 by Steve Wynn, the former chairman and CEO of Mirage Resorts. The greatest internal strength that Wynn Resorts possesses is just that, its CEO and founder. 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. Gambling, tacky furniture, and cheap buffets have evolved into world class entertainment, five star dining, and some of the most extravagant hotel rooms on the planet.
The creation of Wynn hotel and casino as well as its sister building, the Encore, has forced its competitors to evolve in these same categories creating a ripple effect of premium resorts. Steve Wynn is the greatest and in many ways arguably the only strength one needs to power through the competition, he is to gambling what Steve Jobs is to technology. Wynn gives people a reason to expect more.
Weaknesses: As you will notice from last quarter’s returns, where Wynn Resorts easily competed with its much larger competitors (Caesars Entertainment and MGM Resorts International) it has relatively few internal weaknesses. However, Wynn ltd.’s biggest disadvantage is its youth. MGM Resorts and Ceaesars Entertainment are companies with history and territory. They have the majority of premier legal gambling locations such as Atlantic city under their thumb and they will create difficult barriers to entry for Wynn ltd.
Opportunities: Because the majority of the United States’ gambling territories are dominated by its competitors Steve Wynn decided to take his newest venture and add on to China. The city of Macao was chosen as the new location for two Wynn gambling resorts, and in the first quarter of operation Wynn Macao outperformed both of the hotels located in Las Vegas with nearly 500m in revenue. The increasing amount of wealth in China will only prove to create more substantial gains and an opportunity for Wynn Resorts to surpass its competition.
Threats: The most predominant external threat to the success of Wynn Resorts, Ltd. is the economic recovery pace here in the United States. Because the entire industry of gaming and vacations is derived on its patrons have residual income it is difficult to be bullish on success and continued quarterly gains.
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 21 December 2016
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