The case introduces us to the Wynn resorts which are a
corporation which operates high end hotels and big casinos. It was introduced
on October 25, 2002 and the chairperson of the hotels is Stephen A. Wynn Company
is in the continuous development process it has now built four of the properties.
So moving on to the contents of the Hotels and casinos, Wynn resorts have set
themselves in the field of hospitality as one of the best and most preferable destination
for the tourist because of their excellent service and dedication to their
work. Their casinos are one of the best casinos in the casinos world and the
quality to the service is the key for them to be succeeding. They have two casinos
in different country one is Macau and another is Las Vegas. They both are the
most preferable tourist destination and Las Vegas and Macau both are the casino
center of the world so setting up their business in two worlds has let them to
enter positive cash flows since the beginning. They are best on their hospitality.
So talking about their operation in
back days and how have they started their operation in this world lets go back
and check their background former chairman and CEO Stephen A. Wynn who have
established the brand in the hospitality sector, at first he collaborate with
Universal subsidiary Azure USA they both have taken half of the whole stock so
that the outsider won’t be controlling the BOD or the management their first
project was Wynn resorts in Las Vegas, following the trend Wynn Macau are their
second project they again have planned on opening their casino on philippics
where they have faced legal problems of corruption and bribe against Okada and
Okada also did the same so talking about the positive changes to the world they
now have 16,500 employees worldwide with
more than 2500 fully equipped rooms. For the world it one of the most highly
preferable destination or the resort for the customers their net income lies in
billions of dollars yearly they have turnover of 1.0004 billion dollars.
SWOT analysis of Wynn
resorts Limited
Strength:
·
They already have established the brand as Wynn
resorts
·
Customers prefer their resorts and casinos as
their first priority
·
They have license to operate in two of the most
favorite destination for gambling one is Las Vegas and another is Macau.
·
Due to their high customer priority they are
always on choice of the customers
·
Continuous development in terms of Wynn resorts
and casinos has let them adoptive to the market and closer to the customers.
Weakness:
·
Due to their dispute in terms of bribe and
corruption in Philippines they have lost some of the trust of customers
·
Chairperson is responsible to make the decisions
there are n division of the responsibilities.
·
As they are operating well in two countries I
think they have to extend their hospitality services worldwide as other big
resorts are doing.
·
They are not matching themselves to their
competitor’s products, services.
Opportunities:
·
As they are planning to extend their operation
it will make them more profitable.
·
They have always targeted the most tourist
destination so; they have created opportunity to the markets.
·
They can have stronger brand image and higher
recognition in the market place.
·
Due to Wynn resorts and other activities people
liking and possibilities of emerging or growing market has been increasing.
·
Las Vegas has always been the circle of the
gambling destination so, business including Las Vegas will always benefit them.
Threats:
·
Emerging business opportunities will increase
the domain complexity and so the competitors will enter to the new market.
·
To operate internationally the domestic
countries rules and regulations will make them constraints or bound them for
their operations.
·
International Restrictions on the entertainment
field will make them suffer
·
Due to their undistributed BOD if one strategy
will go wrong other competitors will take over their operations.
Past strategies and
present Strategies
As they have covered themselves
with the good brand name by giving a good hospitality and services to the customers.
The operations of the industry id handled by CEO of the company and they don’t
have the distribution of the work. They have created barriers to the outsider
ot enter into the BOD and in the planned way they have acquired the shares of
the Wynn resorts. They have acquired the shares so that they could minimize the
dispute between the management and BOD. Their offering are mainly to the high
income level groups whereas to enter into the other Asian market I hope to se
them as cost leadership strategy implementing low cost in the Asian places like
India, Thailand will let them to empower the market shares. They can also
extend to the product of the casinos and they can introduce Virtual casinos to
the variety of people. (Pearce II & Robinson, (14th)
2014)
Tracking competitor’s
products and services can also leads them to know the market and competition so
they must update themselves to the market.
Conclusions and
Recommendations
As the company is doing well in
their business and they are grabbing the coming opportunities and as well they
are extending their resorts to other countries rather than focusing on the same
country. As they have been cutting their other expenses especially marketing
cost and other costs they must not focus on cutting the administrative costs
and marketing cost. So, they must publicize themselves to the market and shows
their distinct features to the market. (Paige, 2009)
They have extended them to the two
countries only what I would like to recommend them is to extend them to other
markets as well; there are so many best countries to come like Thailand and Malaysia.
They must make a smart move looking at their competitors and one step forward
than them to capture and groom the market. They must also offers variety and
range of services to the variety of customers they must intact every customers.
They also must care their brand and do the things that will increase their
brand image. As they have always been focused on doing things they must stay
focus on what they do and even care their competitors choice and path. Distributing
of CEO’s work and responsibility to other parties and other staffs of the
company is also key to remain successful in my view point and also they must
minimize their legal obligations, that can make negative impressions to the
customers.
Bibliography
Paige, H. (2009, 07 14). Slideshare.net.
Retrieved from Wynn Resorts Analysis:
http://www.slideshare.net/PaigeHannah22/wynn-resorts-analysis
Robinson, J.R. Pearce
II, J.A. (12th edition). Strategic Management:Formulation, Implementation
and control. Newyork: Mr.grow Hill.
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