Monica Vega. May 1, 2017. Management 365. Tues/Thurs. 1Pm.

2008 brought some problems for MGM. On October 29th of that year, MGM reported a sixty-seven percent plunge in third-quarter earnings, due mostly in part to lagging revenues from its Las Vegas properties. On that same day, MGM decided to halt a five million dollar Atlantic City project which was to be built on land next to Borgata Hotel and Casino. Shortly after this announcement, New Jersey gambling regulators were set to deny MGM's suitability to operate casinos in New Jersey. This was due mainly in part to their partner, Pansy Ho, who New Jersey regulators believed could not operate independently of her father, Stanley Ho. This forced MGM to sell their New Jersey property, Borgata Hotel and Casino, which was a highly profitable piece of business. Finally, at the end of 2008, MGM decided to sell its Las Vegas Treasure Island property. Around the same time, MGM also introduced Jim Murren as their new CEO. Murren was behind many of the major acquisitions that helped transform MGM and had been repeatedly honored as the gaming and lodging industry's top CFO by Institutional Investor magazine. This promotion came at an important time as MGM had fallen on some hard times.

Manage rather than own hotel assets In 1987, Marriott developed more than $1 billion worth of hotel properties, making it one of the 10 largest commercial real estate developers in the United States. With a fully integrated development process, Marriott identified markets, created development plans, designed projects, and evaluated potential profitability. After development, the company sold the hotel assets to limited partners while retaining operating control as the general partner under a long-term management contract. Management fees typically equaled 3% of revenues plus 20% of the profits before

In 1993 the Desert Inn is sold to ITT-Sheraton. That same year the new MGM Grand opens and again becomes the world’s largest hotel with over 5,000 rooms. In addition a seasonal theme park called the MGM Grand Adventures opens on-site. In 1994 MGM Grand Air sells and becomes Champion Air. In 1995 MGM purchases the Diamond Beach Hotel and Casino in Australia which became the MGM Grand Australia. The following year MGM managed and developed four hotels in South Africa. Primadonna Resorts and MGM Grand collaborate to build the New York- New York hotel across from the MGM Grand in 1997. 1999: MGM Grand then acquires Primadonna Resorts which included The Primm Valley Resorts along California and Nevada’s state line. That same year MGM Grand Detroit opens. Also in that same year a series of high-end luxury suites open at the MGM Grand Las Vegas called “the

It is only logical to enjoy your time in Vegas, and with the MGM Grand, it is a guarantee. Do it big when you go to Vegas. The advertisement goes as far as to say “Your alter ego is waiting. Escape begins at MGM Grand.” MGM Grand wants you to make the right hotel choice, which is why all the pictures and text are necessary to persuade vacationers to stay there. Instead of worrying about price, look at what all they have to offer.

MGM Resorts International, NAICS Code 721120 are a sound global hospitality company that is featured in the Fortune 500 that operates an assortment of portfolios of destination resort brands. The operations of the company are divided into two divisions that include the MGM China as well as the Wholly Owned Domestic Resorts. Via the division on Wholly Owned Domestic Resorts, the company manages, owns and operates 15 resorts located in Nevada, Mississippi and Michigan. The resorts located in Las Vegas comprise of the MGM Grand Las Vegas, Bellagio, the Mirage, Mandalay Bay, Monte Carlo, Luxor, Excalibur, Circus-Circus and New York-New York. Resorts located in other cities in Nevada are the Gold Strike in Jean, Circus-Circus in Reno and Railroad Pass in Henderson. Beau Rivage and Gold Strike are in Mississippi and MGM Grand Detroit is in Michigan. The organization additionally possesses Shadow Creek, an elite golf course found ten miles north of its Las Vegas Strip resorts, and Primm Valley Golf Club at the California/Nevada state line. The company owns additional land adjacent to Borgata, a portion of which consists of common roads, landscaping and master plan improvements, and a portion of which was planned for a wholly-owned development, MGM Grand Atlantic City ("Market Research Reports - Research and Markets - Page unavailable," n.d.). The company additionally owns over 50% of other properties in Nevada and Illinois. For the concurrent segment, MGM

The Cosmopolitan opened its doors to the public in December of 2010, and continues to open its heart and share its vision with those lucky individuals who choose to stay there. Traditionally, Las Vegas casinos focus on their gaming, using their hotels’ other amenities to draw people in. The Cosmopolitan has chosen a different path, a path that has lead them to numerous awards, and in 2013 was rated “The Best Hotel in the World” by Gogobot. Currently owned by the Blackstone Group, The Cosmopolitan was never meant to be a casino, but a high-end condominium-hotel project. As funding dwindled, a new vison and company took over and transformed these condominiums into a luxurious hotel and resort. The Cosmopolitan is one of Marriott International’s Autograph Collection,

In the year 2000, The Ritz-Carlton Hotel Company paired with luxury real estate developer Millennium Partners to build a $225 million hospitality complex in the heart of Washington DC. This 300-room hotel was set to be the first out of a six-hotel deal between these two companies. The structure of the deal was that Millennium Partners would be the owners of the properties and The Ritz-Carlton would manage them.

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

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:

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.

When walking into “The Strip” in Las Vegas, an instant feel of excitement rushes up. The flashy neon lights paired with glimpses of amazing acrobatics on gigantic screens easily brings up the energy of tourists, businessmen, and gambling addicts. You may wonder how a once stranded desert can transform into such a paradise of skyscrapers. The answer lies in casinos.

MGM Mirage is one of the largest gaming industries in the United States and specifically Las Vegas, Nevada. The two people responsible for the start of this empire are Kirk Kerkorian and Steven Wynn. Kirk Kerkorian opened up the first MGM Grand in Las Vegas, Nevada in 1973. Steven Wynn moved to Las Vegas in 1967 and after investing in land on the strip he later opened up the Mirage, followed by Treasure Island and the Bellagio. The MGM Mirage was created during the merger in 2000, and Steven Wynn is no longer affiliated with this company. Since this merger, MGM Mirage has grown and acquired numerous other properties. Currently MGM Mirage acts as a holding company and conducts operation

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 following report was derived from the primary use of secondary sources, in addition to telephone contact with hotel representatives. Secondary sources included research from the Internet, industry books, company marketing communications, trade and general business newspapers and magazines, among others. Through all the sources, relevant data and information was extracted into the report's appendices. After individual analysis and group discussion, the following report was devised. The mandate of this report is to provide a macro examination of the luxury hotel industry and specifically the future outlook of Four Seasons Hotel and Resorts, Inc.

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.