Wynn Resorts Limited

In wealthy markets, the leisure and pleasure sectors outperform the economy in general. It is usually the case that, as people become wealthier, their extra income is not spent on upgrading the essentials but on pleasure and luxury items. However, whenever there is a downturn in the economy, the leisure sectors suffer more than others.

Legalized casino gambling is still a very important topic that continues to cause controversy throughout the states. According to statista.com, the United States casino market had revenues of approximately 65 billion dollars in 2015. This revenue stemmed from the 1,511 casinos open throughout the United States (statista.com). The sheer amount of revenue the casino industry produces each year makes it a

The threats of new entrants is very low as there are certain barriers to entry such as a high amount of investments that are required and it is rather

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.

Everybody can travel around the world because of transportation, such as planes, ships, buses, and trains, and lots of accommodation, such as hotels, resorts, motels, and casino hotels. However, the importance of the casino hotels is growing because tourists can enjoy most activities in the casino hotels. The casino hotel which offers almost everything is the Cosmopolitan of Las Vegas. Many tourists who love gambling and shopping usually visit Las Vegas, so the market place and the economic impact of Las Vegas’ hotels on hospitality industry in the U.S. is significant. “The U.S. can expect 6-8 percent average annual growth in tourism over the next five

A lot of governments have invested in building world-class gambling facilities to encourage these tourists to play. The Cherokee casino named Harrah’s is one of many casinos around the world that impact the economy, providing gambling which boosts the flow of tourists. This Casino helps out the Cherokee Nation by funneling funds right back into the Cherokee Nation. This funds help improve such things as building better housing, attractive landscaping, upgraded water and sewer systems, and improved schools. Gambling dollars have funded a diabetes clinic, an urgent care clinic, a wellness center, a youth center, a recreational park, a visitor center, a community center, a nursery, a fire substation, and land purchases, all within the reservation. The casino doesn’t just earn funds for Cherokee Nation it provides a very big help to employment rates, gambling provides these tourists quality entertainment for them to enjoy. “The yearly unemployment rate, a misleading figure because it failed to take into account the seasonal nature of the tourist industry, was still a staggering 18 percent. In the winter, when many shops, restaurants, and hotels close, unemployment on the

Even if you have never been to Las Vegas you have heard of Steve Wynn or one of his hotels, but what people do not know is the impact Steve had on the way we know Las Vegas today. Steve Alan Weinberg was born January 27, 1942 to Michael and Zelma Weinberg in New Haven, Connecticut. Four years after Steve was born his father changed their name from Weinberg to Wynn to avoid anti-Semitic lifestyle for his family. Steve’s father ran a bingo parlor and moved to Las Vegas in 1952 for a short time before moving to upstate New York where Steve would attend The Manlius School and later graduate the University of Pennsylvania. (Wynn, 2015)

These hotels all have a very competitive casino floor, nightclubs, shows, luxury shopping malls and hotel rooms. Wynn needs to continuously adapt their strategies to keep their loyal customers and attract potential new customers.

The mafia’s reign in Las Vegas unofficially ended in the 1980s and the city entered into the corporate, family friendly environment of today. Las Vegas is now a top destination for business conventions. Steve Wynn, the developer of the Mirage, can be credited as the person who facilitated that transition. When the Mirage opened in 1989, it was the largest casino in the world with an unprecedented budget of $630 million. That was a very risky investment at the time as it would have been impossible to make any profits unless the casino could draw a large increase in the number of Las Vegas tourists. In short, Wynn’s ability to obtaining the financing for that casino was no small feat. After all, most Wall Street firms were still gun shy about such a venture and secretive Teamster loans were no longer an option. In the end, Steve Wynn raised the majority of the financing through the “Junk Bond King” Michael Milken.

Also the fact of all the surrounding areas economies and businesses have been hurt because of the casino’s because now tourists only travel to the specific region skipping other possible tourist attractions.

The casino industry in Australia operates under an environment of uncertainty. According to the Australian Bureau of Statistics Australia’s 13 casinos recorded a total operating loss of $288 million in 97-98. Outsiders predict a gloomy future for the casino industry in the next few years due to the reduction in international high rollers and the low level of management talent in Australia’s young casino industry.?? In this business environment Crown must implement business strategies will carry it into the next century as one of the worlds most successful casino complexes.

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

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.

There is a steady growth rate in gaming revenues taking effect in the casino industy around the United States. A number of factors are tied into the increase including new entrants to the casino industry and rival casino expansions. Through aspects of Porter’s Five Forces Model of Industry Competion: Rivalry among existing firms, the threat of new entrants, and the threat of substitues, this case analysis addresses key problems the casio industry is facing and implements stratiges they may use to tackles thoses issues. In addition, SWOT analysis (Strengths, Weaknesses, Opportunites, and Threats) will be used to facilitate the discussion.

Threat of New Entrants – The threat of new competitors entering an industry is high when initial