Executive Summary
Wynn was among the first 3 concessionaries to enter Macau when its gaming industry was liberated and quickly became one of the most profitable casinos in Macau relative to its size. Junketeers have contributed greatly to win's success, along with government initiatives. Though gambling is illegal in many parts of the world, the industry is growing and competition is increasing, particularly in the east By 2015, the Asian gaming market is expected to be the biggest in the world. In order to continue to thrive in this growing industry, Wynn will have to consider expanding.
Wynn Macau’s competitive advantages include physical capital and human resources. Wynn Macau has had some recent and very public legal troubles but it faced them head on, resulting in a dismissal of all charges. Wynn has recently invested in a 2 phase casino project in Cotai worth $8-$9 billion. Wynn Macau has one major problem which it needs to address in the near future, which is a lack of labor force. If not addressed quickly, this issue can result in not only loss of profits but unused assets.
Introduction
Wynn Resorts, a Las Vegas-based corporation was founded by Steven A. Wynn, former Mirage Resorts Chairman and CEO, in 2002. From its inception, the company has focused its efforts on the hospitality and tourism sector and endeavored to distinguish itself from other gaming concessionaires. The first Wynn Resort, Wynn Las Vegas, was opened in April 2005 with an extension, Encore Wynn Las Vegas opened in December 2008.
When authorities first opened up Macau's gaming industry in 2001 in an effort to end Sociedade de Turismo e Diversoes de Macao's monopoly, Wynn Resorts was one of 21 companies who bid for one of three gaming concessions, ...
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...market segment without losing its hold on the VIP market. Wynn currently only holds a 12% market share which ranks them in 5th among their competitors. Expansion would create economies of scale, and could propel Wynn even higher in the market. In order to continue to succeed, Wynn must also invest in its human resources, as the labor force is exceptionally limited in the region and their customers' experiences are greatly influenced by the service they receive from the staff. Furthermore, Wynn should seek out more luxury retailers and lease out space to them on their resort to provide more services to its customer as well as bring in additional revenue to the resort. Wynn should also incorporate a variety of entertainment options, like comedy or theatrical shows that would appeal to the mass market and non-gaming segment and provide its guests with diverse options.
The second threat is many states are legalizing or planning to legalize commercial casino gambling. Unlike Native American casinos commercial casinos turn over a large share of their profit to the cities and states in taxes.
For years, casino gambling was portrayed in the media and Hollywood as being associated with criminal activities and the mafia. Now with proper scrutiny and government regulations, casino gambling has become a lucrative business, with casinos stock even trading on Wall Street. Casino gambling is an increasingly popular and legal activity in many states throughout the United States. “The term gambling or ‘gaming’ as the industry calls it, means any legalized form of wagering or betting conducted in a casino, on a riverboat, on an Indian reservation, or at any other location under the jurisdiction of the United States” (National Gambling Impact Study Commission Act). States that allow casino gambling benefit vastly by re-incorporating the taxation of commerce gained from casinos and tourism associated with the casinos back into the state and local communities.
Casinos are very tricky when it comes to “customer relations”. They allow their customers to forget about the world around them and concentrate on winning, when the whole time they are robbing them blind. In most cases, people walk out of casinos with empty pockets and a stomach full of booze.
The Great Transformation From A Casino City To a Resort Destination Atlantic City is the place to gamble on the East Coast. Although this may initially seem to be a positive characteristic, it is evident that this destination has the capability to be so much more than it already is. This point of interest has the world’s first boardwalk, which opened in 1881, has 4 miles of hotels, amusements, and casinos. Atlantic City was originally a resort town, until 1978, when it changed into a gaming city. This popular day-trip destination had over 34 million visitors in 1998 alone. Despite this amazing statistic, along with the revenue that gambling brings in, many steps are being taken in order to further promote the expansion of this great city. The renovations and improvements being made to the Atlantic City Convention Center are already increasing the amount of money coming in. There is a great deal of other things to focus on in the Atlantic City region. In endorsing local attractions in this scenic area, and in shifting the target market of this spot, this city would change back into a resort destination. When most people think of Atlantic City, the first thing that comes to mind is the casino attractions that are available. With the city’s constant shuffle and excitement, gamblers from all over go there dreaming of a big win. Many people consider Atlantic City to be the “Las Vegas of the East Coast”. There are over 12 casinos, with one building as magnificent as the next. At any given second of the day, these hopefuls may have their lives changed in an instant with just one win. These casino hotels gain most of their income from gamblers. Casinos employ almost 49,000 people every year. This number should actually jump when the Marina District opens. Although Atlantic City prospers as a gambler’s paradise, many would love to show others just how much more Atlantic City really has to offer its tourists. The Atlantic City Convention Center, built in 1929, was renovated with $72 million in 1997. With the world’s largest pipe organ, everyone from the Beatles to Pavarotti has played there. It was designated a historic landmark in 1987. Conventions, trade shows, meetings, and public events of the greater Atlantic City area all take place here. When the renovation is finally completed, it will seat up to 12,000 people for special events.
In early, 2003, the Borgata Hotel and Spa Casino began recruitment in a very tight the tight employment market of Atlantic City. The Borgata was the first hotel to be opened in Atlantic City in over 13 years. (Overman, S. 2004). The purpose of this paper is to identify the challenges at each step of the recruitment process. Point in a strategic plan to attract a large pool from which the best talent can be pulled and ability to receive and screen candidates for an efficient job identification and hiring process that will enable them to candidates that personify the Five F’s - fast, fun, friendly, fresh and focused.
Gambling... Who does not like to gamble? People play lotteries, bet on sport games or try their luck on slot machines with a thought to win some amount of money. In fact, this excitement for gambling can be seen even from early ages; for example, ancient Egyptians used to play dice in 2000 BC or the first casinos opened their doors to customers during the Greeco-Roman period ( Whittaker and Cushman 1 ). Nowadays casino industry is a large business in the United States that brings high revenues and offers various entertainment that attracts people from different areas. So just recently residents and visitors of Worcester, Wicomico and surrounding counties got a great opportunity to try themselves in a new Ocean Downs casino that came into operation couple months ago. Ocean Downs casino is an excellent benefit to the community that helps to improve the economic and social status of the county and also serves as a great entertainment for the adult population.
The external environment of the hotel industry in is very competitive and already well established. Trends in the market include promotional campaigns to customers using the "more bang for your buck," method. There are several different segments of the hotel industry including: luxury, upscale, mid-market with food and beverage, mid-market without food and beverage, economy, and budget. Each different segment offers certain amenities to appeal to consumers depending on what they are looking for in an over night stay away from home. As McDonald's looks at entering the hotel industry they have looked at several important issues dealing with an entry into this market. McDonald's would like to enter the market in the state of Illinois where the company's headquarters is. Illinois leads all other states in money spent on tourism totaling $61.1 million in the year 2000. Illinois also ranked fourth in the nation for leisure person trips in 2000. Hotel industry has several important barriers to entry including cost of entry, ability to differentiate from other hotels, and competition in every hotel segment.
Marriott International, Inc is founded in 1927 and in 1983 it became the first hotel chain designed for business travellers. Up till now, Marriott has grown to a chain with 18 different brands and broad segment groups, with 3,900 properties over 72 countries all over the world and with around 42 million members in their loyalty program.
Gambling has been around since 2300 B.C. It has its positive and negative effects; it also has somewhat of a positive impact on the economy. It stimulates most communities by creating jobs and generates tax revenue for state and local governments. The gambling industry in “2002 and the commercial casino industry provided 350,000 jobs in the United States” (americangaming.org). Even though gambling can bring a lot of economic growth to the economy there is still an argument going on today whether it is a great choice to legalize it everywhere.
The Gambling industry attempts to win support with misleading information in its promotions. For example, gambling is said to help stimulate the economy by providing more jobs. According to the American Gaming Association study, "In 1995, the casino industry recorded $25 billion . . . and paid only $7 billion in wages" (Arthur Anderson). Also according to Maura J. Casey, there is high unemployment rates around casinos. (Casey 37) With people's losses and by encouraging workers to believe in cheating customers, casinos focus on gaining more and more money for their n...
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