Steve Wynn Essay
Linda Solovjova
Case 2: Wynn Resort
SWOT of Company Strenghts | Weaknesses | * Steve Wynn * experienced management team * premiere spot on Las Vegas strip, and home to the only golf course * strategic development of its product - luxury, high-end product, high brand value | * complete dependance on Steve Wynn * focus on high-end customers | Opportunities | Threats | * legalization of gambling in US and abroad * holder of one of fours licenses in Macau * increased social acceptance of gambling * demographic changes (aging population, who are healty and wealthy) * focus of competitors away from high-end market in US * legal changes around the globe similar to recent changes in Macau * aim to turn Macau …show more content…
Firstly, the company is still very reliant on presence of Steve Wynn in company, as this is drawback no matter which strategy they take on. Although he is not preparing to leave, I think they should start to look for and prepare a new person, which in future might replace Steve Wynn, if he leaves for some reason. He should prove his ability, experience, excellence, before Steve Wynn leaves, in order to prove he would be able to replace him successfully (probably, development of some new resort could be given excatly to this person).Secondly, there are still external envionrment risks related to operating in emerging markets and their government decisions. Although, they cannot be eliminated, the company can try to decrease them to some extent. Some lobbying in respective governments might help. As well positioning themselves as responsible corporate citizien, caring of local people and environment could help to make government making favorable decisions (and e.g. not taking control over their business, or regarding expiration of concession). Furthermore, they should put extra effor to investiage and evaluate demographic and social trends and norms in markets they want to operate, as they might differ significantly from US
Case 2: Wynn Resort
SWOT of Company Strenghts | Weaknesses | * Steve Wynn * experienced management team * premiere spot on Las Vegas strip, and home to the only golf course * strategic development of its product - luxury, high-end product, high brand value | * complete dependance on Steve Wynn * focus on high-end customers | Opportunities | Threats | * legalization of gambling in US and abroad * holder of one of fours licenses in Macau * increased social acceptance of gambling * demographic changes (aging population, who are healty and wealthy) * focus of competitors away from high-end market in US * legal changes around the globe similar to recent changes in Macau * aim to turn Macau …show more content…
Firstly, the company is still very reliant on presence of Steve Wynn in company, as this is drawback no matter which strategy they take on. Although he is not preparing to leave, I think they should start to look for and prepare a new person, which in future might replace Steve Wynn, if he leaves for some reason. He should prove his ability, experience, excellence, before Steve Wynn leaves, in order to prove he would be able to replace him successfully (probably, development of some new resort could be given excatly to this person).Secondly, there are still external envionrment risks related to operating in emerging markets and their government decisions. Although, they cannot be eliminated, the company can try to decrease them to some extent. Some lobbying in respective governments might help. As well positioning themselves as responsible corporate citizien, caring of local people and environment could help to make government making favorable decisions (and e.g. not taking control over their business, or regarding expiration of concession). Furthermore, they should put extra effor to investiage and evaluate demographic and social trends and norms in markets they want to operate, as they might differ significantly from US