Wynn Resort - Company Analysis

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  • Topic: Wynn Las Vegas, Wynn Resorts, Hotel
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  • Published : September 8, 2010
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EXECUTIVE SUMMARY
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 provided in the most luxurious accommodations imaginable. Everything from golf to shopping to wedding ceremonies, and gambling of course, is available at Wynn Resorts.

The management of Wynn Resorts Limited is lead by Chairman and CEO Stephen A. Wynn, Vice Chairman of the Board Kazuo Okada, and nine directors. The COO is Marc D. Schorr and the CFO is Matt Maddox. Although Wynn Resorts were not immune from the recession, they were able to generate solid revenue and maintain high occupancy ratings. Stephen Wynn and Wynn Resorts continue to be an aggressive force in the hotel and casino market, especially with their recent expansion into Macau, China. INTRO

Wynn Resorts is engaged in the design, development, financing, construction, and operation of hotel and casino resorts. The Company owns and operates two destination resorts: Wynn Las Vegas, on the Strip in Las Vegas, Nevada, and Wynn Macau, located in the Macau Special Administrative Region of the People’s Republic of China (Macau). Wynn Las Vegas is located on the north-east corner of the intersection of Las Vegas Boulevard (the strip) and Sands Avenue. It offers a nightclub, an ultra-lounge, a spa and salon, a Ferrari and Maserati automobile dealership, wedding chapels, an 18-hole golf course, approximately 223,000 square feet of meeting space, brand-name retail shopping, 132 game tables and 1,974 slot machines. Wynn Las Vegas also has two showrooms: Wynn Theater and The Broadway Theater. Encore at Wynn Las Vegas offers 24-hour gaming on approximately 72,00 square feet and includes private gaming salons, luxury hotel accommodation in 2,034 all-suite rooms, 12 food and beverage outlets, brand name retail shopping, swimming pools, private cabanas, full service spa and salon, nightclub and lounges. Wynn Macau located on the Cotai Strip, offers 600 deluxe hotel rooms and suites, approximately 205,000 square foot casino, casual and fine dining in five restaurants, brand-name retail shopping, a health club, a pool and spa. Wynn Resorts was established in 2002 and also offered its initial public offering the same year. In 2006, Wynn Resorts expanded its operation in Macau, and thus added a second integrated resort hotel with amenities. The company opened Encore, the new signature resort at Wynn Las Vegas in December 2008. The company appointed John Strzemp as the Executive Vice President and Chief Administrative Officer in March 2008 and Russell Goldsmith as its Director in May 2008. Under the Executive Board is Steve Wynn as Chairman and Chief Executive Officer, Linda Chen is President, of Wynn International Marketing. Board of Directors include Kazuo Okada as the Vice Chairman, Elaine Wynn is Director, along with Robert Miller, John Moran, D. Boone Wayson, Alvin Shoemaker, Allan Zeman, and Ray Irani. The senior management includes Marc Schorr as Chief Operating Officer, John Strzemp as Executive Vice President and Chief Administrative Officer and Matt Maddox as Chief Financial Officer and Treasurer. Currently, Wynn Las Vegas has over 20,600 employees. Wynn Resorts had a loss of $5.2 million during the fourth quarter of 2009 compared to a loss of $159.6 million for the fourth quarter of 2008. The company’s net revenue for the fourth...
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