Palm Beach State College
1967 complete renovation of Golden Nugget.
1989 complete renovation of Mirage.
1993 complete renovation of Treasure Island.
1998 complete renovation of Bellagio
Mirage becomes part of MGM ($6.4 million)
April 2005 Wynn Las Vegas resorts open.
September 2006 doors open Wynn Macau.
December 2007 2nd phase complete Wynn Macau.
2009 expected completion of encore Las Vegas.
Internal Strengths and Weakness
Brand Name recognition (Wynn 30 years experience in Vegas).
Management team highly experienced and very successful in tourism. U.S. population living longer (retirees are more incline to spend money traveling, leisure activities and gambling). Strategic development of its product.
Continuous promotion of brand part of company strategy.
Direct marketing to high end customer
* B. Weaknesses.
1. Too reliant on CEO Steve Wynn (many lines of credit as direct reflect of Wynn maintain CEO position). 2. Increase in terrorist activity lead to tourism worldwide decrease. 3. Rising gas prices has lead to direct increase in airfares which consequently leads to decrease in travel and tourism. 4. Many competing properties in both Las Vegas and Asia. 5. Sole marketing executive in strategic global location not sufficient to conduct through market research and adjust product according.
Nature of external environments
Risk of Entry by potential competitors
* 1. Potential competitors are very high due to the increase in competing properties. 2. Brand Loyalty is high due to Wynn’s reputation in the Vegas area and both the gambling and tourism industries. 3. Government regulation has made it very difficult to obtain gambling licenses. B. Rivalry among established companies
1. Intense competition causes an increase in advertising, promotional spending and directs selling efforts. 2. The strategic development of its product allows Wynn to...