Why is wynn resorts competitive advantage

Mr Steven Wynn pursued his fervor as an entrepreneur. Other competitors that should be considered are Las Vegas Sands Corp. 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. His knowledge of the gambling and casino industry is indispensable to Wynn Resorts, as he is accredited to turning the luxury casino industry in Las Vegas into what it is today. Suppliers in dominant position can decrease the margins Wynn Resorts, Limited can earn in the market. Buyers are often a demanding lot. They want to buy the best offerings available by paying the minimum price as possible. This put pressure on Wynn Resorts, Limited profitability in the long run.

The smaller and more powerful the customer base is of Wynn Resorts, Limited the higher the bargaining power of the customers and higher their ability to seek increasing discounts and offers. When a new product or service meets a similar customer needs in different ways, industry profitability suffers.

For example services like Dropbox and Google Drive are substitute to storage hardware drives. The threat of a substitute product or service is high if it offers a value proposition that is uniquely different from present offerings of the industry. If the rivalry among the existing players in an industry is intense then it will drive down prices and decrease the overall profitability of the industry.

This competition does take toll on the overall long term profitability of the organization. They can identify game changing trends early on and can swiftly respond to exploit the emerging opportunity. How specifically do you think they try to differentiate themselves from the competition? My sense is most have the same types of shops and focus on customer service.

Did you think about design at all? The lifespan of a new design or service is short-lived and susceptible to repetition by competitors. That being said, I wonder how Wynn updates its existing hotels either its design or customer experience to an extent that is sufficient to stay cutting-edge while simultaneuosly providing the consumer with a predictable and consistent experience. However, I feel that the company puts itself at a huge risk given the level of investment in real estate.

Furthermore, it might make it difficult to scale in the future given the huge investment that is required for each hotel. Wynn might benefit by moving to an Operator model, similar to more typical hotel companies such as Marriott, Starwood or Hyatt. Wynn can provide design support early on, and then manage the casinos after opening.

This will allow Wynn to focus on what they do best, gives them the chance to increase its portfolio, and reduces the risk related to the cyclical nature of gaming. From its inception, the company has focused its efforts on the hospitality and tourism sector and endeavored to distinguish itself from other gaming concessionaires. When authorities first opened up Macau's gaming industry in 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, 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.

Get Access. Satisfactory Essays. Stem Cells. Read More. Effects of Gambling Casinos Words 2 Pages. Effects of Gambling Casinos. Better Essays. Casinos Words 3 Pages. Best Essays. Marriott Corporation and Project Chariot. Powerful Essays. Is Casino Development Moral? Gambling and Casinos Chronology Words 2 Pages.

Gambling and Casinos Chronology.