Porter's Five Forces on Wynn Resorts

The Las Vegas and Atlantic City locations have lost revenues in recent years. In addition to the economic slowdown, these gambling locations are also facing new competitors in the market that are providing attractive choices to the customers. Though there are some external forces beyond their control, it seems that attractiveness and accessibility are very important focus areas for these cities.

2008 brought some problems for MGM. On October 29th of that year, MGM reported a sixty-seven percent plunge in third-quarter earnings, due mostly in part to lagging revenues from its Las Vegas properties. On that same day, MGM decided to halt a five million dollar Atlantic City project which was to be built on land next to Borgata Hotel and Casino. Shortly after this announcement, New Jersey gambling regulators were set to deny MGM's suitability to operate casinos in New Jersey. This was due mainly in part to their partner, Pansy Ho, who New Jersey regulators believed could not operate independently of her father, Stanley Ho. This forced MGM to sell their New Jersey property, Borgata Hotel and Casino, which was a highly profitable piece of business. Finally, at the end of 2008, MGM decided to sell its Las Vegas Treasure Island property. Around the same time, MGM also introduced Jim Murren as their new CEO. Murren was behind many of the major acquisitions that helped transform MGM and had been repeatedly honored as the gaming and lodging industry's top CFO by Institutional Investor magazine. This promotion came at an important time as MGM had fallen on some hard times.

With the Corporate Gaming Act of 1969, Las Vegas began a slow transition towards “respectability.” Gambling in Las Vegas was gaining in popularity in the 1950’s and 1960’s, but the mob presence itself was preventing Las Vegas from attracting the necessary outside funds to turn it into a dominant Metropolis (204). “Nevada seemed to be shedding this image in favor of the many new family-oriented “theme resorts” that were being built, especially in Las Vegas (204). Then there’s The Rat

The efforts to make Hispanics feel more welcome are designed to show that the casinos are sensitive to this demographic group's real needs and wants. New amenities include bilingual dealers and Spanish-speaking musicians. This shows the clear principle of segmentation. Instead of trying to appeal to all customers in a universal fashion and compete with the biggest-name casinos (a virtual impossibility in Las Vegas), these smaller casinos are trying to attract and grow this specific, targeted population base. The Hispanic demographic seems to have an interest in gambling and entertainment, and has

Our team chose the hotel industry in the United States for our economic analysis. The hotel business has existed since the earliest times, and has influenced the development of the economy since the founding of this country.

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

One of the rapid producing leisure industry divisions, the cruise industry faces several challenges. Whereas supply continues to rise at double-digit levels, demand battles to keep speed. Known the demands on communications and the jeopardy of an eroding on-shore practice, less port are in a location to provide accommodation the cruise lines as supply grows. At the similar time, the community sector's inspection of manufacturing practices associated to the surroundings, duty, safety, protection and work increases. Regardless of these confronts, numerous cruise lines report record levels of productivity. This analysis will calculate the leisure-cruise

When walking into “The Strip” in Las Vegas, an instant feel of excitement rushes up. The flashy neon lights paired with glimpses of amazing acrobatics on gigantic screens easily brings up the energy of tourists, businessmen, and gambling addicts. You may wonder how a once stranded desert can transform into such a paradise of skyscrapers. The answer lies in casinos.

Marriott International envisions itself to be the world’s lodging leader. Its mission is to provide the best possible lodging services experience to customers who vary in backgrounds, language, tradition, religion and cultures all around the world. Marriot is committed to environmental preservation through using environment-friendly technology and engages in social responsibility and community engagement.  We value our shareholder’s so we will only take steps that will ensure our growth. Most importantly, through our “spirit to serve”, we emphasize the importance of Marriott’s people and recognize the value they bring to the organization’s growth and success. It aims to increase revenues by 9% every year, to increase

Casinos don’t come much bigger and better than Caesars Palace. This is one of the original big Vegas casinos, and it has a fearsome reputation that even the mightiest casinos on the Las Vegas Strip can only dream of. But what it is about Caesars Palace that is so alluring? In this article, we will take a closer look at the global goliath that is Caesars Palace, and see just why it holds such a special place in every Las Vegas gambler’s heart.

MGM Mirage is one of the largest gaming industries in the United States and specifically Las Vegas, Nevada. The two people responsible for the start of this empire are Kirk Kerkorian and Steven Wynn. Kirk Kerkorian opened up the first MGM Grand in Las Vegas, Nevada in 1973. Steven Wynn moved to Las Vegas in 1967 and after investing in land on the strip he later opened up the Mirage, followed by Treasure Island and the Bellagio. The MGM Mirage was created during the merger in 2000, and Steven Wynn is no longer affiliated with this company. Since this merger, MGM Mirage has grown and acquired numerous other properties. Currently MGM Mirage acts as a holding company and conducts operation

Nevada casinos are the second leaders in revenue. The strengths that they have generated are the availablity of more hotel rooms, fine dinning, excellent entertainment, shopping, mergers and acquisitions, customer loyalty, and product differentiation among its rivals. With its many strengths, Nevada casinos represent a high barrier for new entrants as well mainly due to product differentiation and economies of scale. Nevada casios use differentiation on the basis of special themes that characterizes their casinos, such as a medieval castle, a pirate ship, or a movie studio. Nevado casinos also rely on economies of scale as many of the larger casinos are expanding by buiding on additional rooms to bring in more customers. Eventhough Nevada casino has many strengths, it also has a weaknesses.

Pratap (2017) The attractiveness of Virgin Atlantic is affected by a number of factors. Within the 21st century, the airline industry has been growing frequently and in demand. In spite of the speedy growing world economy, there are a number of forces that can affect the growth of Virgin Atlantic. Also, a number of forces determines the level of competition and competitiveness in the market that Virgin has to face.

With a variety of casinos on the strip, it is hard to stand out and become the leading casino on the Las Vegas strip; however, with the right stand out strategy it is not impossible. Harrah's will have to implement a plan to stick out from the rest of the casinos. For example the Mirage has a volcano, Paris has an Eiffel Tower and Treasure Island has a pirate show just to name a few. Do you see a theme? Without a prominent attraction, Harrah's will concentrate on our other features like the reputation of its sister properties, the fun atmosphere, friendly staff and high quality technology to attract its customers.

Porter’s five forces analysis is a tool is useful for us to analyse the threat of competition in an industry. Porter believed that the industries were influenced by five forces; competitive rivalry, threat of new entrants, bargaining power of suppliers, bargaining power of buyers, and the threat of substitutes. Analysing these areas can allow you to see attractiveness of the market and find a competitive advantage.