Description
Complete Part 1 of the Strategic Management Case Analysis according to the directions in the Part 1: Action Plan and Calendar of Events section of the “Strategic Management Case Analysis” resource.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
Part 1: Action Plan and Calendar of Events (Topic 2)
Select a case from “Part 6: Strategic Management Case Analysis.” First, identify the key issue(s) in the case and then identify a particular aspect of the strategic management process that your analysis will focus on which can include the following:
Identify and evaluate the organization’s existing vision, mission, objectives, and strategies.
To propose and defend specific recommendations for the company.
To develop an industry analysis by describing the competitors, products, selling techniques, and market conditions in a given industry (from textbook).
Next, create an action plan that details how you will conduct the case analysis including assigning roles and tasks to specific project members. The action plan should include a calendar of events (the calendar is completed already and attached FYI) with specific team members assigned to tasks. An Executive Summary is a required deliverable in your calendar of events. Please note the Executive Summary is not due until Topic 7; however, your action plan will help inform the Executive Summary.
While APA format is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
Wynn Resorts Limited, 2015
www.wynnresorts.com, WYNN
Headquartered in Paradise, Nevada, Wynn Resorts is a large upscale casino with properties in
Las Vegas and Macau. Wynn’s properties offer many high-end gaming options and world-class
entertainment through shows, shopping, spas, dining, and more. Wynn’s Las Vegas properties
include Wynn and Encore, which offer nightclubs, a beach club, Ferrari and Maserati dealerships,
and even a golf course. Wynn Resorts has 4,748 hotel rooms in Las Vegas and 1,008 rooms
in Macau. Wynn Macau (located on an island just off the coast of Hong Kong) has an agreement
with the Chinese government to use 51 acres of land in the Cotai area of Macau to build an exclusive
$4 billion resort. Wynn expects the project to be completed in the first half of 2016. The
company owns 72 percent of its Chinese operations and employs 16,500. However, gambling
revenue in Macau fell 2.6 percent in 2014 to 351.5 billion patacas ($44 billion USD), the first
decline in Macau since 2002. December 2014 gambling revenues in Macau dropped a record 30
percent from a year earlier to 23.29 billion patacas. Wynn generates much of its revenue from
premium customers who gamble on credit. Its lax credit policy leaves the firm at a higher credit
risk than rival firms. All Macau companies are struggling, primarily due to a crackdown on corruption
in China and that country’s tighter visa policies, which undermined gambling in Macau.
Copyright by Fred David Books LLC. www.strategyclub.com (Written by Forest R. David)
History
Wynn Resorts traces its history back to 2002 when Mr. Steve Wynn and Japanese billionaire
Kazuo Okada agreed to terms on the Wynn Resort property in Las Vegas. The two purchased the
Desert Inn for $270 million and had its IPO the same year, a full three years before the Wynn
opened its doors for business. Three other properties followed with Wynn Macau, Encore in
Las Vegas, and the Encore in Macau opening their doors in 2006, 2009, and 2010, respectively.
The Wynn Macau property’s construction began over a year before the Wynn Las Vegas opened
for business. In September 2014, the Massachusetts Gaming Commission voted to approve Wynn
Resorts’ proposed $1.6 billion casino to be located in Everett, Massachusetts, just north of Boston.
For Q3 of 2014, Wynn’s revenues from its Las Vegas operations increased 9 percent yearoveryear to $427.8 million, due to higher casino and room revenues. Casino revenues increased
10.5 percent from the prior-year period, while room revenues were up 7.2 percent to $102.5
million. Wynn reports its Macau table games results under two categories: the VIP segment and
the mass market segment. For Q3 of 2014, Wynn Macau’s revenues declined 5.6 percent yearoveryear to $942.3 million, owing to a decline in revenues generated from the VIP market.
Wynn’s overall Q3 2014 results were good, so the company increased its quarterly dividend by
20 percent, and approved an additional cash dividend of $1.00 per share.
Internal Issues
Wynn’s organizational structure is found in Exhibit 1. The company has two primary reporting
segments: Las Vegas and Macau. There is substantial duplication of titles in the firm’s structure,
including two different executives with the title president of Wynn Macau. Top management is
well compensated, with Steven Wynn’s reported annual salary being $19 million, and the top 6
other executives’ salary plus options ranging between $5 and $9 million.
Vision/Mission
The authors could not find either a vision or mission statement for Wynn Resorts.
Strategy
CEO Steve Wynn has excellent expertise in developing and operating high-quality casino
properties. Wynn employees are thoroughly trained to provide guests with the luxury service
they expect. An extensive reward system also attracts and keeps guests returning. The
MyManagementLab®
For additional assurance of
learning questions which prove
you understand and are able to
apply the strategic concepts in
this case, go to the assignment
section of your MyLab.
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
_ _____Z_ __ )______ ____8_____;>_7€_Q 397
Gamal Aziz President,
Wynn Macau,
Limited
Linda Chen President,
Wynn
International
Marketing, Ltd
Ian M.
Coughlan President,
Wynn Resorts
(Macau), S.A.
Stephen Wynn – Chairman of the
Board and CEO
Matt
Maddox –
President
Kim
Sinatra Executive
VP,
General
Counsel and
Secretary
Scott
Peterson Senior Vice
President
and CFO,
Wynn
Las Vegas,
LLC
Robert
Gansmo Senior Vice
President
and
CFO, Wynn
Palace
Frank
Cassella Senior Vice
President
and CFO,
Wynn
Macau
Maurice
Wooden President,
Wynn Las
Vegas, LLC
John Littell President and
COO, Wynn
Design &
Development,
LLC
Roger
P. Thomas Executive VP
of Design,
Wynn Design
& Development,
LLC
DeRuyter
O. Butler Executive Vice
President of
Architecture,
Wynn Design
& Development,
LLC
Stephen
Cootey – Chief
Financial
Officer,Senior
Vice President
and Treasurer
John
Strzemp Executive
VP
and Chief
Administrative
Officer
EXHIBIT 1 Wynn Resorts’ Organizational Structure
Source: Based on company documents.
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
398 STRATEGIC MANAGEMENT CASES
company is actively looking to build or acquire properties in new markets. In 2013, the
firm won a bidding competition for the rights to build a $1.6 billion casino near Boston,
Massachusetts, set to open in 2017. Wynn won that bid by a 3-1 vote over the Mohegan Sun.
Regulators cited better-paying jobs, and Wynn’s plans to clean up an industrial land development
site nearby, as reasons for awarding Wynn the contract. Interestingly, as the $2 billion,
new, oceanfront Revel casino in Atlantic City, New Jersey, was auctioned off in 2014 for
roughly $200 million, Steve Wynn stood on the sidelines, apparently having no confidence in
the future of Atlantic City as a gaming destination. But in general, Wynn is looking to expand
geographically.
Segment Data
Wynn operates in two business segments—Macau and Las Vegas—as revealed in Exhibits 2
and 3. Note that Wynn derives about three times more revenue from Macau than Las Vegas. Wynn
has a 20-year lease agreement with the Macau government that runs through 2022. Currently
there are two Wynn properties in Macau with a third to be completed in 2016. The properties
include eight restaurants, a full array of shops, spa, poker pit, high-end private gambling salons,
as well as table games and slots. Exhibit 3 reveals that Wynn’s Macau properties have double the
table games of the two Las Vegas properties, but far fewer slots. Macau properties account for
about 17 percent of total rooms, yet Macau accounted for 61 percent of revenues in 2013, reflecting
a higher end customer on average visiting the Macau properties.
As Exhibit 3 reveals, Las Vegas properties focus more on slot than Macau properties to
generate revenues. Las Vegas based properties, Wynn and Encore, have a total of 3 night clubs,
34 restaurants, a beach club, 18-hole golf course, 96,000 square feet of high-end shops, and a
Ferrari and Maserati dealership. Not revealed in Exhibit 3 are the data from 2013, but it is important
to note that the average number of Macau slot machines declined 21 percent from 866
to 679. Note in Exhibit 4 that about 79 percent of all Wynn revenues are derived from gaming
rather than rooms and entertainment.
Macau
77%
Las Vegas
23%
EXHIBIT 2 Wynn’s 2014 Operating Income by Location
Source: Based on information from Wynn press release 2015.
EXHIBIT 3 Wynn’s Breakdown of Casino Properties
Average Number
_,_7€_Z ;____|___?_>_7€_?
Revenues $5,433 $5,620
Operating expenses 4,159 4,334
EBIT 1,274 1,286
Interest 315 299
EBT 959 987
Tax 4 18
Other items (223) (240)
Net income 732 729
Source: Based on Wynn’s 2014 Annual Report, p. 70, and Yahoo Finance.
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
400 STRATEGIC MANAGEMENT CASES
attract customers. The casino hotel industry also faces competition from external players such as
racetracks and riverboats. Although American citizens can still easily gamble online, the United
States has legislated against such operations, though many of these casinos are often based in the
Caribbean. Lotteries are also a competitor in the industry.
Exhibit 7 reveals that both Caesars and MGM reported negative net income and have significantly
lower market caps than Wynn.
Caesars Entertainment Corporation (CZR)
Headquartered in Las Vegas, Caesars is one of the largest casino companies in the world with
brand names including Harrah’s, Caesars, Bally’s, Rio, and Horseshoe. The firm employs 70,000
worldwide, with notable properties in Las Vegas, Atlantic City, New Orleans, Mississippi, several
other states, and the London Clubs International family of casinos. The company operates
in three main geographic segments: (1) Las Vegas, accounting for 40 percent of domestic revenues,
(2) Atlantic City, and (3) an “Other,” focusing on properties in states mostly bordering the
Mississippi River.
Caesars also manages several Native American casinos. In total, Caesars controls about
13 percent of the total U.S. market share and reported worldwide revenues in Q3 of 2014 to be
$1.395 billion, up 0.3 percent from the prior year-over-year period. However, the company’s net
EXHIBIT 6 Wynn’s Balance Sheet (in millions of USD)
__!____;___
;____|___?_>_
7€_Z
;____|___?_>_
7€_?
Assets
Cash and equivalents 2,422 $2,609
Accounts receivable 238 242
Inventories 72 75
Other current assets 50 43
Assets held for sale — —
Total current assets 2,782 2,969
Property, plant, & equipment 5,856 4,934
Goodwill — —
Intangible assets 112 31
Other assets 312 443
Total assets 9,062 8,377
Liabilities
Short-term debt — $1
Accounts payable 303 273
Taxes 137 211
Other current liabilities 873 970
Total current liabilities 1,313 1,455
Long-term debt 7,345 6,588
Deferred income taxes 25 14
Other liabilities 169 188
Minority interest 239 317
Total liabilities 9,091 8,562
Common stock 1 1
Retained earnings 164 66
Treasury stock (1,145) (1,143)
Paid in capital and other 951 891
Total equity (29) (185)
Total liabilities & equity 9,062 8,377
Source: Based on Wynn’s 2014 Annual Report, p. 69, and Yahoo Finance.
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
_ _____Z_ __ )______ ____8_____;>_7€_Q 401
income for that Q3 was negative $908 million, compared to a negative $761 million the prior
year-over-year period. Caesars is having to spend excessively to modernize outdated Las Vegas
properties. As of October 2014, Caesars and its lenders were negotiating terms to provide a path
for Caesars to de-leverage and more effectively pay off its debt.
MGM Resorts International (MGM)
MGM is one of the largest hotel casino corporations in the world, with an 11 percent market
share in the United States. Originally named MGM Mirage, the firm changed its name to MGM
Resorts International in 2010 to better reflect its strategy of international expansion. MGM primarily
still operates in Las Vegas, but also has properties along the Mississippi Gulf Coast, in
Detroit, and in Macau. Unlike Caesars, which has recently been remodeling many of its properties,
MGM is known for continually investing in properties to keep them up-to-date. The firm
earns around 43 percent of sales from gaming activities and 57 percent from hotels, food, and
entertainment. In late 2014, MGM was allowed to reclaim its 50 percent stake in the Atlantic
City-based Borgata, after its share was held in a trust since 2010 awaiting a potential buyer. To
diversify its assets, MGM recently purchased a $400 million stake for a 55 percent share in Mark
Burnett’s Ventures. Mr. Burnett has produced such television shows as Survivor, The Bible, Shark
Tank, and The Apprentice, among others.
Las Vegas Sands (LVS)
The Las Vegas Sands accounts for about 4 percent of the hotel casino industry in the United States
and has an overall profile most similar to the Wynn than any other casino corporations. Top properties
of the Sands include The Venetian, The Palazzo, and The Sands casinos in Las Vegas. Total
Vegas properties include 7,100 rooms and over 225,000 square feet of gaming space. In Macau,
the Las Vegas Sands operates the Sands Macau, the Venetian Macau, and the Four Seasons Macau.
The Sands reported 2013 revenues of $13.8 billion, up 45 percent from two years prior.
Interestingly, the Las Vegas Sands was in discussion with the government in Spain to build
a “EuroVegas” project for $30 billion in Madrid, but it was cancelled in December 2013 due to
disagreements between the Spanish government and the Sands. The Sands also recently paid $47
million to the U.S. government to settle a money-laundering case. Even though the settlement is
not large in relation to the Sands finances, the settlement has caused the Sands to work diligently
to strengthen their compliance globally.
External Issues
Internet Gaming and Poker
Online gambling is currently legal in Nevada, Delaware, New Jersey, and Washington, DC. The
industry is expected to generate annual revenues of $10 billion by 2017. The market is primarily
focused on 25- to 35-year-old customers. To facilitate entering the market, the top firms, such
as MGM and Caesars, have acquired online gaming firms that produce apps for use on phones
and tablets. Competitors such as PokerStars, Full Tilt Poker, and Absolute Poker pose a risk to
traditional casinos with their online operations. However, in 2011, the United States Federal
Government shut the sites down on the basis of fraud. But in 2012, a U.S. judge in New York
ruled that Texas Holdem Poker is more of a game of skill than luck, and running Texas Holdem
EXHIBIT 7 A Comparative Analysis of Wynn versus Rival Firms
“__ 8_(__5_(____*( ___(__( MGM
# Employees 16,800 48,500 68,000 50,000
$ Net Income 732 M 2,306 M (2,948 M) (156 M)
$ Revenue 5,433 M 13,770 M 8,560 M 9,809 M
$ Revenue/Employee 323,000 284,000 125,882 196,180
$ EPS Ratio 7.18 3.52 (25) 0.30
$ Market Cap. 16 B 48 B 1.5 B 10.6 B
Source: Based on various company reports.
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
402 STRATEGIC MANAGEMENT CASES
Poker games technically does not violate any U.S. gambling laws. The ruling only legally applies
for the judge’s district, but it does serve as a precedent, and could open the door for possibly online
gambling returning, or even smaller “mom-and-pop” physical poker locations.
Industry Outlook
About 85 percent of Americans now say gambling is an acceptable activity; this increasing
approval rate should help the industry moving forward. Wynn relies on middle-class Americans,
but targets upscale clients—more so than any rival firm. Outside the United States, there is fierce
competition for high-end customers in Macau, Dubai, and Singapore. With the high-end market
in Macau, table games tend to be the largest driver of casino operations, exceeding all other
forms of gaming, as well as revenue from food, rooms, and other entertainment provided. The
annual growth rates from Asia’s middle-class customers have exceeded U.S. growth rates in each
year from 2010 to 2014. However, high-end customers remain a top priority, even in the U.S.
market with 30 percent of U.S. industrywide revenue coming from households with $150,000 or
more in income. With household incomes between $35,000 to $99,000, middle-class customers
comprise about 46 percent of total U.S. casino revenues. High-stakes gamblers comprise about
22 percent of worldwide casino revenues.
The first half of 2014 saw revenues 5 percent below revenues for the same prior period in
Macau, but revenues on the Las Vegas strip were up 4 percent from the first half of 2013 to the
first half of 2014. A revitalization of the Las Vegas strip may be near, as casinos are updating
their offerings and Australian Billionaire James Packer announced a new 34-acre project along
the Las Vegas strip to be finished in 2018.
In the United States, slot machines, poker machines, and various other gaming machines
account for 55 percent of industrywide revenue, while table games account for 15 percent and
accommodations account for 11 percent of industrywide revenues. However, the percentages
depend on location. In Iowa and South Dakota, for example, slot revenues can be in excess of
90 percent of casino revenues, because most of these customers are drive-in folks with a limited
budget, thereby making slots an attractive choice for their entertainment dollars. The Las Vegas
strip now receives over 60 percent of its revenue from nongaming activities such as food, drinks,
shopping, and shows. Many customers in Las Vegas visit for reasons other than primarily to
gamble. There is also a growing trend among younger customers to favor table games over
slots. Younger customers also value nongaming amenities like bars, clubs, shopping, and food.
According to the American Gaming Association, about 34 percent of Americans visit casinos
annually.
Industrywide Revenue Volatility
The hotel casino industry has relatively stable revenues, regardless of the economy. Caesars, for
example, experienced revenue increases of 6 percent between 2011 and 2013, and Wynn Resorts
revenues increased 7 percent over the same time period. Overall, the U.S. casino hotel market
saw annual revenue increases of only 0.5 percent between 2010 and 2014. Several reasons cited
as to why revenues are relatively stable include (1) high-stakes gamblers are not affected by the
economy to the same degree as smaller-stakes gamblers, (2) people with a gambling problem are
likely to gamble regardless, and (3) many tourists still desire to gamble while on vacation.
Gambling Regulations
The casino industry is a highly regulated industry in the United States as well as internationally.
States have jurisdiction in the country to regulate or even prohibit the practice. Currently, the
only two states with gambling allowed statewide are Nevada and Louisiana. In total, 17 American
states have legally operating casinos, including states with riverboat casinos. Kansas recently
opened 4 casinos operated by the Kansas Lottery, and Massachusetts has recently accepted the
bid from Wynn Resorts to open a casino near Boston. The high degree of regulation is a burden
for firms like Wynn, MGM, and Caesars from expanding into other possible gaming locations
such as Myrtle Beach, South Carolina, where casinos are prohibited.
Nevada accounts for about 50 percent of casino hotels in the United States and earns nearly
30 percent of U.S. casino revenues. Las Vegas first opened casinos in the 1930s and enjoyed
nearly 50 years of uncontested market space, until Atlantic City’s first casino in 1978. In the
last 40 years however, many states have added casinos, including American Indian reservations,
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
_ _____Z_ __ )______ ____8_____;>_7€_Q 403
putting increased pressure on Las Vegas in addition to large international markets like Dubai,
Macau, and Singapore. For example, Pennsylvania now accounts for 8 percent of total U.S.
casino revenues, mostly from slot machines, and future projections predict New York and
Massachusetts as significant players as casinos are set to soon open in these states. Florida has
casinos, as does Mississippi and North Carolina.
Macau Developments
Macau overtook the Las Vegas Strip in 2006 as the world’s largest casino market. Macau gaming
revenues increases were 58, 42, 13, and 19 percent from 2010 to 2013, respectively. However,
in 2014, Macau revenues declined by 2 percent. The long-term outlook for Macau is positive
because of the growing middle class in China, but the slowdown has some industry experts pointing
to Las Vegas as a new profit driver. Nevertheless, casino revenues in Macau in 2013 were
seven times that of the Las Vegas strip. Part of the slowdown in Macau during 2014 was blamed
on a Chinese crackdown on corruption on the mainland, as well as pro-democracy political unrest
in Hong Kong. Macau is a one-hour ferry ride from Hong Kong. Also dragging down Macau
casinos are tighter visa policies for Chinese people traveling to Macau, increased oversight on
UnionPay cards many gamblers use to access funds in Macau, new smoking restrictions, and
China’s crackdown on corruption has prompted high-rollers to shy away from Macau.
In 2014, Macau experienced over a 6 percent decline in revenue from the same time period
in 2013. Macau has heavily relied on junkets to bring high-rolling customers to Macau from
mainland China. The Chinese government limits the amount of money that can leave the mainland,
so the junkets serve as an intermediary, arranging to take high-rollers to Macau, loan them
credit, and collect on the credit once back in China. Many of the junket organizers are speculated
to be associated with organized crime as well, and many casinos—such as Las Vegas Sands and
Wynn Resorts—have refused to do business with several junket outfits, and require extensive
background checks on others suspected of organized crime.
A new $5 billion bridge linking Hong Kong to Macau will cut travel time from over an hour
(and in some cases, 4 hours) to only 40 minutes, saving a 40-mile ferry ride. The bridge should
be completed in 2016. Other infrastructure improvements such as rapid transit rails from highly
populated areas to Macau, and upgrades to the airport to double its capacity by 2017, should
bode well for casino properties in Macau, practically the Cotai Strip area of Macau, which will
see a new Wynn property and MGM property open in 2016.
Japan is a potential new gaming industry player in the Asia region moving forward. Ahead
of the 2020 Olympics, Japan is aggressively seeking legislation to legalize gambling.
Future
Wynn Resorts concluded its fourth quarter of 2014 with a 32 and 5.8 percent decrease in revenues
from fourth quarter 2013 in Macau and Las Vegas, respectively—blamed on a poor economy
and a government crackdown on high-end gambling in China. A new smoking ban proposed
in 2015 in Macau is also expected to hinder revenues if formally passed. Wynn currently has two
main projects in the works: Wynn Palace in Macau with a cost totaling $4.1 billion and expected
to open on Cotai in 2016, and the Wynn Project in Massachusetts. Wynn’s Massachusetts project
is proceeding forward after the purchase of 33 acres of land in Everett, Massachusetts, along the
Mystic River. Falling revenues and intense competition have plagued the industry over the last
3 years. Help CEO Steve Wynn develop a 3-year strategic plan to move his company forward.
ISBN 1-323-42457-1
Strategic Management:
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www.wynnresorts.com, WYNN
Headquartered in Paradise, Nevada, Wynn Resorts is a large upscale casino with properties in
Las Vegas and Macau. Wynn’s properties offer many high-end gaming options and world-class
entertainment through shows, shopping, spas, dining, and more. Wynn’s Las Vegas properties
include Wynn and Encore, which offer nightclubs, a beach club, Ferrari and Maserati dealerships,
and even a golf course. Wynn Resorts has 4,748 hotel rooms in Las Vegas and 1,008 rooms
in Macau. Wynn Macau (located on an island just off the coast of Hong Kong) has an agreement
with the Chinese government to use 51 acres of land in the Cotai area of Macau to build an exclusive
$4 billion resort. Wynn expects the project to be completed in the first half of 2016. The
company owns 72 percent of its Chinese operations and employs 16,500. However, gambling
revenue in Macau fell 2.6 percent in 2014 to 351.5 billion patacas ($44 billion USD), the first
decline in Macau since 2002. December 2014 gambling revenues in Macau dropped a record 30
percent from a year earlier to 23.29 billion patacas. Wynn generates much of its revenue from
premium customers who gamble on credit. Its lax credit policy leaves the firm at a higher credit
risk than rival firms. All Macau companies are struggling, primarily due to a crackdown on corruption
in China and that country’s tighter visa policies, which undermined gambling in Macau.
Copyright by Fred David Books LLC. www.strategyclub.com (Written by Forest R. David)
History
Wynn Resorts traces its history back to 2002 when Mr. Steve Wynn and Japanese billionaire
Kazuo Okada agreed to terms on the Wynn Resort property in Las Vegas. The two purchased the
Desert Inn for $270 million and had its IPO the same year, a full three years before the Wynn
opened its doors for business. Three other properties followed with Wynn Macau, Encore in
Las Vegas, and the Encore in Macau opening their doors in 2006, 2009, and 2010, respectively.
The Wynn Macau property’s construction began over a year before the Wynn Las Vegas opened
for business. In September 2014, the Massachusetts Gaming Commission voted to approve Wynn
Resorts’ proposed $1.6 billion casino to be located in Everett, Massachusetts, just north of Boston.
For Q3 of 2014, Wynn’s revenues from its Las Vegas operations increased 9 percent yearoveryear to $427.8 million, due to higher casino and room revenues. Casino revenues increased
10.5 percent from the prior-year period, while room revenues were up 7.2 percent to $102.5
million. Wynn reports its Macau table games results under two categories: the VIP segment and
the mass market segment. For Q3 of 2014, Wynn Macau’s revenues declined 5.6 percent yearoveryear to $942.3 million, owing to a decline in revenues generated from the VIP market.
Wynn’s overall Q3 2014 results were good, so the company increased its quarterly dividend by
20 percent, and approved an additional cash dividend of $1.00 per share.
Internal Issues
Wynn’s organizational structure is found in Exhibit 1. The company has two primary reporting
segments: Las Vegas and Macau. There is substantial duplication of titles in the firm’s structure,
including two different executives with the title president of Wynn Macau. Top management is
well compensated, with Steven Wynn’s reported annual salary being $19 million, and the top 6
other executives’ salary plus options ranging between $5 and $9 million.
Vision/Mission
The authors could not find either a vision or mission statement for Wynn Resorts.
Strategy
CEO Steve Wynn has excellent expertise in developing and operating high-quality casino
properties. Wynn employees are thoroughly trained to provide guests with the luxury service
they expect. An extensive reward system also attracts and keeps guests returning. The
MyManagementLab®
For additional assurance of
learning questions which prove
you understand and are able to
apply the strategic concepts in
this case, go to the assignment
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ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
_ _____Z_ __ )______ ____8_____;>_7€_Q 397
Gamal Aziz President,
Wynn Macau,
Limited
Linda Chen President,
Wynn
International
Marketing, Ltd
Ian M.
Coughlan President,
Wynn Resorts
(Macau), S.A.
Stephen Wynn – Chairman of the
Board and CEO
Matt
Maddox –
President
Kim
Sinatra Executive
VP,
General
Counsel and
Secretary
Scott
Peterson Senior Vice
President
and CFO,
Wynn
Las Vegas,
LLC
Robert
Gansmo Senior Vice
President
and
CFO, Wynn
Palace
Frank
Cassella Senior Vice
President
and CFO,
Wynn
Macau
Maurice
Wooden President,
Wynn Las
Vegas, LLC
John Littell President and
COO, Wynn
Design &
Development,
LLC
Roger
P. Thomas Executive VP
of Design,
Wynn Design
& Development,
LLC
DeRuyter
O. Butler Executive Vice
President of
Architecture,
Wynn Design
& Development,
LLC
Stephen
Cootey – Chief
Financial
Officer,Senior
Vice President
and Treasurer
John
Strzemp Executive
VP
and Chief
Administrative
Officer
EXHIBIT 1 Wynn Resorts’ Organizational Structure
Source: Based on company documents.
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
398 STRATEGIC MANAGEMENT CASES
company is actively looking to build or acquire properties in new markets. In 2013, the
firm won a bidding competition for the rights to build a $1.6 billion casino near Boston,
Massachusetts, set to open in 2017. Wynn won that bid by a 3-1 vote over the Mohegan Sun.
Regulators cited better-paying jobs, and Wynn’s plans to clean up an industrial land development
site nearby, as reasons for awarding Wynn the contract. Interestingly, as the $2 billion,
new, oceanfront Revel casino in Atlantic City, New Jersey, was auctioned off in 2014 for
roughly $200 million, Steve Wynn stood on the sidelines, apparently having no confidence in
the future of Atlantic City as a gaming destination. But in general, Wynn is looking to expand
geographically.
Segment Data
Wynn operates in two business segments—Macau and Las Vegas—as revealed in Exhibits 2
and 3. Note that Wynn derives about three times more revenue from Macau than Las Vegas. Wynn
has a 20-year lease agreement with the Macau government that runs through 2022. Currently
there are two Wynn properties in Macau with a third to be completed in 2016. The properties
include eight restaurants, a full array of shops, spa, poker pit, high-end private gambling salons,
as well as table games and slots. Exhibit 3 reveals that Wynn’s Macau properties have double the
table games of the two Las Vegas properties, but far fewer slots. Macau properties account for
about 17 percent of total rooms, yet Macau accounted for 61 percent of revenues in 2013, reflecting
a higher end customer on average visiting the Macau properties.
As Exhibit 3 reveals, Las Vegas properties focus more on slot than Macau properties to
generate revenues. Las Vegas based properties, Wynn and Encore, have a total of 3 night clubs,
34 restaurants, a beach club, 18-hole golf course, 96,000 square feet of high-end shops, and a
Ferrari and Maserati dealership. Not revealed in Exhibit 3 are the data from 2013, but it is important
to note that the average number of Macau slot machines declined 21 percent from 866
to 679. Note in Exhibit 4 that about 79 percent of all Wynn revenues are derived from gaming
rather than rooms and entertainment.
Macau
77%
Las Vegas
23%
EXHIBIT 2 Wynn’s 2014 Operating Income by Location
Source: Based on information from Wynn press release 2015.
EXHIBIT 3 Wynn’s Breakdown of Casino Properties
Average Number
_,_7€_Z ;____|___?_>_7€_?
Revenues $5,433 $5,620
Operating expenses 4,159 4,334
EBIT 1,274 1,286
Interest 315 299
EBT 959 987
Tax 4 18
Other items (223) (240)
Net income 732 729
Source: Based on Wynn’s 2014 Annual Report, p. 70, and Yahoo Finance.
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
400 STRATEGIC MANAGEMENT CASES
attract customers. The casino hotel industry also faces competition from external players such as
racetracks and riverboats. Although American citizens can still easily gamble online, the United
States has legislated against such operations, though many of these casinos are often based in the
Caribbean. Lotteries are also a competitor in the industry.
Exhibit 7 reveals that both Caesars and MGM reported negative net income and have significantly
lower market caps than Wynn.
Caesars Entertainment Corporation (CZR)
Headquartered in Las Vegas, Caesars is one of the largest casino companies in the world with
brand names including Harrah’s, Caesars, Bally’s, Rio, and Horseshoe. The firm employs 70,000
worldwide, with notable properties in Las Vegas, Atlantic City, New Orleans, Mississippi, several
other states, and the London Clubs International family of casinos. The company operates
in three main geographic segments: (1) Las Vegas, accounting for 40 percent of domestic revenues,
(2) Atlantic City, and (3) an “Other,” focusing on properties in states mostly bordering the
Mississippi River.
Caesars also manages several Native American casinos. In total, Caesars controls about
13 percent of the total U.S. market share and reported worldwide revenues in Q3 of 2014 to be
$1.395 billion, up 0.3 percent from the prior year-over-year period. However, the company’s net
EXHIBIT 6 Wynn’s Balance Sheet (in millions of USD)
__!____;___
;____|___?_>_
7€_Z
;____|___?_>_
7€_?
Assets
Cash and equivalents 2,422 $2,609
Accounts receivable 238 242
Inventories 72 75
Other current assets 50 43
Assets held for sale — —
Total current assets 2,782 2,969
Property, plant, & equipment 5,856 4,934
Goodwill — —
Intangible assets 112 31
Other assets 312 443
Total assets 9,062 8,377
Liabilities
Short-term debt — $1
Accounts payable 303 273
Taxes 137 211
Other current liabilities 873 970
Total current liabilities 1,313 1,455
Long-term debt 7,345 6,588
Deferred income taxes 25 14
Other liabilities 169 188
Minority interest 239 317
Total liabilities 9,091 8,562
Common stock 1 1
Retained earnings 164 66
Treasury stock (1,145) (1,143)
Paid in capital and other 951 891
Total equity (29) (185)
Total liabilities & equity 9,062 8,377
Source: Based on Wynn’s 2014 Annual Report, p. 69, and Yahoo Finance.
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
_ _____Z_ __ )______ ____8_____;>_7€_Q 401
income for that Q3 was negative $908 million, compared to a negative $761 million the prior
year-over-year period. Caesars is having to spend excessively to modernize outdated Las Vegas
properties. As of October 2014, Caesars and its lenders were negotiating terms to provide a path
for Caesars to de-leverage and more effectively pay off its debt.
MGM Resorts International (MGM)
MGM is one of the largest hotel casino corporations in the world, with an 11 percent market
share in the United States. Originally named MGM Mirage, the firm changed its name to MGM
Resorts International in 2010 to better reflect its strategy of international expansion. MGM primarily
still operates in Las Vegas, but also has properties along the Mississippi Gulf Coast, in
Detroit, and in Macau. Unlike Caesars, which has recently been remodeling many of its properties,
MGM is known for continually investing in properties to keep them up-to-date. The firm
earns around 43 percent of sales from gaming activities and 57 percent from hotels, food, and
entertainment. In late 2014, MGM was allowed to reclaim its 50 percent stake in the Atlantic
City-based Borgata, after its share was held in a trust since 2010 awaiting a potential buyer. To
diversify its assets, MGM recently purchased a $400 million stake for a 55 percent share in Mark
Burnett’s Ventures. Mr. Burnett has produced such television shows as Survivor, The Bible, Shark
Tank, and The Apprentice, among others.
Las Vegas Sands (LVS)
The Las Vegas Sands accounts for about 4 percent of the hotel casino industry in the United States
and has an overall profile most similar to the Wynn than any other casino corporations. Top properties
of the Sands include The Venetian, The Palazzo, and The Sands casinos in Las Vegas. Total
Vegas properties include 7,100 rooms and over 225,000 square feet of gaming space. In Macau,
the Las Vegas Sands operates the Sands Macau, the Venetian Macau, and the Four Seasons Macau.
The Sands reported 2013 revenues of $13.8 billion, up 45 percent from two years prior.
Interestingly, the Las Vegas Sands was in discussion with the government in Spain to build
a “EuroVegas” project for $30 billion in Madrid, but it was cancelled in December 2013 due to
disagreements between the Spanish government and the Sands. The Sands also recently paid $47
million to the U.S. government to settle a money-laundering case. Even though the settlement is
not large in relation to the Sands finances, the settlement has caused the Sands to work diligently
to strengthen their compliance globally.
External Issues
Internet Gaming and Poker
Online gambling is currently legal in Nevada, Delaware, New Jersey, and Washington, DC. The
industry is expected to generate annual revenues of $10 billion by 2017. The market is primarily
focused on 25- to 35-year-old customers. To facilitate entering the market, the top firms, such
as MGM and Caesars, have acquired online gaming firms that produce apps for use on phones
and tablets. Competitors such as PokerStars, Full Tilt Poker, and Absolute Poker pose a risk to
traditional casinos with their online operations. However, in 2011, the United States Federal
Government shut the sites down on the basis of fraud. But in 2012, a U.S. judge in New York
ruled that Texas Holdem Poker is more of a game of skill than luck, and running Texas Holdem
EXHIBIT 7 A Comparative Analysis of Wynn versus Rival Firms
“__ 8_(__5_(____*( ___(__( MGM
# Employees 16,800 48,500 68,000 50,000
$ Net Income 732 M 2,306 M (2,948 M) (156 M)
$ Revenue 5,433 M 13,770 M 8,560 M 9,809 M
$ Revenue/Employee 323,000 284,000 125,882 196,180
$ EPS Ratio 7.18 3.52 (25) 0.30
$ Market Cap. 16 B 48 B 1.5 B 10.6 B
Source: Based on various company reports.
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
402 STRATEGIC MANAGEMENT CASES
Poker games technically does not violate any U.S. gambling laws. The ruling only legally applies
for the judge’s district, but it does serve as a precedent, and could open the door for possibly online
gambling returning, or even smaller “mom-and-pop” physical poker locations.
Industry Outlook
About 85 percent of Americans now say gambling is an acceptable activity; this increasing
approval rate should help the industry moving forward. Wynn relies on middle-class Americans,
but targets upscale clients—more so than any rival firm. Outside the United States, there is fierce
competition for high-end customers in Macau, Dubai, and Singapore. With the high-end market
in Macau, table games tend to be the largest driver of casino operations, exceeding all other
forms of gaming, as well as revenue from food, rooms, and other entertainment provided. The
annual growth rates from Asia’s middle-class customers have exceeded U.S. growth rates in each
year from 2010 to 2014. However, high-end customers remain a top priority, even in the U.S.
market with 30 percent of U.S. industrywide revenue coming from households with $150,000 or
more in income. With household incomes between $35,000 to $99,000, middle-class customers
comprise about 46 percent of total U.S. casino revenues. High-stakes gamblers comprise about
22 percent of worldwide casino revenues.
The first half of 2014 saw revenues 5 percent below revenues for the same prior period in
Macau, but revenues on the Las Vegas strip were up 4 percent from the first half of 2013 to the
first half of 2014. A revitalization of the Las Vegas strip may be near, as casinos are updating
their offerings and Australian Billionaire James Packer announced a new 34-acre project along
the Las Vegas strip to be finished in 2018.
In the United States, slot machines, poker machines, and various other gaming machines
account for 55 percent of industrywide revenue, while table games account for 15 percent and
accommodations account for 11 percent of industrywide revenues. However, the percentages
depend on location. In Iowa and South Dakota, for example, slot revenues can be in excess of
90 percent of casino revenues, because most of these customers are drive-in folks with a limited
budget, thereby making slots an attractive choice for their entertainment dollars. The Las Vegas
strip now receives over 60 percent of its revenue from nongaming activities such as food, drinks,
shopping, and shows. Many customers in Las Vegas visit for reasons other than primarily to
gamble. There is also a growing trend among younger customers to favor table games over
slots. Younger customers also value nongaming amenities like bars, clubs, shopping, and food.
According to the American Gaming Association, about 34 percent of Americans visit casinos
annually.
Industrywide Revenue Volatility
The hotel casino industry has relatively stable revenues, regardless of the economy. Caesars, for
example, experienced revenue increases of 6 percent between 2011 and 2013, and Wynn Resorts
revenues increased 7 percent over the same time period. Overall, the U.S. casino hotel market
saw annual revenue increases of only 0.5 percent between 2010 and 2014. Several reasons cited
as to why revenues are relatively stable include (1) high-stakes gamblers are not affected by the
economy to the same degree as smaller-stakes gamblers, (2) people with a gambling problem are
likely to gamble regardless, and (3) many tourists still desire to gamble while on vacation.
Gambling Regulations
The casino industry is a highly regulated industry in the United States as well as internationally.
States have jurisdiction in the country to regulate or even prohibit the practice. Currently, the
only two states with gambling allowed statewide are Nevada and Louisiana. In total, 17 American
states have legally operating casinos, including states with riverboat casinos. Kansas recently
opened 4 casinos operated by the Kansas Lottery, and Massachusetts has recently accepted the
bid from Wynn Resorts to open a casino near Boston. The high degree of regulation is a burden
for firms like Wynn, MGM, and Caesars from expanding into other possible gaming locations
such as Myrtle Beach, South Carolina, where casinos are prohibited.
Nevada accounts for about 50 percent of casino hotels in the United States and earns nearly
30 percent of U.S. casino revenues. Las Vegas first opened casinos in the 1930s and enjoyed
nearly 50 years of uncontested market space, until Atlantic City’s first casino in 1978. In the
last 40 years however, many states have added casinos, including American Indian reservations,
ISBN 1-323-42457-1
Strategic Management: A Competitive Advantage Approach, Concepts and Cases, Sixteenth Edition, by Fred R. David and Forest R. David. Published
by Prentice Hall.
Copyright © 2017 by Pearson Education, Inc.
_ _____Z_ __ )______ ____8_____;>_7€_Q 403
putting increased pressure on Las Vegas in addition to large international markets like Dubai,
Macau, and Singapore. For example, Pennsylvania now accounts for 8 percent of total U.S.
casino revenues, mostly from slot machines, and future projections predict New York and
Massachusetts as significant players as casinos are set to soon open in these states. Florida has
casinos, as does Mississippi and North Carolina.
Macau Developments
Macau overtook the Las Vegas Strip in 2006 as the world’s largest casino market. Macau gaming
revenues increases were 58, 42, 13, and 19 percent from 2010 to 2013, respectively. However,
in 2014, Macau revenues declined by 2 percent. The long-term outlook for Macau is positive
because of the growing middle class in China, but the slowdown has some industry experts pointing
to Las Vegas as a new profit driver. Nevertheless, casino revenues in Macau in 2013 were
seven times that of the Las Vegas strip. Part of the slowdown in Macau during 2014 was blamed
on a Chinese crackdown on corruption on the mainland, as well as pro-democracy political unrest
in Hong Kong. Macau is a one-hour ferry ride from Hong Kong. Also dragging down Macau
casinos are tighter visa policies for Chinese people traveling to Macau, increased oversight on
UnionPay cards many gamblers use to access funds in Macau, new smoking restrictions, and
China’s crackdown on corruption has prompted high-rollers to shy away from Macau.
In 2014, Macau experienced over a 6 percent decline in revenue from the same time period
in 2013. Macau has heavily relied on junkets to bring high-rolling customers to Macau from
mainland China. The Chinese government limits the amount of money that can leave the mainland,
so the junkets serve as an intermediary, arranging to take high-rollers to Macau, loan them
credit, and collect on the credit once back in China. Many of the junket organizers are speculated
to be associated with organized crime as well, and many casinos—such as Las Vegas Sands and
Wynn Resorts—have refused to do business with several junket outfits, and require extensive
background checks on others suspected of organized crime.
A new $5 billion bridge linking Hong Kong to Macau will cut travel time from over an hour
(and in some cases, 4 hours) to only 40 minutes, saving a 40-mile ferry ride. The bridge should
be completed in 2016. Other infrastructure improvements such as rapid transit rails from highly
populated areas to Macau, and upgrades to the airport to double its capacity by 2017, should
bode well for casino properties in Macau, practically the Cotai Strip area of Macau, which will
see a new Wynn property and MGM property open in 2016.
Japan is a potential new gaming industry player in the Asia region moving forward. Ahead
of the 2020 Olympics, Japan is aggressively seeking legislation to legalize gambling.
Future
Wynn Resorts concluded its fourth quarter of 2014 with a 32 and 5.8 percent decrease in revenues
from fourth quarter 2013 in Macau and Las Vegas, respectively—blamed on a poor economy
and a government crackdown on high-end gambling in China. A new smoking ban proposed
in 2015 in Macau is also expected to hinder revenues if formally passed. Wynn currently has two
main projects in the works: Wynn Palace in Macau with a cost totaling $4.1 billion and expected
to open on Cotai in 2016, and the Wynn Project in Massachusetts. Wynn’s Massachusetts project
is proceeding forward after the purchase of 33 acres of land in Everett, Massachusetts, along the
Mystic River. Falling revenues and intense competition have plagued the industry over the last
3 years. Help CEO Steve Wynn develop a 3-year strategic plan to move his company forward.
ISBN 1-323-42457-1
Strategic Management:
February
2019
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Edited Summary
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posting all ideas for
Exec Summary
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Part 2: 300-500 word summary with 3-5 sources with an outline of steps 1-12
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20
21
22
23
24
25
26
27
28
29
30
31
01
02
03
Notes:
29
30
31
01
02
03
04
September
2019
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY
SUNDAY
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
01
Notes:
26
27
28
29
30
31
01
October
2019
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY
SUNDAY
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
01
02
03
04
05
Notes:
30
01
02
03
04
05
06
November
2019
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY
SUNDAY
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
01
02
03
Notes:
28
29
30
31
01
02
03
December
2019
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY
SUNDAY
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Notes:
25
26
27
28
29
30
01
January
2020
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY
SUNDAY
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
01
02
03
04
Notes:
30
31
01
02
03
04
05
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