Wynn Resort free essay sample

So, Wynn can enter into new market where social norms are positively changing in favor of the company. As few competitors are merging and changing its target market from high-end customers to middle-class gamblers, this could result in additional revenues for Wynn as these high-end customers may switch to Wynn for higher-class amenities. If other countries of the World allow such licenses as allowed by China (Macau), then there would be an enormous growth opportunity for Wynn, as Wynn has giant experience in the business and have strong customer base.If the Chinese government loosens its restrictions on travel and currency movement for Chinese citizens, tourism to Macau will grow, and profit potential for Wynn resorts will increase. Threats Increased global and local competition becomes great concern for Wynn resorts to sustain its high brand image to attract new customers and retain â€Å"whale†, customers. In the resort casino industry, the ability to find land and licenses in legal areas is very difficult because many countries have strict regulations about gaming resorts. We will write a custom essay sample on Wynn Resort or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This can be a barrier to expand their business by entering in new markets.The concession period for Wynn in Macau will expire in June, 2017 at which time Macau government has the right to take over the operation of the company By doing business in Macau, which is an emerging market, there are significant amount of political, economic and social risks for Wynn Macau. In Macau, the company needs to pay tax on gross gaming revenue, not on net income. They have to pay tax for the gross revenue even if the income is not earned, this happens when Wynn fails to collect gaming debts from its customers. Moreover, they have to pay tax even if they incur loss from operation in a given year.United States introduced stricter visa and passport requirement due to possible terrorisms after terrorist attack in September 11, 2001. Therefore, they are losing prospective customers from around the globe. Business Strategy Wynn Resorts’ business level strategy is focused differentiation with an emphasis on customer responsiveness. It caters to high-rollers who are comfortable spending large amounts of money at casinos and want the best. Wynn Resorts has developed services that provide them with the ultimate in personalized attention including complimentary use of luxury cars and lavish suites.Wynn Resorts’ provides the feeling of exclusivity and offering intimacy and privacy to its customers. Wynn Resorts forgoes other customer segments to service only the high-end customers,  focusing on niche marketing strategy. Steve Wynn is personally involved in all aspects of floor operations including the concept of tip-pooling, an incentive system for dealers to become supervisors. His presence on the floor motivates employees to perform at their best, and allows him to model his vision of  customer responsiveness to his employees. His presence keeps employees honest, hard-working, and engenders their trust.Steve Wynn pays close attention to his best and frequent customers, knowing them by name and remembering personal details. He uses his passion to build loyalty from both customers and employees. Wynn Resorts’ incentive system, especially tip-pooling, provides incentives to experienced dealers to become supervisors, and provide the best service to their customers to earn higher compensation. Corporate Strategy Wynn’s mission is: â€Å"A commitment to providing an elegant environment, high quality amenities, a superior level of service and distinctive attractions for our customers. †