Introduction
Being a complex luxury resort, Wynn Resort has a range factor to focus on which may affect the trade association either positively or negatively. All these points of focus establish the direction the organization is heading. The factors are discussed in details are gives an overview of Wynn Resort.
Internal and External Issues
Internal and external issues are mainly the success of the business. Wynn Resort is faced with different internal and external issues. One of the internal issues facing the organization is the resignation of Steve Wynn as the head of Wynn Resorts amid sexual misconduct. The effect is significant as the image of the organization has been tarnished, and it was evident through a significant drop in the shares. The new management is expected to cope with the changes and continue with the resilience Steve Wynn posed. Product quality leadership is also an internal factor facing the organization evident with the high charges to capture the luxury market. External issues include consumer perception of the prices and value and nature of the market. Consumers tend to think that high prices mean quality services and thus wealthy customers are attracted. The price and demand factors have been the key to the success of the business
Competition
MGM Resorts and Caesars Entertainment are top competitors of Wynn Resorts. However, Wynn’s competitive advantage is established in the resort’s experience. Wynn has regularly appeared on Forbes awards. The majority of the revenue for Wynn Resort is attained from the gaming floor from its highly rated restaurants and clubs. Las Vegas Sands also competes favorably with Wynn Resort because it has more space for gaming and hotel rooms and it isn’t slouching with luxury.
In comparison to low-end competitors, Wynn Resort generates as much revenue as that generated by competitors such as MGM Resorts, Monte Carlo, Excalibur, Luxor and Mirage. Wynn is gaining control for the wealthy clientele with its high-end offerings. It is also notable that Wynn Las Vegas is outperforming most the sections of Las Vegas Strip which are owned by MGM Resorts.
Future Outlook for the Organization
Wynn Resort has gained a significant share in the expanding casino gaming which is a part of its high revenue generated yearly. The organization has also been consistent in providing outstanding catering services to VIP customers across the globe and has outperformed significant competitors in key performance metrics. Nevertheless, the future brings different and complex economic, leadership and regulatory challenges which should be addressed to maintain the competitive advantage in the market. There are few gaming licenses given to casino operators, and thus the competition in the market is influenced by Porter’s forces. Wynn Resort faces the threat of substitute, and all the casinos compete for the same clientele, and there is a likelihood of gamblers leaving for other casinos without any switching costs. Despite all these factors, the organization is likely to survive in the future because of customer loyalty and the best services the organization offers to customers. Additionally, there so many barriers to entry of new firms in the market because of the high initial capital required and the high costs of taxation from the government.
Implementation Tools for Measuring the Success of the Business
In measuring the success of the business, the following implementation tools are used:
Net Income Ratio/Profit
In this case, the profit of the organization shall be considered. The profit refers to the revenue realized after subtracting the operating expenses. If the gain is regularly growing each year, then the business is on the right track of success.
Number of Customers
If the number of customers is growing each year, then that is a sign the organization is meeting the needs of its customers. The organization thrives if the customers consider it to be the first option and not a last resort. A high number of customers means a high rate of customer satisfaction, and thus the success of the organization can be gauged.
Shareholder Satisfaction
Shareholders are an essential part of the organization, and their investments should be managed well. If the shareholders are satisfied with the company management, they pull in more resources leading to the success of the business.
Conclusion
Wynn Resort is one of the outstanding organizations, and its success is based on several factors. Internal and external issues in the organization have affected the organization both negatively and positively. There are several competitors in the market although the Wynn Resort has enough strategies to outdo the competitors. The future of the company is predictable basing on past statistics. Indicators such as profit, customer and shareholder satisfaction can be used to measure the success of the organization.