Competitor: Nevada Gold and Casinos Companys SWOT Analysis - Essay Example

August 15, SWOT Analysis Introduction: Industry Overview The gambling Industry operates several gambling facilities. The facilities include casino resorts, hotels, and lottery facilities. There are many companies engaged in the industry. Some of the industry players are Italy’s GTECH, Las Vegas Sands, as well as MGM Resorts. International gambling joints include Hong Kong’s William Hill and Australia’s Tatts Group (Hoovers, 2014). During 2012 projections, one gambling industry produced the higher $ 10,700 million revenue. Within the entire 2013 projected gambling period, the same industry reached the higher $ 11,135 million revenue (Statistica, 2014). Further, the same industry generated actual revenues during the 2009 and 2010 gambling periods. The 2009 gambling revenue reached $ 10,393 million. Favorably, the 2010 gambling period produced favorably higher actual revenues, $10,405 (Statistica, 2014). Client-centered innovative strategies boost gaming industry revenues. Competitor: Nevada Gold and Casinos Company’s SWOT Analysis (Ferrell & Hartline, 2012 The company, Nevada Gold and Casinos Company, is engaged in casino gambling activities. The company is located within Nevada gambling area. The company caters to the resorts and casino needs of current and future customers. The gambling rooms include the popular slot machines (Nevada Gold Casino, 2014). Strengths. The company offers several gambling game options. The options cater to the slot machine gamblers’ needs. The other gamblers will patronize the card games. The company delivers the bingo games to selected patrons. Other visitors will troop to the roulette gambling table (Twst.com, 2006). The company offers high quality hospitality service to its gambling patrons. The customers can easily buy beverage from the friendly and accommodating casino staff. The dedicated and sincere hotel room employees enthusiastically deliver quality hospitality services. As proof, Nevada Gold Casino generated $62,807,000 the year ended April 30, 2014. The company generated the same year’s $ 448,000 net profit (Nevada Gold Casino, 2014). Weaknesses The company is small in size. The company needs additional top quality line and staff employees to increase the company’s current revenue generating activities. With more line and staff employees, more customers will feel a reduction in the casino cashiers’ queue lines. The employees deliver quality casino restaurant services to the gambling customers. As a new company, the company lacks the actual experiences needed to ensure a synergistic coordination of all the casino’s activities (Twst.com, 2006). Opportunities The Casino can open up more spaces to cater to other visitors. The company can set up more gym areas to fill the needs of the gambling patron’s exercise preferences. The company can set up additional restaurants. The restaurants will cater to different types of customers. One restaurant will cater to the eager fast food customers. Another restaurant will cater to the old fashioned slow- moving elderly gambling customers. The casino can set up more rooms for sports enthusiasts. Some gamblers may prefer playing table tennis, chess or badminton during the gambling rest periods. Threats There are realistic threats of new entrants. The Nevada government allows the easy setting up of casinos and resorts. The additional resorts and casinos will increase the local government’s tax collections. The new entrants may offer cheaper room rates and lower priced restaurant menus. The new entrants may include popular game choices not offered by Nevada Gold Casino. Table 1 Positioning               Competitors Nevada Gold Hyatt Riviera     Revenue ($ millions) 63 2700 67               The above position table shows the revenue outputs of three gaming industry competitors. First, Nevada Gold Casino generated $63 million gaming revenue during 2013. Next, Hyatt’s gaming facilities generated $ 2,700 million revenue during the same year. Lastly, Riviera’s gaming facilities produced $67 million revenue during 2013. The table clearly shows that Hyatt’s gaming venues generated the most revenues. Gaming Industry SWOT analysis and SWOT CHART (Ferrell & Hartline, 2012) Chart 1 Gaming Industry SWOT Analysis Strengths The gaming industry benefits from the strengths. There are many gambling game options. There are many expert and friendly gambling industry employees. The industry offers sports, swimming, restaurant and other amenities to the gambling customers. Weaknesses The gambling industry has some weaknesses. The industry needs more customer-friendly employees. The industry lacks sports facilities, gyms, and other amenities. The industry must set up more restaurants to increase overall industry revenue. Opportunities The gaming industry must benefit from many opportunities. The industry can cater to the sports-inclined gamblers by setting up more sports facilities. The facilities include badminton, basketball, and volleyball venues. Threats The gaming industry has some realistic threats of new entrants. The Nevada government allows easy setting up of new casinos. The new entrants may offer lower room prices. The prices of the industry’s encroaching new competitors are lower priced. Service Opportunities By filling the other needs of the gambling patrons, the gambling industry customer’s gambling experiences are significantly increased. Opening up more gyms will satisfy the health-conscious gamblers. Setting up a sports facility will fill the gamblers’ badminton, table tennis, chess, and other sports needs. By opening up more restaurants, the gamblers’ food needs is quickly resolved (DuBrin, 2009). Gaming industry’ strategy evaluation Defining, strategic tasks include procedures that ensure attainment of prescribed gaming industry goals and objectives (DuBrin, 2009). By offering reasonable room rates, more gamblers will visit the gambling industry’s betting areas. By adding more games and more game options, the current and future customers can quickly sit down to play their chosen gambling game. Assessment of Industry Capabilities The gambling industry has the capacity to fill all the gambling needs of new and future gamblers. By offering other services, the gamblers will have a more fruitful and enjoyable gambling industry experience. By offering different betting amounts, both the rich and the low income gamblers will feel the same feeling of gambling happiness within the industry’s luck-imbued halls (Ferrell & Hartline, 2012). Barriers to implementation of prescribed strategies There are barriers to successful strategy implementation. Poor communication slows the implementation. Miscommunication deters expected strategy projections. Lack of financial resources and personnel prevent immediate strategy realization (Olsen, 1998). Conclusion (response and Innovative Strategy) Based on the above SWOT analysis and strategy evaluation, some innovatively customer value-based creative strategic actions are highly recommended (Hillman & Keim, 2001). First, more gaming facilities are needed. Next, more expert personnel must be hired. Third, additional facilities must be set up to cater to the gaming industry’s sports lovers, gym goers, food connoisseurs. Evidently, customer-focused innovative strategies increase gaming industry revenues. References: DuBrin, A. (2009). Essentials of Management. New York: South-Western Press. Ferrell, O., Hartline, M. (2012). Marketing Strategy. New York: Cengage Learning. Hillman, A., Keim, G. (2001). Shareholder Value, Stakeholder Management, and Social Issues: Whats the Bottom Line? Strategic Management Journal , 22 (2), 125-139. Hoovers (2014). Gambling Report. Retrieved from < www.hoovers.com > Nevada Gold Casino, 2014. Nevada Gold. Retrieved from < http://nevadagold.com/ > Nevada Gold Casino, 2014. Income Statement. Retrieved from < https://finance.yahoo.com/q/is?s=uwn > Olsen, M. R. (1998). Research in Strategic Management in the Hospitality Industry. International Journal of Hospitality Management , 17 (2), 111-124. Statistica.com, 2014. Nevada Casino Gaming Market Revenue from 2006 to 2015. Retrieved from < http://www.statista.com/statistics/217064/casino-gaming-market-in-canada/ > Statistica.com, 2014. Total Number of Casino Games in Nevada from 1965 to 2013. Retrieved from < http://www.statista.com/statistics/250142/casino-games-in-nevada/ > Statistica.com, 2014. The amount wagered on sports events in Nevada Sports Books from 2006 to 2012. Retrieved from Twst.com, 2006. Alan Greenstein. Retrieved from < http://www.twst.com/interview/22956 > Read More