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Of MGM - Case Study Example

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MGM is one of the leading companies in the hospitality and gaming industry globally, owning fifteen resorts and gaming properties in several different states. In the past, the gaming industry was seen as an industry that was highly unlikely to be hit by recession. This prospect…
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Case Study of MGM
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Case Study of MGM MGM is one of the leading companies in the hospitality and gaming industry globally, owning fifteen resorts and gaming properties in several different states. In the past, the gaming industry was seen as an industry that was highly unlikely to be hit by recession. This prospect has however changed over the years with the reduction in consumer spending. Furthermore, consumer needs and preferences are constantly changing which has necessitated the need for the companies to change in relation to the preferences of the consumers. MGM is also faced with the problem of keeping pace with the trends in the market in order to maintain its competitive edge.
The highly competitive nature of the hospitality and gaming industry is considered one of the biggest threats for MGM. The competitors vary considerably in terms of their size, quality of services, financial potency and capabilities, level of facilities and the diversity that exists in terms of geographic location. MGM faces competition from several public and private companies that operate in the hotel, gaming and resort business. In just the short period, that MGM has been in the market, its portfolio has vastly increased. MGM is actively in pursuit of development opportunities in the main regions that show some form of opportunity, both domestically and internationally. However, now MGM seems to be highly reliant on Las Vegas to generate the larger part of its revenue.
Secondly, MGM has taken up several initiatives in order to set it apart from its competitors. Building themed hotels came outdated and a cliché over time, which in turn necessitated the need for MGM to take up on something different and unique. This is relevant in ensuring that the hotel can offer to its customers what the other hotels in the hospitality and gaming industry do not have to offer. Furthermore, in order to get a head start in the changing era of the competitive industry, MGM has collaborated with the digital entertainment party known, as bwin party waiting for the time when gambling shall be made legal. The world is vastly changing to be a digital and customers are everyday hoping to do everything online. Offering online poker is likely to give MGM competitive advantage in the gaming industry.
The resource-based model is ideal when venturing into international markets as a way of maintaining competitive advantage and attaining above average returns. Furthermore, MGM should focus on training the employees in order to deliver consistent excellent customer service across all of its resorts. Asians are often viewed to be risk takers, spontaneous and a good market opportunity for gambling. This could be associated to the strict governing norms in the community. They generally view gambling as a get away from their monotonous lives. Hence, the “Las Vegas Approach” is most likely to work. Las Vegas in the eyes of many is seen as the destination where one goes and there are no limitations as to what one can do. The only difference between the Asians and Americans is that most of them do not look for accommodation while on their getaway. It normally just lasts a night and they are off the next morning.
The ceremonious exit of the founder of MGM, Kirk Kerkorian, should not simply be viewed as the end of an era leaving MGM as an open target. It is evident that the current Chairman and CEO, Jim Murren, is highly capable of maintaining the culture that Kirk had created in the company and working towards the vision set for the company. Murrens shrewdness in the business world and determination could be the attributing factor for the significant growth observed in the company even after the exit of its founder. The partnerships with Dubai World and Panty Ho are not necessarily an indication of weakness in the eyes of the consumer. This is because they have access to a pool of funds and necessary in providing the consumers with better services that they demand. In addition, the partnership is relevant in ensuring that the customers get a wide range of services, which would likely not be possible otherwise. In contrast, the less enlightened customers are likely to see the partnership as a sign that the company was failing and needed the company in order to save it. Read More
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