Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Wynn Las Vegas Business Plan - Essay Example

Comments (0) Cite this document
This paper gives a brief business plan for Wynn Las Vegas Company detailing direct setting strategy, Environmental analysis, competitive / resource analysis, strategy development and implementation process. The plan is to enable the hotel and casino service provider to improve…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.6% of users find it useful
Wynn Las Vegas Business Plan
Read TextPreview

Extract of sample "Wynn Las Vegas Business Plan"

Wynn Las Vegas Business Plan Introduction This paper gives a brief business plan for Wynn Las Vegas Company detailing direct settingstrategy, Environmental analysis, competitive / resource analysis, strategy development and implementation process. The plan is to enable the hotel and casino service provider to improve the quality of services through systematic value addition. It is also aimed at fostering accountability and optimal utilization of the available resources.
Direction setting
Direction setting is the process of formulating quantifiable priorities and goals with clear financial targets and solid impactful action steps that are essential for the organizational success. The element is bond to enable Wynn Las Vegas Company to execute proper strategic thinking and strategic planning towards the achievement of competitiveness in the market. This is apparent since the strategy will enable the company to make sense of the emerging markets and technologies through seeing and understanding of the operating patterns and trends (Chabria, Green & Slutsky, 2006). Therefore, the strategy is essential as it will enable the company to design the organizations performance direction effectively, set priorities, perform effective budgeting, and allocate resources fairly.
Environmental analysis
Environmental analysis entails evaluation of the key factors that influence effective operations of institutions. The factors that are popularly known as PESTEL include political, economic, social, technology, social, ecological, and legal aspects. Evaluation of the economic aspect is vital for the hospitality service provider, as it will obtain critical information that will facilitate its ability to dealing with the economic externalities in the environment.
It will give the institution the greenlight on how the performance is likely to be during a period. Therefore, it is prudent for the company to evaluate and understand the political undertakings in the region (Chabria, Green & Slutsky, 2006). When it comes to technology, social, ecology and legal factors, the company will analyze the technological changes the environment embraces, the fairness of the existing laws and the favoritism of the ecosystem including social integration. Analysis of the aspects is to enable the company make an accurate decision on whether to continue executing its services or relocate to other destinations.
Competitive analysis
High level of competitiveness is a key factor that Wynn Las Vegas seeks to achieve in the hotel industry. The company is planning to achieve this through provision of quality services and products real time, effective product differentiation, through vigorous advertisement, and heavy investment on production. In its product differentiation strategy, it seeks to increase its product portfolio to providing fitness services, pool services, add retail shops, boutiques, and salons among other services. The other strategies are by being the price setter and product quality determinant in the market. The company is to adopt the strategies to outshine its main rivals in the industry that include Wynn Macau Company (Chabria, Green & Slutsky, 2006).
The company also plans to ensure optimal utilization of resources through effective budgeting and financing of projects in a prioritized manner. The budget is to factor in all the requisite incentives necessary for achieving competitiveness with the aim of enabling the company to meet its set financial target.
Strategy development
Strategy development is the process of establishing the appropriate ways of achieving good performance or delivering quality services. The development process is driven by innovation, creativity, and knowledge of the market needs. The company is poised to continue developing its operating strategies such as product diversification, market brand expansion, and lean business model through establishing the needs of the market that is followed by the execution of a detailed feasibility study.
The implementation of any performance strategy and production protocols would be undertaken systematically based on a designed structure. The process will start by the identification of the strategy to be implemented, followed by the establishment of the needed resources that include human personnel, machines among other incentives. This is followed by developing a project design to give a blueprint of what is expected and results anticipated. It also entails decision making on whether to do an in-house development or off-the shelf development. Product and strategy development that entails executing the actual work then follows. Testing of the products or strategy’s functionality is done to establish its appropriateness in offering the required solutions.
Indeed, the process is vital as it will enable Wynn Las Vegas Company to develop and implement quality strategies and production processes that are vital in boosting performance.
Chabria, A., Green, P., & Slutsky, A. (2006). Night + day Las Vegas. San Francisco:
Pulse Guides. Read More
Cite this document
  • APA
  • MLA
(“Wynn Las Vegas Business Plan Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from
(Wynn Las Vegas Business Plan Essay Example | Topics and Well Written Essays - 500 Words)
“Wynn Las Vegas Business Plan Essay Example | Topics and Well Written Essays - 500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Wynn Las Vegas Business Plan

Las Vegas

... The Contradiction Called Las Vegas Las Vegas brings out our ambivalence because we're not exactly sure what itis. On the one hand it's all things to all people, yet when viewed from another angle all we see are smoke and mirrors. We love the idea of the fantasy, but the possibility that we may come to grips with the realization that it is only a fantasy scares us. We may abhor the sexuality as unnatural, yet we are drawn to it. It is not that we either love it or hate it, it's that we love it and hate it at the same time. Las Vegas has everything all at once in a sensual onslaught of sight, sound, and touch. Las Vegas is like calling heads on a two-sided coin. We know our winning or losing is certain, yet wretch at the hollow glory gained...
5 Pages(1250 words)Essay

Las Vegas

...In 1993, developer and hotelier Steve Wynn was shown on television flashing a quick smile before pushing the detonator button that destroyed forever one of the last longtime landmarks of his home city of Las Vegas. Far from working to preserve such an icon of the past, Wynn was eager to demolish the old structure so he could build his newest themed hotel idea in a move that typified the Las Vegas experience. No longer concerned with whether another large themed hotel was needed or desired in the already heavily entertainment-oriented city, Wynn’s demolition of the Dunes is just one of many indications that the metropolis, not the individuals within it, is taking an active role in the evolution of culture. Through these types...
4 Pages(1000 words)Essay

Las Vegas

...Not concerned about building another hotel in the entertainment-oriented of Las Vegas, Steve Wynn’s demolition of the Dunes repeats the message of the undesirable old and the fascinating new. This constantly updated society is an icon of the American experience that demonstrates how the spaces and practices of the metropolis shape our modern experiences and culture. By insisting everything must be new all the time, “Relatively recent hotels that form part and parcel of the show business mythology are pulled down without a second thought and replaced by others that are bigger, more luxurious and better attuned to the mood of the times” (Warde, 2000). The received message pushes visitors to participate in costly events, gamble more...
2 Pages(500 words)Essay

Las Vegas Sands Corporation

...Las Vegas Sands Corporation 2c) Profitability Ratios: Net Profit Margin = Net Income Revenue Net Profit Margin (2008) = -163,558 4,389,946 = -3.73% Net Profit Margin (2009) = -354,479 / 4,563,105 = -7.77% The company has incurred losses in past both the years; especially in the year 2009 due to the depressed economies where the company is operating this has caused the net profit margin to remain negative. Return on Assets = Net Income / Average Total Assets Return on Assets (2008) = -163,558/ (17,144,113 + 11,466,517) / 2 = -1.14% Return on Assets (2009) = -354,479/ (20,572,106 + 17,144,113)/2 = -1.88% The return on assets was also negative attributed due to the negative income incurred in both the years. The industry in which the company...
1 Pages(250 words)Assignment

Las Vegas, NV

... Table of Contents Contents Page Introduction…………………………………..3 History of Las Vegas………………………...3 Geography and Climate………………………4 Demographics…………………………………6 Culture and Sports……………………………….7 Conclusion……………………………………….8 Bibliography …………………………………….9 Las Vegas, NV Las Vegas is Nevada’s most populous city, and Clark County’s county seat. As a destination, it is renowned for quality dining, shopping, and gambling. The city is most known for its casino-hotels and the entertainment associated with them. The 2010 census put the city’s population at 478,434, making it the twenty eighth most populous cities, in the United States. During the same period, its metropolitan area had a population of 1,951, 269. Las Vegas was established as a city...
6 Pages(1500 words)Essay

Trip to Las Vegas

The context of the trip to Las Vegas is contingent upon the fact that each of the cast-members that go on the trip goes expecting different results; as such, they all have a running list of preconceived expectations with regard to how their needs and wants will be satisfied. Male gaze is evident from the very first moments in Vegas as certain members of the male cast begin expressing interest in the allures that Las Vegas has to offer in terms of strippers and adult entertainment. Likewise, this has the causation of creating a rift of jealousy to emerge as a moral panic develops within the minds of the female members of the cast; one that expects that the men have only one desire – to sleep with these strippers. Stereotypes ar...
1 Pages(250 words)Essay

Wynn Las Vegas Environmental Analysis

Growing number of visitors provides an opportunity to Wynn Las Vegas. For example, they can offer more creative, luxurious, economical and mesmerizing hospitality services to the potential clients for Wynn Resorts. For example, they can offer additional concession or attached offer if a new client first time avails and enjoys the hospitality services in the Resort.
Switch, Las Vegas-based technology firm, plans to create more jobs in Las Vegas by bringing more technological investment to Las Vegas (Komenda, 2015). This increase would directly benefit to hospitality firms, such as Wynn Resorts, as the availability of the latest technology will enable them to access more customer data and that data can be further processed for c...
5 Pages(1250 words)Assignment

Wynn Las Vegas Financial Analysis

...WYNN LASS VEGAS FINANCIAL ANALYSIS The Wynn Lass Vegas is a luxury hotel and casino that is located in Las Vegas Strip, Nevada. The 2.7 billion Dollar resort covers approximately 87 hectares of land, with 45 floors and 2,716 rooms. This paper is a financial analysis of Wynn Lass Vegas Financial Analysis and a comparison of its competitor’s financial position. The competitors considered in this document include Bellagio, Venetian, Palazzo, and Aria. The paper analyzes the financial ratios of Wynn Resorts Ltd in comparison to the financial ratios of its four identified competitors. The financial ratios considered in this paper include Profitability Ratios, Liquidity Ratios, Leverage Ratios, Return on Equity, and Activity Ratios...
4 Pages(1000 words)Assignment

Wynn Las Vegas Functional Strategy Audit

...Wynn Las Vegas Functional Strategy Audit Insert Insert Describe how you will achieve your business level strategies using two components from each of the six functional areas. Introduction The Wynn Las Vegas refers to a luxury resort located in Paradise Nevada. Its location on the Las Vegas Strip is quite strategic (, 2015). It also consists of a casino and traces its name after the developer of the casino, Steve Wynn. It is the leading property of Wynn Resorts Limited. The Wynn is rated the one of the top United States hotel with outstanding performance in the hotel, restaurant, and Casino. It is peculiar to an example of a process of formulating plans and successfully implementing them. Distinguishing the roles...
2 Pages(500 words)Assignment

Wynn Las Vegas Business Level Strategy

...Wynn Las Vegas Business Level Strategy Wynn Las Vegas Business Level Strategy Functional Strategy Audit Wynn Las Vegas has six operational strategies for auditing. Those strategies include; Marketing, Operations, Information System Innovation, and Human Resources Strategies. These strategies are in such a way that they work together to achieve the goals and objectives of Wynn Las Vegas organisation. In order to carry out a strategic audit, the following five steps are conducted. An analysis of the current strategy and its implementation process is carried out. A swot analysis goes hand in hand with this. A process of identification of the directions to be taken is. Control procedures are in place. Lastly, a general sensitization...
2 Pages(500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Wynn Las Vegas Business Plan for FREE!

Contact Us