Wynn Resorts Ltd. Is a Premium Destination Essay

Wynn Resorts Ltd. is a premium destination world class Casinos and Resorts that was founded by Steve Wynn. The founder of this company is regarded by many as a visionary who has transformed the City of Las Vegas through establishing one casino at a time. In its initial years, Wynn Resorts Ltd. operated at small stakes in 1967 in the Frontier Hotel in which it was a newcomer to Vegas. Currently, the firm owns and operates various businesses including the Wynn Macau in the People's Republic of China and Wynn Las Vegas. Wynn Resorts Ltd. is also in the process of developing The Encore Diamond Suites, which is an expansion to the Wynn Las Vegas. Moreover, the firm continues to explore various opportunities to develop extra gaming and associated businesses in other domestic and international markets.

Growth and Expansion Strategy of the Firm:

As previously mentioned, Wynn Resorts Ltd. is exploring numerous opportunities for developing and expanding its businesses in other domestic and international markets. In order to facilitate the growth and expansion initiatives, the company has developed a comprehensive strategy that incorporates various aspects of the business. An example of the growth and expansion strategy and efforts is the development of The Encore Diamond Suites, which is an extension of the Las Vegas business.

The other significant aspect of the firm's expansion strategy and initiatives is Wynn on the Cotai Strip. As part of its strategy, Wynn Resorts Ltd. has been able to purchase significant portions of land in both Macau and Cotai.According to Sieroty (2012), Wynn Las Vegas and Encore Casinos in Macau signed a deal that enables the firm to obtain significant portions of land in Cotai strip for a proposed resort in the region. The initiative has widely been seen as a new development measure with the potential of favorable unit growth to investors.

The purchase of huge land portions in Cotai is in line with the firm's initiative to explore new global markets and expand it businesses. The initiative fits into the company's growth plan for breaking the casino monopoly and contributing to the development of the region as a tourist destination. As a project estimated to cost around $3 billion, the development of Wynn Cotai will feature approximately 2,000 hotel rooms and 400 gaming tables.

With regards to the existence of enough support to make a significant capital investment in this resort, Wynn Resorts Ltd. has the capacity to do so. First, the company has positioned itself effectively in the growing gaming markets with which the development of this resort is a strategic opportunity. Secondly, the firm has strong marketing strengths, which basically incorporate the development of its product. Thirdly, Wynn Resorts Ltd. has significant capital investment to support the project since it has continued to generate huge profits from its customers through direct marketing.

Porter's Five Forces in Wynn Resorts Ltd.:

Similar to other businesses, Wynn Resorts Ltd. experiences various factors in its quest to explore and expand into new….....