Strategic Overview of Wynn Resorts and the Casino Hotel...

TIBERIUSConsulting

Strategic Overview of Wynn Resorts and the Casino Hotel Industry

Tiberius Consulting Team:Thomas Brennan, Kepler Edwards, Carol Chase Peterson, Ryan Bach, and Valentina Cerda

2Strategy Consulting for Wynn Resorts

TIBERIUSConsulting

Firm and Industry Background Industry Overview

– The Casino Hotel Industry consists of short-term lodging in hotel facilities with a casino on the premises

Firms in the industry generally offer a range of services and amenities, such as food and beverage services,

entertainment, valet parking, swimming pools and conference and convention facilities

– Industry sales in 2014: $53.1 Billion

– Only 20 US states allow commercial casinos of some form

– Key Players: Las Vegas Sands, Wynn, MGM Resorts, Caesars

Sources:

• Arsenault, Mark. "Wynn Closes on Everett MBTA Land." Boston Globe.

• Brennan, Andy. "Casino Hotels in the US." IBISWorld.

• Brustein, Joshua. "New Jersey's Casinos Are Sinking Faster Than Online Gambling Can Rise.” Bloomberg Business.

• Palmeri, Christopher. "Local Casinos Are a Losing Bet." Bloomberg Business, April 3, 2014.

Analysis of Profitability(Return on Assets 2010-2014)

4%

Economic

Average

-2%

Industry

Influence

2%

Industry

ProfitabilityStrategy

Influence

WYNN

Profitability

7%5%

Client Firm: Wynn Resorts– Locations in Las Vegas & Macao – Location in progress in Everett

Leader Firm: Las Vegas Sands – Locations in Las Vegas, Macao,

Singapore, Pennsylvania– Strongest development in Macao,

most properties on Cotai Strip

Industry Level Issues: – Decreasing domestic sales– Increasing casino openings– Intense competition in Asian

markets for limited licenses and tourist flow


TIBERIUSConsulting

Overview of Strategic Recommendations

Increase profits

Revenues

Prices . Unit Volumes .

Costs

Raise Prices

Mix Shift to

Faster, Lower

Odds Casino

Games

Expand

Localized Casino

Strategy

Drive Volume in

High NW with

Credit Card

Outsource Non-

Core Activities

Divert Traffic to

Non-Optimal

Wynn Locations


TIBERIUSConsulting

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Imp

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ance

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Criteria

Importance

WYNN

LVS

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Imp

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Criteria

Importance

WYNN

LVS

Survey Results: Undifferentiated and Underperforming■ General Findings:

― The customers are overall indicating a very low perception of differentiation between Wynn and market leader Las Vegas Sands

― However… customers with over $75,000 indicated a slight preference for Las Vegas Sands in 9 out of 10 criteria!

― The customers are telling us that ‘Room Quality’ is their #1 ranked criterion with an average importance ranking of ~7.62 (dark blue)

― Gambling ranked as the most important “feature” available to those not staying in the resort, while Shopping ranked as the least important

■ Implications:― While there are no glaring weaknesses,

Wynn does NOT currently have the differentiation and quality expected of a ultra-high-end positioning and tightly integrated firm

― Wynn’s slight performance gap to LVS increases on average with higher income individuals

n = 197

n = 36

*Respondents that

enjoy casino resorts

*Respondents that

enjoy casino resorts

and earn over

$75,000/year


TIBERIUSConsulting

Porter’s Five Forces: Concerns Over Rivalry

IndustryRivalry

Suppliers Buyers

Potential Entry

SubstitutesPower of Suppliers

Alcohol, food, machines

• Large amount of suppliers (because they are generic inputs, the industry has a large amount of options)

• Low differentiation of products • Ability for industry to integrate backwards

(easier for the companies inside the industry to get into the suppliers industry than the supplier firms to integrate forward)

Extent of Rivalry

Las Vegas Sands, Wynn, MGM, Caesars

CAGR = 2.74% [American Gaming Association]• Low Market Concentration (C4 = 32%) [IBISWorld]• Large amount of casinos in locales where legalized• High exit barriers (high leverage, remodel cheaper than exit) • Low differentiation in physical gambling• Depending on region - Industry revenues either actively

shrinking or growing at rate below GDP, increasing crowding

Power of Buyers

End consumers• Fragmented ( the consumers are individuals)

But…• High-rollers have a large influence and generate a lot of

revenue for individual casinos• Companies comp many expenses for the high-rollers• Very low switching costs; the resorts are right next to each

other and have very similar offerings • Price sensitive

Threat of Entry Potential Entrants: Luxury hotel companies with existing

infrastructure

• Long and expensive application process for a license

• Strict Policies and regulations made by the government

• New licenses tend to go to existing casino hotel companies

• High startup investment ($550-$600 million)

• Economies of scale

• Rev. Per Square Foot

• Small Casinos: $898

• Large Casinos: $1942

[IBISWorld]

Threat of Substitutes Potential substitutes: Lotteries, sports and race

gambling, online gambling, hotels without casinos

• Online gambling becoming an increasing trend

• Since 2003 revenue has grown from $7.4

billion to $41.4 billion [Bloomberg]

• High taxes on winning can lead vacationers to

activities other than gambling [Bloomberg]

Sources:




• "Gaming Revenue: 10-Year Trend." American Gaming Association. January 15, 2014. Accessed April 21, 2015.


TIBERIUSConsulting

Localized Casino Strategy: Lock-In Low Competition We recommend dramatically expanding the

“localized casino” strategy of seeking single licenses

near major population centers that have historically

not allowed casino resorts

Survey results that roughly half the population at

44% of respondents would be unwilling to travel

longer than three hours to visit a casino resort

– Seven of the ten most populous U.S. cities have in-flight

times alone of longer than three hours from Las Vegas

– The East Coast is particularly underserved, with tighter

gambling restrictions and the primary option of Atlantic

City in such decline that it fails to compare in quality

(revenues declined 37% from 2006-2011 and 4 of 12

casinos closed in 2014) [BostonGlobe]

By locating in and near major cities, Wynn and

comparable competitors should easily take market

share from nearby destination casinos by offering

higher convenience and quality

Survey results indicate that there is overwhelming

support for increasing casino licenses, with 83% of

respondents supporting allowing a casino resort to

be built in a major city nearby

However, only 59% support the idea of multiple

casino resorts being built – this could shift the

industry to a local monopoly/duopoly structure

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

Less than 1hour

1 - 2 hours 2 - 3 hours 3 - 4 hours 4 - 5 hours More than 5hours

Time Willing to Travel for Casino Resort

“It’s a highly competitive market! Seventy

hotels on the strip. No monopoly, no

duopoly,” he said in January. “Caesars

Palace had the [state] record [for gaming

revenue] at $400 million, and nobody had

ever been near 400 except Caesars. We

opened the Mirage, and in 1990, the first

full year of operation, we broke the $500

million mark.”

- Steve Wynn (CEO) [WBUR]

Sources:

•Arsenault, Mark. "Conn. Casinos Double down on Expanding Attractions." BostonGlobe.com. December 14, 2014. Accessed April 21,

•Marks, Gene. "3 Things That Might Have Kept Steve Wynn in Philadelphia." Philadelphia Magazine. November 14, 2013. Accessed April 21, 2015.

•Barrow, Clyde. "Mohegan Sun Casino & Foxwoods Resort Casino: Potential Impact of Gaming Expansion in Massachusetts & New York." March 1, 2015. Accessed April 21, 2015.

•"Decision Time For Casino Panel: Mohegan Sun Or Wynn?" WBUR 20. N.p., n.d. Web. 21 Apr. 2015.


TIBERIUSConsulting

Localized Casino Strategy: Comparative Margins and CSR By moving from the high industry rivalry

environments of Las Vegas and Macau to the legally

enforced monopoly/duopoly environment of

localized casinos, margins should significantly

expand

As a proxy for this shift, comparing LVS’s Las

Vegas properties against its remote offering in

Bethlehem, Pennsylvania reveal a <300 bps

expansion in Adjusted EBITDA margins

– Expanding closer to major cities should expand margins

further

– Sands Bethlehem is a low-cost offering, whereas Wynn

Everett offers a higher-end, more regionally differentiated

experience that should increase margins

Assuming this strategy is as successful as expected,

industry competition over bids should further

increase domestically

As a result, this is most accurately viewed as an

industry shift towards less saturated regional

markets with aggressive non-market strategies key

in both obtaining the bid and preventing competitive

entry

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21.50%

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22.50%

23.00%

23.50%

24.00%

24.50%

25.00%

Sands Bethlehem LVS Las Vegas Properties

Adjusted EBITDA Margins (2014)

Recent Highlights of Wynn’s

“Corporate Social Responsibility” Initiatives –

Generosity or Bribery?

• In 2011, Wynn donated $25 million to the Universityof

Macau Development Foundation with commitments to

donate $10 million each year until 2022 ($135 million

total) [Wynn CSR Report]

• In excess of $10 million in donations during the last U.S.

presidential election [Las Vegas Review-Journal]

• $25 million to $45 million in infrastructure

improvements related to Wynn Everett over 10 years

Sources:

•Ghezzi, Patrick M. Gambling Behavior Theory, Research, and Application. Reno, NV: Context Press, 2006.

•“Wynn 2013 Corporate Social Responsibility Report” Wynn Investor Relations, 2013

•Stutz, Howard. "Steve Wynn, Once Vocally Anti-Obama, Goes Mum." Las Vegas Review-Journal. N.p., 02

Sept. 2012. Web. 21 Apr. 2015.


TIBERIUSConsulting

Outsource Non-Core Segments: Value Chain Overview

= Firm owns/operates these steps in the value chain

Design

Construction

Operations

Marketing

License

Acquisition

Game

Development

Operations

Debt

Collection

Facility

Development

Operations

Marketing

Facility

Development

Selection

Operations

Marketing

Facility

Development

Selection

Operations

Marketing

Gaming Restaurants Entertainment Shopping

Customer

Acquisition

Hotel

Sources:

•“Company Profile: Wynn Resorts, Limited”, Marketline Report, November 25th, 2014., DataMonitor.

“MarketLine Industry Profile: Casinos and Gaming in the United States.”, Marketline Report., November 2014., DataMonitor.

Brennan, Andy, “Casinos & Gaming.”, IBISWorld Industry Report 71112, November 2014., IBISWorld


TIBERIUSConsulting

Outsource Non-Core Segments: Perception, Volume, Profit Wynn is the only most vertically integrated

company in the industry, owning and

operating all restaurants, entertainment shows,

spa services, and a resort design firm

– Steve Wynn states this is in order to promote

brand control and because, in the case of

entertainment, “if you hire stars, they get all the

money”

– However... this strategy has both forced Wynn to

focus extensively on business segments outside

of core competencies and failed to yield

perceived quality increases [Survey Data]

Wynn should consider outsourcing these

non-core segments, particularly in newly

constructed resorts, in order to drive

improvements in focus, traffic, and margins

– Slightly worse F&B margins against LVS (44%

vs. 50% for 2014)

– Slightly worse casino margins against LVS (38%

vs. 44% for 2014)

– Better entertainment margins, but LVS’s 37%

higher revenues suggests higher interest, traffic,

and gambling cross-selling

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Per

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oo

m D

ay

Price

Room

Retail, Entertainment &other

Food & Beverage

Promotional Allowances

Casino

WYNN LVS


TIBERIUSConsulting

Outsource Non-Core Segments: Attractive Side-Benefits Even if segment margin decreased, opting for the higher revenue external option may help raise

profits through driving casino traffic

– AGA survey of U.S. casino resort visitors in 2013 revealed that 74% of respondents engage in some form of

gambling when they go to a casino resort, even if whether the main purpose was just to visit a restaurant or show

In addition, by outsourcing non-core business segments Wynn will be able mitigate future risk by

guaranteeing lease income from restaurant and entertainment operators without taking on the

responsibility of owning and operating in-house

Due to the industry’s sensitivity to economic downturns and its need for high capital expenditures

and high leverage to fund them, the stability of lease income could significantly reduce BK risk without

sacrificing much income

– Caesars Entertainment’s recent bankruptcy declaration is largely due to increased leverage coinciding with the

U.S. economic downturn (Caesars did not have Macau holdings to diversify against this shock) [ValueLine]

– Casino resorts often suffer worse than hotels in recessions due to sensitivity to decreased disposable income

– Wynn rolling five-year beta of 1.36 to some extent reflects this higher sensitivity to macroeconomic factors due to

highly correlated and unguaranteed revenue [Google Finance]

Finally, consumers in Macau are primarily interested in gaming and shopping; thus limiting the upside

possible from costs incurred in-house for non-core business segments (e.g. restaurants & shows)

– Wynn Las Vegas non-gaming revenue is 40% of total revenue [10-k]

– Wynn Macau non-gaming revenue is 10% of total revenue [10-k]

– With major near-term developments focused in Macau, this small revenue share does not warrant the high

requisite level of attention and resourcesSources:

Silva, Dominic. "Industry Analysis: Hotel/Gaming." Industry Analysis: Hotel/Gaming. Accessed April 21, 2015.

“State of the States: The AGA Survey of Casino Entertainment ” American Gaming Association. 2013

Ghezzi, Patrick M. Gambling Behavior Theory, Research, and Application. Reno, NV: Context Press, 2006.


TIBERIUSConsulting

Overhaul Rewards System: History and Background

Tracking customer data through a rewards card and utilizing it for marketing purposes in

the casino was a strategy first used by Harrah’s Entertainment (now Caesars Entertainment

Corp.) in the late 1990s

– By targeting “low rollers”, tracking their behavior through the rewards card, and creating

promotions and freebies to keep customers in their casinos, Harrah’s made a $100 million

investment in IT to support this tactic [HBS]

– “The data collected through the program allows us to execute direct marketing strategies that

increase the efficiency and effectiveness of our marketing dollars”- Gary Loveman, Former COO

of Caesars Entertainment [HBS]

• Revenue grew by 50% and stock price doubled in the following years after the investment [HBS]

This strategy was easily copied by competitors. Nearly all other casinos hopped on this

gravy train to keep customers spending money in casinos in an effort to chasing “comps”

Caesars: Total Rewards Wynn: Red Card Las Vegas Sands: Club GrazieMGM: M Life

Sources:

Lal, Rajiv. (2004). Harrah’s Entertainment Inc. HBS 9-502-011. Boston, MA: Harvard Business School


TIBERIUSConsulting

Overhaul Rewards System: Weak Penetration and Perception

Casino customers are well aware of the variety of rewards programs that are offered by each casino

company

– Rewards offerings are commonly discussed on casino blogs and forums- frequent casino visitors are always

looking to get the best bang for their buck

Stiff competition amongst rewards programs

– Customers often structure their vacations and casino visits based on the “comps” they have earned in the past

– Total Rewards Program is commonly praised by casino-goers due to generous and frequent “comps” (see next

slide)

Frequent casino-goers have observed Wynn “comps” are harder to come by, and require more

spending to achieve rewards

– This is at odds with the calculated rewards offered per dollar spent (see next slide)

– This gap between reality and perception may be explained by Wynn’s “pull” approach to comps vs. other casinos’

“push” approach

– Recommendation: At minimum, launch a rebranded card and shift to “push” delivery

“If you're only a low roller you're unlikely to earn much

at all in terms of comps but still charge stuff to your room

and ask at the Red Card desk is any of your charges

can be taken care of before you check out. A few bucks

is better than nothing.” – [Trip Advisor]

Customer Insights on Wynn Red Card:

Sources:

-Meltzer, Marc. "Reward View: Wynn Las Vegas Red Card." Rewardology. RewardView, 16 Jan. 2015. Web. 31 Mar. 2015.

-"Las Vegas Comps For Gamblers." Online Blackjack Real Money. Online Blackjack Real Money, n.d. Web. 17 Apr. 2015.

-Blagger. "Las Vegas Forum." Wynn Red Card. TripAdvisor, 4 June 2013. Web. 17 Apr. 2015.

“Wynn Las Vegas is a luxury resort and to receive

rewards you have to spend money as if you’re in a

luxury resort. Comps and discounts aren’t offered to

just anybody. In fact, comps may be more difficult

to come by at Wynn Las Vegas than most resorts in

Las Vegas.”- [Revardview.com]


TIBERIUSConsulting

Overhaul Rewards System: Partner with Major Credit Card

Advantages of Pairing with Major Credit Card

By pairing up with Visa, Total Rewards allows users to earn points in purchases made within Caesars

owned casinos, hotels, and restaurants, as well as everyday purchases [Totalrewards.com]

Access to customers’ credit card purchasing trends allows for more data on how to specify marketing

tactics, as well as revealing high-rollers for aggressive targeting

– “…we may collect certain personal information that we understand may be considered private or confidential”

– “…to improve the products and services we provide you and develop new products and services”

– “…to generate aggregate statistical studies about our customers”- [http://caesarscorporate.com/privacy/]

Survey respondents earning over $75,000 per year and interested in casino resorts: 46% either “Very

Likely” or “Likely” to use such a card

“Total Rewards is the most liberal VIP program

on the strip when it comes to giving

complimentary hotel stays. These offers are

emailed to existing card holders quite

regularly.”- [onlineblackjackformoney.org]

Key Take-Aways: Wynn is losing out on customer reach through its

“weak” loyalty program!

By pairing up loyalty program with a major credit

card brand, Wynn could leverage more data

driven marketing efforts to increase casino visits,

brand awareness, and customer loyalty

This is important: Caesars’ loyalty program

database is currently valued at $1 billion by

creditors in its bankruptcy case

Cash back earned from spending $100

Wynn $ 0.67

Las Vegas Sands $ 0.60

MGM Grand $ 0.67

Caesars $ 1.00

Sources:

-"Las Vegas Comps For Gamblers." Online Blackjack Real Money. Online Blackjack Real Money, n.d. Web. 17 Apr. 2015.

-"Privacy." Caesars Entertainment Corporation. Caesar's Corporate, 17 Nov. 2012. Web. 12 Apr. 2015.

-"Program Rewards Comparison." M Life. MGM Grand, n.d. Web. 12 Apr. 2015.

"Become a Member." Caesars Total Rewards: Visa. Caesars Entertainment Corporation, n.d. Web. 12 Apr. 2015.

http://www.wsj.com/articles/in-caesars-fight-data-on-players-is-real-prize-1426800166


TIBERIUSConsulting

Wynn Palace: Location, Location, Location Nearly every major casino in

Macau located on Cotai Strip

Wynn Palace

– Est. Completion 2016

– Located off the main street

– Guests must travel one block

over

– ~75% of revenues come from

Macau [Bloomberg]

– Next to the international

airport [MacauTripping]

Taking down the Venetian

– The Venetian is the major

player in Macau

– Most popular resort on the

Cotai strip [MacauTripping]

– Most luxury hotels surround

the Venetian

– Wynn Palace needs to develop

a strategy to divert traffic from

this central location

Sources:

Chan, Vinicy. "Wynn Macau Gets Land Grant for Casino on Cotai Strip." Bloomberg. May 22, 2012. Accessed April 17, 2015.

http://www.bloomberg.com/news/articles/2012-05-02/wynn-macau-gets-land-approval-for-casino-on-cotai-gambling-strip.

Updated Cotai Map - Wynn Cotai, MGM Cotai, MegaBox, Hello Kitty and More." MacauTripping. March 3, 2008. Accessed April 17, 2015.

http://www.bloomberg.com/news/articles/2012-05-02/wynn-macau-gets-land-approval-for-casino-on-cotai-gambling-strip


TIBERIUSConsulting

Divert Traffic Off Cotai Strip: Unique, On-Brand Attraction Wynn needs an attraction no other hotel has

– Nearly all major casinos have something to attract

tourists beyond actual services

– For instance, MGM Grand offers a fountain show

once an hour that attracts many tourists

Attractions have incredible success in bringing

in visitors

– In Las Vegas, 4 of 10 most popular attractions are

owned by casinos with the intent of driving traffic

[US News]

– Visitors go to see the attractions, but..

Stay and gamble after

Visit restaurants for dinner

Possible Idea: Wynn should invest in an ice bar

with a skating rink

– Ice Bar is unique and offers tourists a place to cool

off from the heat

Average temperature in Macau: 72˚F

Typical ice bar temperature: 23˚F

– Ice skating rink would enable customers to have a

fun way to relax and cool off

– Ice bars have little cost other than cooling the area

Sources:

•"The Venetian Casino and Grand Canal (Best Things to Do in Vegas)." US News and World Report. Accessed April 21, 2015.


TIBERIUSConsulting

Wynn has several opportunities to drive higher ROA1. Wynn should pursue a localized casino strategy by soliciting single bids in major cities

Survey data suggests strong support for development of casino resorts in major cities, but not necessarily the

development of multiple gambling venues; developments in Boston, NYC, and Philadelphia reflect this

This situation creates opportunities to increase margins through legally protected monopolies and duopolies, as

opposed to environments like Las Vegas with its seventy hotels on the Strip alone

2. Non-core segments like entertainment and restaurants should be increasingly but selectively

outsourced in new casino resorts

By owning and operating all restaurants, spas, entertainment and design they drive up costs and required assets

Very low perception of high value-add, differentiation, or brand consistency from survey results – statistically

insignificant underperformance to unintegrated Las Vegas Sands

Margins from leasing operations shown as equivalent in most business segments and only slightly lower in

entertainment offerings; however, even underperformance on the bottom-line may be worthwhile if it means

higher traffic and lower risk in cyclical downturns

3. Wynn should overhaul rewards system and partner with a major credit card in order to

collect data on key customers and optimize marketing strategies

Overhaul the way in which customers access their rewards by pushing to customers rather than requiring pull

Partner the Wynn Red Card rewards program with a major credit card to maximize data collection

There is significant demand for such a card in relatively high net worth individuals – 44% Very Likely or Likely

Although the rewards system itself if not highly valued by customers the resultant data is highly valued by

operators – valued at $1 billion in Caesars Entertainment bankruptcy

4. Wynn Palace needs to divert traffic off of the Cotai Strip by developing an attraction

Front-Half Deliverable


TIBERIUSConsulting

Firm and Industry Background Industry Overview

– The Casino Hotel Industry consists of short-term lodging in hotel facilities with a casino on the premises

Firms in the industry generally offer a range of services and amenities, such as food and beverage services,

entertainment, valet parking, swimming pools and conference and convention facilities

– Industry sales in 2014: $53.1 Billion

– Only 20 US states allow commercial casinos of some form

– Key Players: Las Vegas Sands, Wynn, MGM Resorts, Caesars

Client Firm: Wynn Resorts

– Locations in Las Vegas and Macao. Location in progress in Everett, MA

– The only hotel casino that operates their restaurants in-house

– Recently closed a deal with MBTA on a train stop to provide transportation to casino

– 16,500 employees

Leader Firm: Las Vegas Sands

– Locations in Las Vegas, Macao, Singapore, Macao

– Strongest development in Macao with multiple properties on Cotai Strip

– 40,000 total employees

Industry Level Issues: – Decreasing domestic sales, yet more casinos are opening due to states interested in the potential tax revenue

– Online gambling is becoming more common and could act as a potential substitute for casinos and other gambling

– Intense competition in Asian markets for limited licenses and tourist flow

Sources:

• Arsenault, Mark. "Wynn Closes on Everett MBTA Land." Boston Globe.





TIBERIUSConsulting

Analysis of Financial Performance Industry Definition: Establishments that primarily provide short-term lodging in hotel

facilities that have a casino on the premises

• Industry Firms: Las Vegas Sands, Wynn, MGM Resorts, Caesar's

• ROA is the best measure profitability in the casino hotel industry because profits are driven by company’s assets in hotel and casino infrastructure, which serve as the primary attraction to the industry’s consumers

• The casino hotel industry has a negative influence on the economic wide average ROA

• Wynn has an ROA that is 5% above the industry average, and outperforms much of the industry, yet is still underperforming behind Las Vegas Sands, the leader of the industry


4%

Economic

Average

-2%

Industry

Influence

2%

Industry


Influence

WYNN

Profitability

7%5%

Sources:

•“MarketLine Industry Profile: Casinos and Gaming in the United States.”,

Marketline Report., November 2014., DataMonitor.


TIBERIUSConsulting

Analysis of Industry Environment

IndustryRivalry

Suppliers Buyers

Potential Entry

SubstitutesPower of Suppliers

Alcohol, food, machines

• Large amount of suppliers (because they are generic inputs, the industry has a large amount of options)

• Low differentiation of products • Ability for industry to integrate backwards

(easier for the companies inside the industry to get into the suppliers industry than the supplier firms to integrate forward)

Extent of Rivalry

Las Vegas Sands, Wynn, MGM, Caesars

CAGR = 2.74% [American Gaming Association]• Low Market Concentration (C4 = 32%) [IBISWorld]• Large amount of casinos in locales where legalized• High exit barriers (high leverage, remodel cheaper than exit) • Low differentiation in physical gambling• Depending on region - Industry revenues either actively

shrinking or growing at rate below GDP, increasing crowding

Power of Buyers

End consumers• Fragmented ( the consumers are individuals)

But…• High-rollers have a large influence and generate a lot of

revenue for individual casinos• Companies comp many expenses for the high-rollers• Very low switching costs; the resorts are right next to each

other and have very similar offerings • Price sensitive

Threat of Entry Potential Entrants: Luxury hotel companies with existing

infrastructure

• Long and expensive application process for a license

• Strict Policies and regulations made by the government

• New licenses tend to go to existing casino hotel companies

• High startup investment ($550-$600 million)

• Economies of scale

• Rev. Per Square Foot

• Small Casinos: $898

• Large Casinos: $1942

[IBISWorld]

Threat of Substitutes Potential substitutes: Lotteries, sports and race

gambling, online gambling, hotels without casinos

• Online gambling becoming an increasing trend

• Since 2003 revenue has grown from $7.4

billion to $41.4 billion [Bloomberg]

• High taxes on winning can lead vacationers to

activities other than gambling [Bloomberg]

Sources:




• "Gaming Revenue: 10-Year Trend." American Gaming Association. January 15, 2014. Accessed April 21, 2015.


TIBERIUSConsulting

Industry Trend Analysis

Trends & Dynamics (examples) Impact on 5 Forces

• BTE

• Rivalry

• Rivalry

• Substitutes

• Buyer Power

Total Impact on

Industry Profit

• #3 – Mixed License EnvironmentLimits on licenses in Asian markets,

increasing regional bids in US

• #2 Legalization of online gamblingSince 2003 revenue has grown from $7.4 billion to

$41.4 billion [Statista]

.

• #1 Expansion to AsiaMacao growth overtakes Las Vegas

revenues

• Supplier Power

• Rivalry

• Substitutes

Sources:

H2 Gambling Capital. "Market Size of the Global Online Gaming Market 2003-2015." Statista.

Accessed April 21, 2015. http://www.statista.com/statistics/270728/market-volume-of-online-

gaming-worldwide/.


TIBERIUSConsulting

Las Vegas Sands: Strategic Positioning

Major casino operators tend to aim for differentiation and broad market appeal

Multiple casinos generally do not share the same branding, though similar elements are common

Multiple brands allow for diversified target markets, usually based on income

Expected casino revenues allow cheap, accessible room offerings at luxury resorts

Las Vegas Sands has generally positioned itself as:

– Luxury, high-value and differentiated service

– Geographically focused on Asian markets

– Broad market appeal through themed resort design

Attracts families and tourists more than VIP high rollers

– Broad market appeal through convention emphasis

Attracts otherwise unlikely gamblers

– Flexible gaming emphasis depending on region

Cost Leadership Differentiation

Broad

Market

Narrow

Market


Broad

Market

Narrow

Market

Company Positioning

Owned Casino Positioning

Sources:

•“Company Profile: Las Vegas Sands Corp.”, Marketline Report, July 15th, 2014., DataMonitor

•“Company Profile: Las Vegas Sands Corp.”, Marketline Report, July 15th, 2014., DataMonitor.


•“Company Profile: MGM Resorts International”, Marketline Report, August 27th, 2014., DataMonitor.


TIBERIUSConsulting

Las Vegas Sands: Key Elements of Strategic Actions

Macao

Development

Developed

2 million sq ft

of conference

space

Mass Market

Appeal

Attract

Conventions

Negotiate

Early Land

Concessions

Themed Tourist

Attraction

Majority of Gaming

Market by

Hotel Rooms

Invest in

Transportation

Infrastructure

Sands Rewards

Club

Mass Market

Expansion w/

Parisian

Brand Reputation

For Trade Shows

Developed

1.2 million feet

of shopping

Concerts,

Sporting Events

Sources:

•“Company Profile: Las Vegas Sands Corp.”, Marketline Report, July 15th, 2014., DataMonitor.


TIBERIUSConsulting

Las Vegas Sands: Willingness to Pay and Costs

Although casinos tend to locate near each other and thus earn revenues from each others patrons, the number of rooms available is a volume driver of performance

Casino revenues make up 78% of total revenues for Las Vegas Sands, which is fairly typical

Willingness to pay is driven by the factors that increase gambling dollars-at-play, including:

– Average player income (luxury hotel drives upward)

– Gambling culture (Asian presence drives upwards)

– Other hotel & casino attractions

– Promotional spending (slightly more at Wynn)

LVS has higher number of rooms than Wynn, especially in Macau region, but lower than average competitor

– Economies of scale reduce costs

– 6,000 room budget hotel Sands Cotai Central drives down WTP significantly [TripAdvisor]

0

500

1000

1500

2000

2500

3000


Per

Un

it R

oo

m D

ay

Price

Room


Food & Beverage


Casino

WYNN LVS

Sources:

SydneyKate. "A Rather Fancy Holiday Inn - Holiday Inn Macao Cotai Central." Trip Advisor. May 14, 2012. Accessed April 21, 2015

*Revenue and cost data from WYNN and LVS 10-ks


TIBERIUSConsulting

Las Vegas Sands: Translating Strategy into OutperformanceLas Vegas Sands has dramatically outperformed the industry over the last five years

–While Wynn remains a close competitor, Caesars and MGM drag down overall performance

Most diversified U.S. operator – able to weather decline in Las Vegas casino performance post-crisis

Successful call on rise of Macao has led to dominant position in fastest growing market

Convention and trade show specialty has increased room bookings and successful license bids

Differentiated theme hotels have increased mass market appeal in Asian market


4%

Economic

Average

-2%

Industry

Influence

2%

Industry


Influence

LVS

Profitability

8%6%

Sources:



TIBERIUSConsulting

Las Vegas Sands: Sustainability of Profits

Strong chance of sustainability primarily through first mover advantage

– Location Preemption: Cotai Strip in Macao

– Institutional Barriers: Limited Casino Licenses

– Economies of Scale: Integrated Supply Chain

– Positioning Preemption: Convention Emphasis

Limited space and licenses ensure this lucrative concentration cannot be replicated

Gaming Operator Hotel Room % of Gaming Operators % of Total Market

Sands China 9,277 56% 38%

Galaxy Entertainment 3,309 20% 14%

Melco Crown 1,677 10% 7%

Wynn Resorts 1,014 6% 4%

SJM Holdings 839 5% 4%

MGM China 587 4% 2%

Subtotal Gaming Operators 16,703 100% 68%

Other 4/5 Star 7,537 0% 32%

Total 24,240 100% 100%


TIBERIUSConsulting

Wynn Resorts: Strategic Positioning

Major casino operators tend to aim for differentiation and broad market appeal

Multiple casinos generally do not share the same branding, though similar elements are common

Multiple brands allow for diversified target markets, usually based on income

Expected casino revenues allow cheap, accessible room offerings at luxury resorts

Wynn has positioned itself as:

– Luxury, catering to higher income adults and retirees

– Geographically focused on US markets

– More narrow market appeal

Attracts golfers and VIP high rollers

– Narrow Market Appeal through luxury suites

Attracts likely gamblers and drinkers through entertainment

– Focuses on luxury dining and entertainment


Broad

Market

Narrow

Market


Broad

Market

Narrow

Market

Company Positioning

Owned Casino Positioning

Sources:

Company Profile: Las Vegas Sands Corp.”, Marketline Report, July 15th, 2014., DataMonitor.

“Company Profile: Wynn Resorts, Limited”, Marketline Report, November 25th, 2014., DataMonitor.

“Company Profile: MGM Resorts International”, Marketline Report, August 27th, 2014., DataMonitor.


TIBERIUSConsulting

Wynn Resorts: Key Elements of Strategic Actions

Vertical

Integration

Geographic

Diversity

Luxurious

Experience Exotic

New

LocationsCompletely

Unique

Hotels

Casino

Owned

Restaurants

Compete

for new

licenses

In-house

Interior

Design

Invest in

the

community

Build strong

loyalty

Wynn Controlled

Entertainment

(Showstoppers)

Wynn Red

Card Loyalty

Program

Buy

Transport

Infrastructure

LandFirst in

Massachusetts

Sources:


•"Wynn Resorts Takes Final Possession of MBTA Land." A Wynn For All. March 3, 2015. Accessed April 21,

2015. http://www.awynnforall.com/blog/category/community/everett/.


TIBERIUSConsulting

0

500

1000

1500

2000

2500

3000


Per

Un

it R

oo

m D

ay

Price

Room


Food & Beverage


Casino

Wynn Resorts: Key Drivers of WTP

•Private Wynn branded restaurants are major

cost driver – Contribute to second largest cost bucket after

Casino

– Spend less on entertainment and family

restaurants

•Wynn drives Willingness to Pay through– Heavy promotion and catering for VIP high

rollers

– Creating luxurious suites in hotels with unique

dining options

– Entertainment is mostly available only at Wynn

owned theaters

•Specialize in a one of a kind experience for

customers with larger rooms and more suites– Leads to higher cost per room

– Less rooms available at each hotel

– Cost per night above the typical cost

WYNN LVS

Sources:

• Wynn Resorts Annual Report. (2014). Form 10-K 2014. Retrieved from SEC EDGAR website http://www.sec.gov/edgar.shtml


TIBERIUSConsulting

Wynn Resorts: Measures of Profitability

•Wynn has higher than

average profitability― Attracts higher value

customers

― Effectively uses

promotional appeal

― Cater more towards

older customers

•Wynn only casino and hotel that own and operate their own restaurants― Raises costs for food and beverages

― Creates more of a unique dining experience customers cannot get elsewhere

•Wynn designs and builds their own casinos in house― Own all interior design, help to create unique experience for customers

•Operate very own Broadway show― Can only be seen in Wynn owned buildings and theaters


4%

Economic

Average

-2%

Industry

Influence

2%

Industry


Influence

WYNN

Profitability

7%5%


TIBERIUSConsulting

Strategic Assessment: Industry-Level Key Challenges:

1. Difficulty in changing penetration in Asian markets

Macao is the only place in China in which it is legal to gamble

Limited licenses and space prevent new entry and repositioning from casinos

2. Rising taxes in the US and China

China is a huge market for the casino resort industry; however, the Chinese government is cracking down on

wealthy Chinese making it harder for the industry to profit (anti-extravagance campaign)

US heavily taxes casino revenues

3. The Chinese government will not allow foreign construction workers to work on site in Macau which

slows down the construction for the entire industry---there are not enough local construction

workers to fill the jobs

4. The US market is oversaturated, there are tons of casinos and new states getting casino gaming

licenses — It used to only be Las Vegas and Atlantic City, with little foreign competition

Key Opportunities:

1. Attempt regional entry in Asian markets

Recent new bids in Singapore in South Korea

2. Take advantage of a growing number of Chinese tourists in the United States (these are middle class

people who have money to travel for the first time but probably not enough to stay in a 5-star resort)

3. Build an increasingly differentiated positioning outside of crowded strategic space

Sources:

Bolton, Shawn. "Macau Casinos May Struggle In Early 2015." Yahoo Finance. December 19, 2014. Accessed March 2, 2015.

http://finance.yahoo.com/news/macau-casinos-may-struggle-early-191918522.html.


TIBERIUSConsulting

Strategic Assessment: Firm Level Key Challenges:

1. Wynn is not very diversified (only 4 properties, 2 in Macau and 2 in Las Vegas)

2. Wynn only caters to very high-end customers — very high price point

3. In China there is more of a market for the middle class because government regulations on upper

class are tightening—this puts Las Vegas Sands in a better position than Wynn Resorts

4. Owning and operating all of their own restaurants benefits Wynn but also adds financial risk—

however allows for better control in terms of the customer experience

Key Opportunities:

1. Capitalize on their new growth opportunity in Everett, MA — this will help them diversify

2. Further expansion available in Asia and opportunity to move Macao emphasis off Cotai Strip

3. Positioning still developing in Macao and other new regions – opportunity to differentiate

Back-Half Deliverable


TIBERIUSConsulting

Value Chain Overview


Design

Construction

Operations

Marketing

License

Acquisition

Game

Development

Operations

Debt

Collection

Facility

Development

Operations

Marketing

Facility

Development

Selection

Operations

Marketing

Facility

Development

Selection

Operations

Marketing

Gaming Restaurants Entertainment Shopping

Customer

Acquisition

Hotel

Sources:





TIBERIUSConsulting

Horizontal Scope Analysis

Wynn Resorts is horizontally integrated in several different business areas:

gaming, hotel accommodations, restaurants, entertainment, and shopping

While this collection of services is not unique, Wynn’s active involvement in each

service is significantly greater than competitors, who essentially only lease space

Wynn is the only gaming resort to own and operate their own restaurants,

entertainment shows, spas, and design firms

Wynn justifies this involvement by claiming it increases willingness to pay by

reinforcing brand image and increasing the quality and consistency of experience

in all aspects of the resort

However, whether this assertion translates to reality is questionable:– Entertainment shows “Show Stoppers” and “Le Reve” are run and funded by Wynn at much lower costs than

competitors, yet these aspects of the business are still not profitable

– Perceived restaurant quality and entertainment quality is comparable to outsourced segments by equal-priced

competitors

– This strategy forces the company to take on risk and deploy assets in areas that are NOT core competencies

Gaming Restaurants Entertainment ShoppingHotel

Sources:



Clarke, Norm. "'Showstoppers' Dazzles on Opening Night." Las Vegas Review-Journal. December 22, 2014. Accessed April 21, 2015.


TIBERIUSConsulting

Vertical Scope Analysis: Hotels

Construction

Operations

Marketing

Customer

Acquisition

Hotels“Upstream”

“Downstream”

Vert

ical

Sco

pe

Vertical Integration

Backward integration― Wynn owns and operates custom designed hotels for

unique customer experience

― Owning the designer allows for more control of the hotels’ concepts

― Wynn can customize hotels based on area instead of relying on external designer research

Forward integration ― By owning their marketing efforts Wynn is able to better

differentiate their most valuable customers

― Wynn database is highly valuable with information on nearly every guest

― Customized marketing offers a wider array of options to bring back repeat business

Competitor hotels do not own their own designers

― Industry leader Las Vegas Sands outsources to other design firms, as do materially all other major players


Design

Sources:


•“Wynn Investor Relations Annual Presentation” (2014). Retrieved from Wynn corporate site www.wynnresorts.com

http://www.wynnresorts.com/


TIBERIUSConsulting

Operations

Marketing

Restaurants“Upstream”

“Downstream”

Vert

ical

Sco

pe

Vertical Integration

Backward integration― Wynn owns and operates all chains of the facility development

including construction and design

― Buys all ingredients for meals from producers instead of leaving it to separate restaurant entities

― Competitor Hotels outsource restaurant design and complete experience to outside companies

Forward integration ― Wynn hires and trains all of its own chefs

― Can create a specialized meal available only at the Wynn

― Customized marketing offers a wider array of options to bring back repeat business

While owning the restaurants may offer control and benefits like consolidated purchasing power, this strategy appears to result in a net cost increase and forces focus to non-core business areas


Facility

Development

Vertical Scope Analysis: Restaurants

Sources:

•Patriot-Bridge Staff. "Wynn Community Meeting With Engaged Charlestown Proves Productive, Useful." Charlestown PatriotBridge.

February 12, 2015. Accessed April 21, 2015.


•Stutz, Howard. "Plunge in Macau Revenue Leads to Lower Profits for Wynn Resorts." Las Vegas Review-Journal. February 3, 2015.

Accessed April 21, 2015.


TIBERIUSConsulting

Technological Change: Big Data Harrah’s Introduction of the Loyalty Program to the Casino and Gaming Industry

– $100mm investment in IT and database marketing lead to a 50% increase in their revenues from

1997-1999 (Harrah’s Entertainment HBS)

– Set an industry trend for competitors to adopt similar loyalty program strategies

– Leverages customer data to offer promotions in a successful effort to increase spending in casinos

and restaurants

Wynn’s Loyalty Program: Is One Tier Good Enough?– Wynn’s loyalty card groups its entire customer base into one group

– Customers can use it to gamble, dine in their 18 different restaurants, and Wynn retail outlets

– Customers can have their cards reviewed by Wynn hosts to check for any discounts they may have qualified for

– “Wynn Las Vegas is a luxury resort and to receive rewards you have to spend money as if you’re in a luxury

resort”- Rewardview.com

Differences in Data Collection as well as Utilization• Competitor Caesar’s offers a partnered credit card that gives reward points in varying amounts on both casino

expenditures and everyday purchases, creating a vastly larger pool of data

• While reviews of the loyalty card indicate it is one of the worst values in Vegas, our analysis of the dollar value of

rewards against the required expenditure to earn them reveals Wynn’s program as one of the best

• This startling disconnect between marketing success and program expenditure may be due in part to Wynn

requiring customers to specifically inquire in order for their rewards to be disbursed

Sources:


Lal, Rajiv (2004).Harrah Entertainment Inc. HBS 9-502-011. Boston, MA Harvard Business School

Metlzer, Marc. “Wynn Reward View: Las Vegas Red Card”. Rewardology, RewardView 16 Jan 2015 Web. 31 Mar. 2015



TIBERIUSConsulting

Technological Change: Online Gambling Online Gambling’s Threat to

the Casino Industry– Justice Department reversed its

long-held ban on online gambling in

2011, opening up the debate to the

state level, posing a threat to

gamblers to resorting to placing

their wages over the internet and

reducing their casino visits (NY

Times)

– Increasing innovation to online

gambling to offer more realistic

experiences with 3D imagery and

live dealers (Microsoft Advertising)

– Online gambling is legal in 3 states,

BUT have showed an initial poor

performance due to technical

glitches and weak marketing

(Bloomberg)

– Online and casino audiences are

quite different, at least for now

(Bloomberg)

Performance

Time

InitialPerformance

Deficiency

Disruptive technology:Online Gambling

Sustaining Technology: Loyalty Cards + Database marketing

(incrementalimprovement only)

Harrah’s

database

marketing

tactic

Current

position of

online

gambling

?

Sources:

Streitfeld, David. "Tech Industry Sets Its Sights on Gambling." The New York Times. The New York Times, 17 Feb. 2013. Web. 30 Mar.

2015.

-"Casino Insights and Trends." Microsoft Advertising (May 2011). Microsoft. Web. 30 Mar. 2015.

Brustein, Josh. "New Jersey Reports Online Gambling Revenue And It's Not Enough to Save Its Casinos." Bloomberg. Bloomberg, 15 Jan.

2015. Web. 10 Feb. 2015.

Palmeri, Christopher. "Local Casinos Are a Losing Bet." Bloomberg Business, April 3, 2014.


TIBERIUSConsulting

Corporate Social Responsibility Overview

Recent Highlights of Wynn’s “Corporate Social Responsibility” Initiative

11,000 toys distributed to students in eight elementary schools

In 2011, Wynn donated $25 million to the Universityof Macau Development Foundation(Continue

to donate $10M until 2022)

In 2013, Las Vegas resorts recycled 6,100 pounds of soap and 3,500 pounds of bottled product (leader

program in Nevada)

Teamed with the Boston Bruins to buy and distribute toys to underprivileged children, funded free

summer concerts in communities outside of Boston and donated money to improve an inner-city

Little League baseball field and memorial garden

Why so many “charitable” programs?– Casinos have a terrible reputation for increasing crime, supporting addictions, and draining community wealth

– While there is some evidence to this, it largely stems from gambling historically being run by organized crime

– In order to secure community and government approval to build casinos in new areas, need to establish goodwill

– Non-market strategy is extremely important to this business due to:

Strict regulatory barriers to entry

The advent of online gambling and its possible widespread legalization

Government oversight on gaming operations and the appropriate setting of odds and rules

Sources:





TIBERIUSConsulting

Wynn’s CSR initiatives are extremely

oriented towards self-interest, and as

such would not conflict with Milton

Friedman’s theories

Narrow Stakeholders

– Community – Expansive donating to

schools, funding of public transit

infrastructure, etc. (esp. during bid)

– Customers – Reward loyalty cards and

aggressive promotional allowances

– Employees – typically one of the largest

employers in the operating area

– Financiers – relentless emphasis on

financial performance

Broad Stakeholders

– Government – donations to community

projects, political donations

– Competitors – engages in lobbying

against online gambling that would hurt

industry as a whole

The Firm

CustomersCommunities

Employees

Suppliers

Financiers

Government

Stakeholder Analysis

Sources:

•“Wynn Resorts - Investor Relations." Wynn Resorts - Investor Relations. Web. 6 Apr. 2015. <http://www.wynnresorts.com>.

•WBUR News and Wire Services. "Panel Picks Wynn’s Everett Casino Proposal." WBUR. September 16, 2014. Accessed March 5, 2015.

http://www.wbur.org/2014/09/16/wynn-everett-casino-proposal-preferred.

•Arsenault, Mark. "Wynn Closes on Everett MBTA Land." Boston Globe.

•Vennochi, Joan. "MBTA Land Sale Could Sink Steve Wynn’s Everett Plan." BostonGlobe.com. April 7, 2015. Accessed April 21, 2015.

http://www.wbur.org/2014/09/16/wynn-everett-casino-proposal-preferred


TIBERIUSConsulting

Bibliography “MarketLine Industry Profile: Casinos and Gaming in the United States.”, Marketline Report., November 2014.,

DataMonitor.


“Company Profile: Las Vegas Sands Corp.”, Marketline Report, July 15th, 2014., DataMonitor.

“Company Profile: Wynn Resorts, Limited”, Marketline Report, November 25th, 2014., DataMonitor.

“Company Profile: MGM Resorts International”, Marketline Report, August 27th, 2014., DataMonitor.

Las Vegas Sands Annual Report. (2014). Form 10-K 2014. Retrieved from SEC EDGAR website

http://www.sec.gov/edgar.shtml

Wynn Resorts Annual Report. (2014). Form 10-K 2014. Retrieved from SEC EDGAR website


Caesers Entertainment Annual Report. (2014). Form 10-K 2014. Retrieved from SEC EDGAR website


MGM Resorts Annual Report. (2014). Form 10-K 2014. Retrieved from SEC EDGAR website


“Las Vegas Sands, Investor Relations Q4 Earnings presentation” (2014). Retrieved from Las Vegas Sands corporate

site www.sands.com

“Wynn Investor Relations Annual Presentation” (2014). Retrieved from Wynn corporate site www.wynnresorts.com

"Facts at Your Fingertips." 1 Jan. 2009. Web. 1 Mar. 2015.

<http://www.americangaming.org/sites/default/files/uploads/docs/facts_at_your_fingertips_12022010.pdf>.

"Overview: An Investor's Guide to the Casino Industry." Why New Entrants Haven't Been a Threat for the Casino Industry.

Web. 1 Mar. 2015. <http://marketrealist.com/2014/09/why-new-entrants-havent-been-threat-casino-industry/>.

"Topic: Casinos." Www.statista.com. Web. 2 Mar. 2015. <http://www.statista.com/topics/1053/casinos/>.

WBUR News and Wire Services. "Panel Picks Wynn’s Everett Casino Proposal." WBUR. September 16, 2014.

Accessed March 5, 2015. http://www.wbur.org/2014/09/16/wynn-everett-casino-proposal-preferred.



http://www.wynnresorts.com/

http://www.americangaming.org/sites/default/files/uploads/docs/facts_at_your_fingertips_12022010.pdf

http://marketrealist.com/2014/09/why-new-entrants-havent-been-threat-casino-industry/

http://www.statista.com/

http://www.statista.com/topics/1053/casinos/


TIBERIUSConsulting

Bibliography Arsenault, Mark. "Wynn Closes on Everett MBTA Land." Boston Globe.

H2 Gambling Capital. "Market Size of the Global Online Gaming Market 2003-2015." Statista. Accessed April 21,

2015. http://www.statista.com/statistics/270728/market-volume-of-online-gaming-worldwide/.

SydneyKate. "A Rather Fancy Holiday Inn - Holiday Inn Macao Cotai Central." Trip Advisor. May 14, 2012.

Accessed April 21, 2015.

Clarke, Norm. "'Showstoppers' Dazzles on Opening Night." Las Vegas Review-Journal. December 22, 2014.

Accessed April 21, 2015. http://www.reviewjournal.com/columns-blogs/norm-clarke/showstoppers-dazzles-

opening-night.

Patriot-Bridge Staff. "Wynn Community Meeting With Engaged Charlestown Proves Productive, Useful."

Charlestown PatriotBridge. February 12, 2015. Accessed April 21, 2015.

Stutz, Howard. "Plunge in Macau Revenue Leads to Lower Profits for Wynn Resorts." Las Vegas Review-Journal.

February 3, 2015. Accessed April 21, 2015

Lal, Rajiv (2004).Harrah Entertainment Inc. HBS 9-502-011. Boston, MA Harvard Business School

Metlzer, Marc. “Wynn Reward View: Las Vegas Red Card”. Rewardology, RewardView 16 Jan 2015 Web. 31 Mar.

2015

-Bolton, Shawn. "Overview: An Investor's Guide to the Casino Industry." Market Realist. Market Realist, 5 Sept.

2015. Web. 10 Feb. 2015.

-Brennan, Andy. "Casino Hotels in the US." IBISWorld.

-Brustein, Josh. "New Jersey Reports Online Gambling Revenue And It's Not Enough to Save Its

Casinos." Bloomberg. Bloomberg, 15 Jan. 2015. Web. 10 Feb. 2015.Palmeri, Christopher. "Local Casinos Are a

Losing Bet." Bloomberg Business, April 3, 2014.

-Palmeri, Christopher. "Local Casinos Are a Losing Bet." Bloomberg Business, April 3, 2014.

Vennochi, Joan. "MBTA Land Sale Could Sink Steve Wynn’s Everett Plan." BostonGlobe.com. April 7, 2015.

http://www.statista.com/statistics/270728/market-volume-of-online-gaming-worldwide/

http://www.reviewjournal.com/columns-blogs/norm-clarke/showstoppers-dazzles-opening-night

TIBERIUSConsulting

Strategic Overview of Wynn Resorts and the Casino Hotel Industry

Tiberius Consulting Team:Thomas Brennan, Kepler Edwards, Carol Chase Peterson, Ryan Bach, and Valentina Cerda

Strategic Overview of Wynn Resorts and the Casino Hotel...

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