Stephen Alan Weinberg (Steve Wynn) is an American billionaire. He has played a vital role in the development of Las Vegas making it the world’s largest tourist attraction. Steve Wynn was born on January 27, 1942 in New Haven, Connecticut, USA. His childhood Steve has spent in Utica, New York, where he graduated from Manluis private high school in 1959. After high school, Steve Wynn entered University of Pennsylvania where he studied English literature and cultural anthropology. He has graduated from University with his Bachelor of Arts degree in English literature and did not come back to school again. Around the time of his graduation, in 1963 Steve’s father died from complications after open heart surgery. In the same year, he got married to Ellaine Farrel Pascal and took over the family business (Arlidge 2009).
Buy Marketing Philosophy of Steve Wynn essay paper online
Being successful in business, he paid down father’s gambling debt and saved money to buy a share in the Frontier Hotel and Casino in Las Vegas where he moved to with his wife afterwards. During 1970’s, Steve purchased a controlling interest in the Golden Nugget located in the center of Las Vegas. Steve Wynn has completely renovated and rebuilt it, up scaled and expanded from a casino hall to a luxury resort hotel and a casino at the same time. He has purchased and built a network of luxury hotel resorts and casinos over his lifetime. This has attracted a large number of rich people turning Las Vegas to the biggest tourist attraction. Currently, Steve Wynn is 70 years old and has assets worth $2.5 billion and ranks #164 among the U.S. billionaires as of March 2012. He owns world’s largest resort hotels and casinos, including The Wynn Las Vegas, USA and Wynn Macau, China (Arlidge 2009).
Wynn’s success in business has brought prosperity to Las Vegas. His outstanding marketing and management approach set background for sustainable development of his business. All visitors of Wynn’s casinos and resort hotels point out coziness and comfort that are so common at his places. This friendly atmosphere and attitude of staff brings a large number of tourists and rich clients to hotels and casinos. Wynn said that he does not pay to much attention to fancy chandeliers and expensive fabrics. He cares about the feeling that person gets in his places. He has pointed out that his philosophy is about people as only people can make other people happy. Therefore, a core element to the integrated resort is staff, training of the staff and the wellbeing of the staff (Jae-Kyoung 2012).
Distinct Marketing Strategy of Steve Wynn
Marketing philosophy of Steve Wynn is based on the designing, developing, and operating luxuries and brand names’ casinos and resort hotels. He is personally involved in the business, and this is a comparative advantage compared to competitors on the gaming market. Peculiarity of Wynn’s resorts and casinos is distinguishing entertainment, luxurious surroundings, as well as fancier amenities, including exquisite dining and finest retail offers. This appeal attracts a variety of customers and clients, mostly people with high income (Wynn Resorts, Ltd. 2).
Wynn Macau, as well as Encore at Wynn Macau, Wynn Las Vegas, and, finally, Encore at Wynn Las Vegas are located as luxury resorts and casinos offering a full range of services to its clients. They are situated at the conventional centers of tourism, fashion and travel industries. Advertisement of the Wynn’s resorts and casinos is exercised through database marketing tools and is targeted directly at gaming clients. At the same time, promotion of the Wynn’s services is conducted through traditional approaches including reduced prices for rooms, complementary and suites in case if the client is attending a casino. At the same time, Steve Wynn at his properties offers special rewards system for guests that includes discounts on meals, accommodation, and entertainment. At the same time, an important element of marketing approach used in the Wynn’s companies is raising general public’s awareness about the brand and services it provides through means of mass media, including broadcasts on television and radio, publications in newspapers and magazines, as well as billboards advertisements.
Besides luxury and fancy decorations of his casino resorts, Steve Wynn has become so successful thanks to his family oriented philosophy and friendly environment in his properties. He claims that if the staff is happy, then it will treat customers in a corresponding way. Smiling and friendly staff and personnel in the Wynn’s casino and hotels treat clients in the way so that they came back there again. He has created an atmosphere of a universal family leisure. Steve thinks that people do not want to come to the casino and feel guilty for gambling. Instead, he deeply believes that friendly environment makes them feel to be on vacation and relives any possible burden of being a gambler. According to Steve Wynn "this place is filled with people like me and you – none of whom think of themselves as gamblers" (Wynn Resorts, Ltd. 4). Therefore, the core idea of Steve Wynn’s marketing philosophy underlines in the creation of the happy spirit among the crew members of the casino resorts through high wages, compensation system and benefits’ payments. At the same time, Wynn’s resorts and casinos are outstanding for their exceptional luxury and rich clients.
Summing up, it should be noted that Steve Wynn did not receive any business education and graduated with Bachelors degree in English literature. However, being an exceptional entrepreneur has helped him to become one of the America’s top billionaires. His outstanding marketing philosophy has brought prosperity, development and growth not only to his hotels and casinos, but the whole Las Vegas in the 1990’s making it a central tourist attraction in the world. Steve Wynn’s marketing idea was based on the creating of friendly and cozy environment for customers. He has delivered an effort to teach and deliver his views to the crew members that ultimately made environment for customers to be family oriented. Even though he has put an emphasis on the luxury and fancy surroundings of his casino resorts that are so vulnerable and sensitive to economic downturns, he has managed to gain and keep his clientele to sustain his profits over time.
Related Free Analytical Essays
- Increasing Marginal Cost
- Popular Culture Analysis
- Consumer Trends
- Fashion Marketing
- Carnegie Mellon Business and Computer Science College
- The International Business
- What were the goals of Deloitte’s Global Development Program?
- Offshoring and Outsourcing
- The State of Iran
- Is there any value in the term race?
Most popular orders