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Business Practices Essay

1060 words - 5 pages

Stephen Wynn is the Chairman and CEO of Wynn Resorts. As of today, he is worth approximately $2.9 billion dollars. He was a key leader in the business development and expansion of the Las Vegas strip back in the mid 1990s. Many believe that Stephen is considered to be an American business magnate, which is known to be an individual of wealth, education, power and significant prominence within the entrepreneur and business as a whole. According to Forbes magazine, Stephen Wynn is one of many who have control over his business ownership and shareholder profits that are primarily of the Las Vegas private ventures, products and services are being held and consumed. Without the entrepreneur ideas of Mr. Wynn, the resorts and various styles of gambling probably would not have the significant changes that have taken place over the past two decades. His success has given Las Vegas, Nevada a new demographic view since the early 1970’s. His expansion of the Las Vegas strip has escalated to become a blooming town for share profits and annual revenues. In the beginning of his career, he renovated the Golden Nugget and later built the Mirage given the tourists and local citizens an eye-opening entertainment along with luxury accommodations than ever before. His bright ideas and creativity has lead to the magnificent landscapes of an artificial lake and fabulous artworks that are located in his museum. Steven Wynn’s hard work and dedication has lead to the biggest casino resort known as the Wynn Las Vegas during the 21st Century.
Steven Wynn is not only known for his innovation ideas of casinos and resorts but also for his brilliant ideas and development toward community service projects. When he first opened the Bellagio casino, he donated the proceeds from his $2500 dinner plate sales to the research for retinitis pigmentosa, which is a known genetic condition on the eyes in which he suffered from himself. His compassion and enthusiasm has created a great change for the gambling industry as a whole. Without Steven Wynn as a successful businessman, the casinos and resorts could definitely lose profits and shut down shortly after a couple of years later. For example, Atlantic City was sold for $440 million during the year of 1987. Since then the company has operated under six different names as well as ownerships. Research has revealed that the competitive positioning would face a large deficit and degree on the efforts and skills of Stephen Wynn (www.wikinvest.com). If Stephen Wynn chose to leave the organization by any means other than death or disability reasoning, then Wynn Las Vegas will be forced to repay the First Mortgage Notes and this could possibly cause an effect where the organization is faced with default by its creditors such as Wynn Macau. However, Mr. Wynn is not only the Chairman of the Board but also the Chief Executive Officer who is highly relied on for the devotion and attention to the Wynn Resorts, LTD. Operations as...

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