Academics
Wynn Resorts: Back to Basics
Tom Breitling, Senior VP of Strategy and Development for Wynn Las Vegas, delivered an engaging and enthusiastic presentation on how Wynn stands apart from the competition and continually achieves a high level of success. He mentioned that Steve Wynn, while a risk-taker, is actually financially conservative; this has helped Wynn remain profitable even during a financial crisis. He believes that the property’s balance sheet is a marketing tool, the strength of which allows the company to take better care of its customers. Wynn takes great personal pride in his property, but is never satisfied and is always looking for ways to improve. In fact, he even lives on property to ensure a consistent level of quality and to stay connected with his property’s operations.
Breitling also touched upon the economy’s effect on Wynn. Breitling noted that December of 2008 marked the first time in Wynn’s history that it had to join the “price war” and adjust rates to remain competitive. However, lowering rates is not enough, and Wynn has discovered the need to use promotions to keep occupancy high and adjust to a decrease in convention visitation.
Breitling played several videos for the audience which showcased his own experience in the gaming industry (he co-bought The Golden Nugget while in his 20s and was the star of the reality show “The Casino”) as well as demonstrated the vibrant personality of Steve Wynn, whose energy and passion is clearly reflected in the way in which he runs his business. Breitling feels so fortunate to work with Steve Wynn, who places a high value on his partnerships and truly loves what he does. With such dynamic partners as Breitling and Steve Wynn behind it, it is certainly no wonder how Wynn has become such a successful brand and an icon on the Las Vegas Strip.