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Part 1 - Case Study

Part 2 - Assignment ( 5 questions) related to this case study.

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1) Wynn Macau_Case Study--- This has the case study

2) Wynn Macau_Assignment--- This has 5 questions which you need to answer

3) How_to_Conduct_a_Case_Analysis_rev1 -- This has instructions on how to write case study doc.

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Here's the detail on case study:-

Case Study #1

Read Integrative Case 14 "Wynn Macau: Gambling on the Edge of China"

• Prepare athree to fivepage case study analysis; not includingcover or references
• Double-spaced, 12 point, Times New Roman font, 1" margins
• Written in essay form,answer all case questions

How to Conduct a Case Analysis A case is a strategic dilemma being faced by a firm. In conducting a case analysis, you must identify what the challenges being faced are and then carefully formulate a strategic response including recommendations about how to implement it. You are to take the role of a strategic consultant who is presenting your response to the CEO and executive team. You are expected to put yourself \"into the shoes\" of the executives and analyze the case using their perspective. Case analysis is like being a doctor. By asking the patient \"what hurts\" you begin to gather clues about the problem. You identify the symptoms in order to recommend certain tests to run. This allows you to make a diagnosis and ultimately provide a treatment for the problem. Use this analogy as you prepare your case analysis. Here is how I recommend you analyze the cases. First, I will discuss analysis and then recommendations and implementation. ANALYSIS 1. Skim the case for the basic facts: Jot down notes as you read the case including What company is the case about? Who are the principal actors in the case? What are the key events in the case and where on the timeline do they happen? 2. Now go back through the case and read it in great detail with focus on defining the problem. Which facts are relevant to the problem and why? Don't overlook symptoms that the company exhibits which may relate to the problem. It is imperative that you read each sentence carefully. We don't want any malpractice claims against us...right? 3. Now you think that you know what the problem is by the companies (or patients) description of the symptoms. It is now time to test your hypothesis. In this class, I have provided numerous tools in your toolbox to analyze and test your hypothesis. 4. Conduct an internal and external analysis (SWOT, Porter's 5 Forces or PESTL). Analyze the value chain, resources and capabilities. Analyze their corporate and business level strategies. Are they diversified, cost leaders, product differentiators? Are these strategies effectively being implemented? 5. Finally, you can analyze the financial ratios. Benchmark their results against competitors to see if you can identify any latent symptoms that could be affecting company health. Some of these ratios include profit ratios, activity ratios, leverage ratios, liquidity ratios and market ratios. 6. So we have looked at the symptoms, run a battery of tests - we are now ready to make our formal diagnosis. First, I want you to describe the problem or opportunity that the firm is facing. Are there many problems and if so, are they interrelated? Provide me with a conclusive diagnosis of the problem. For example, the patient has a runny nose, fever and body aches; therefore, these symptoms indicate the flu. Or, Delta Airlines continues to focus on product differentiation by being a full service airline, but has recently switched their business strategy to compete on price. These symptoms indicate that their business strategy is \"stuck in the middle.\" Consider the following themes as you prepare your diagnosis. Are the firm's value chain activities mutually reinforcing? Do the firm's resources and capabilities fit the demands of the external environment? Does the firm have a clearly defined strategy that will create a competitive advantage? Is the firm capitalizing on its strengths, taking advantage of their opportunities, preparing for threats? Proposing Feasible Solutions 1. Most important to proposing a feasible solution is covering \"what\" and \"why\". First, you must tell me what treatment for my problem you would recommend. For my flu patient, it is antiviral medication, rest and fluids. For my businesses it is the same process. My recommendation for your company is........ You may be tempted to provide the easy solution to the case problem (we call that satisficing). If possible, I want the optimal solution. Look past the easy answers and challenge yourself. 2. Finally, we come to the implementation of your solution. Sure, anyone can create an outlandish solution. It must be implementable. a) Define the activities that need to be performed. What are the implications of your solution with respect to operations/sales/marketing/service/human resources and infrastructure? Remember resources are not unlimited. b) What is the timeline for your solution? Tell me the steps needed to implement it and what order they are going to happen. Define the critical points in the flow process. c) Don't forget about the financial limitations. With an unlimited budget, one can be very creative. You must track the cost of your proposal and provide me with how long until it will break even. d) Finally, what outcomes do you expect to achieve by implementing this plan. Remember to be S.M.A.R.T - specific, measurable, achievable, realistic and timely. Assignment: Integrative Case 14: Wynn Macau: Gambling on The Edge of China (Practice) Questions:- 1. How would you characterize competition in the gaming industry in Macau? 2. From the institution-based view, what institutional developments have facilitated the development of this industry? 3. What resources and capabilities were behind the performance of Wynn Macau? 4. Retrieve and analyze recent information concerning Wynn's operations in Macau. Are there any recent developments that may significantly affect Wynn's future performance? How does the updated assessment of performance differ from your assessment of Wynn's performance answered in Question 3? What factors may be able to explain the change in its recent performance? 5. ON ETHICS: Responsible gaming is promoted by various stakeholders in various gambling capitals of the world, such as Macau. The government in your city or country is soliciting views from stakeholders on the issues concerning the introduction of gambling. Discuss the various stakeholders' positions that will most likely be presented to the government, and debate the pros and cons of introducing gambling in your city or country. What conclusions can you make about gambling and its impact on society? Wynn Macau: Gambling on the Edge of China1 Las Vegas-based Wynn Resorts entered Macau in 2002. How did it emerge to become the leader in Macau's gaming industry in ten years? What are its future challenges? Javier C. Cuervo, University of Macau The liberalization of the gaming industry in Macau, a Special Administrative Region (SAR) of the People's Republic of China, attracted eager bidders to operate casinos in the former Portuguese enclave. In 2001, the year before the casino monopoly of Stanley Ho's S.T.D.M. ended in Macau, gross gaming revenues (GGR) were US$2.3 billion. By 2011, GGR increased to US$33.5 billion. Macau's 29.7 square kilometer area attracted a record-breaking 28 million visitors in 2011a big leap from the 10 million visitors in 2001. In January 2012, visitor arrivals increased by 18.6% year on year, with those coming from mainland China representing 60.7% of the total of 2,461,640 visitors. Visitors from other major markets came from Hong Kong (26%), Taiwan (3.5%), South Korea (1.9%), Japan (1.3%), and Southeast Asia. The GGR pie is now shared by six players: (1) Sociedade de Jogos de Macau, S. A. (\"SJM\")a subsidiary of S.T.D.M.; (2) Galaxy Casino, S.A. (\"Galaxy\"); (3) Wynn Resorts(Macau), S.A. (\"Wynn\"); (4) Venetian Macau S.A. (\"Venetian\"); (5) MGM Grand Paradise, S.A. (\"MGM\"); and (6) Melco PBL Jogos (Macau), S.A. (\"Melco\"). There were 34 casinos operated by the six players in Macau by year-end 2011 (Exhibit 1). In 2011, the Wynn Macau casino was reported by Macau Business to be the most productive single casino property with gross gaming revenues at US $4.375 billion. How did Wynn emerge as the industry leader in ten years? What are its future challenges? EXHIBIT 1 Number of Casinos in Macau PLAYER 200 200 200 200 200 200 200 200 201 201 S 2 3 4 5 6 7 8 9 0 1 SJM 11 11 13 15 17 18 19 20 20 20 Galaxy 1 1 5 5 5 5 5 6 Venetian 1 1 1 2 3 3 3 3 Wynn 1 1 1 1 1 1 Melco 1 2 3 3 3 MGM 1 1 1 1 1 TOTAL 11 11 15 17 24 28 31 33 33 34 Source: Direco de Inspeco e Coordenao de Jogos (DICJ) or Gaming Inspection and Coordination Bureau, 2012, Information, http://www.dicj.gov.mo/web/en/information/index.html, accessed on February 24, 2012. The Stage for Competition The arena where competition takes place in Macau's gaming market has to be viewed in perspective. Macau is the only jurisdiction within China where casinos are legal. Equally important are the entry requirements of mainland Chinese citizens who visit Macau. Before July 2003, mainland Chinese citizens were allowed to visit Macau only on a group tour visa or on business. With the introduction of the Individual Visit Scheme (IVS) in July 2003, the number of mainland tourists visiting Macau was given a boost. Added to this are factors such as the Chinese penchant for games of fortune, the rise of the Chinese currency relative to the pataca (the Macau currency), and the increasing number of wealthier Chinese, all of which create opportunities for Macau's privileged position. Supply-side dynamics of gaming operations in Macau are initially determined by institutional factors, such as by Law no. 16/2001 and Administrative Regulation no. 26/2001. The concession contracts by the Macau SAR government for the operation of casinos were signed in March 2002 with SJM and in June 2002 with Galaxy and Wynn. Following the issuance of a sub-concession contract in December 2002 by Galaxy with the Venetian, SJM also signed a sub-concession contract with MGM in April 2005, while Wynn signed a sub-concession contract with Melco in September 2006. These concession contracts are for a 20-year period, after which they are subject to renewal or the government may award a concession to a new casino operator. The other limiting factor in competition is the number of gaming tables that casinos are allowed to providea main source of gaming revenues. Gaming tables have significantly increased from 339 in 2002 to 5,302 in 2011 (see Exhibit 2). A cap has been set by the Macau SAR government at 5,500 gaming tables until 2013 and thereafter to be increased between 3% and 5% annually. The table cap signals the need to develop further the contribution of the non-gaming revenues in Macau, which is currently trivial, compared to Las Vegas where only 26% of revenues are based on gaming. The importance of gaming tables is described by McCartney (2010, pp. 176-177): \"In 2008, 835 of the casino tables were VIP tables, generating around 70% of casino revenues. Historically, the majority of gaming revenues are from casino tables (or VIP tables), and mostly from the game of baccarat. These are through junket operators who receive commission payments.\" More recently, the VIPs are estimated to have contributed 72% of Macau's gaming revenues in 2010. It has been reported by a source to Macau Business that two out of every five gaming tables are VIP tables. Moreover, the same source also noted the following market share of VIP tables as of the end of September 2011: SJM (28%), Venetian (17%), Melco (17%), Galaxy (16%), Wynn (13%), and MGM (9%). Legalized in 2010, junket operators play an important role in securing gaming revenues for VIP tables in Macau's casinos. They serve as middlemen who lend highrollers money to play at the VIP tables and are paid 40% of the casinos' take in return. The junket operators commit a minimum amount of rolling chip purchases set by the casino with which they are associated and then enter into agreements with their representatives, who make the credit checks on the high-rollers and bring them in to play at the VIP gaming tables. The government has imposed an agreed VIP commission cap to avert any commission war among the casinos. EXHIBIT 2 Number of Gaming Tables and Slot Machines YEA GAMING SLOT R TABLES MACHINES 2002 339 808 2003 424 814 2004 1,092 2,254 2005 1,388 3,421 2006 2,762 6,546 2007 4,375 13,267 2008 4,017 11,856 2009 4,770 14,363 2010 4,791 14,050 2011 5,302 16,056 Source: Direco de Inspeco e Coordenao de Jogos (DICJ) or Gaming Inspection and Coordination Bureau, 2012, Information, http://www.dicj.gov.mo/web/en/information/index.html, accessed on February 24, 2012. The dynamics of competition take place in various locations within Macau SAR. These include the Macau peninsula of 9.3 square kilometers, which is geographically contiguous south of mainland China and where the border gate and the old ferry terminal are located. South of the Macau peninsula and connected by three bridges is the 6.8 square kilometers of Taipa, where the international airport and the new ferry terminal are located. Finally, the southern tip of Macau SAR is Coloane, which is 7.6 square kilometers. The swamp land that was reclaimed between Coloane and Taipa was termed Cotai by combining the first syllables of these two wordsan estimated area of 6 square kilometers. The land in Cotai is where future expansion is being eyed by the incumbents to up the ante in competition. The casino properties of the six players are located throughout Macau SAR. SJM has 16 properties in the Macau peninsula and four properties in Taipa. Galaxy has six properties with four in the Macau peninsula, one in Taipa, and the largest land bank in Cotai. Venetian has one property in Macau and two properties in Cotai. Wynn has one casino property in the Macau peninsula. Melco has two properties in Taipa and one in Cotai. MGM has a single casino property on the waterfront of the Macau peninsula. Based on a recent Standard Chartered report on Macau's gaming industry published at year-end 2011, the six players' performance metrics are presented in Exhibit 3. Wynn Is Winning Based on the metrics of performance, the most productive and profitable single property casino sector player is Wynn. This was analyzed in the same Standard Chartered report: \"The key to Wynn's success is the high yield it generates in its mass, VIP, slots and non-gaming businesses. In the gaming segment, Wynn's fair share ratio (gross gaming revenue market share divided by table count market share) is the highest of any operator or property in 2011.\" The profitability performance of Wynn is even more outstanding when considering its relatively lower number of gaming tables, retail space, and hotel roomscompared with the Venetian, for example. Finally, Wynn Macau has a strong balance sheet position of HK$4 billion net cash (i.e., total debt cash and cash equivalent) in June 2011. What were the underlying factors or reasons behind Wynn's successful performance in Macau? EXHIBIT 3 Performance Metrics on Macau's Six Gaming Concessionaires and Subconcessioners PLAYER/METRIC VENETIA MELC MGM SJM WYN GALAX TOTAL N O N Y VIP tables Dec 2011E 213 341 193 586 286 498 2,117 Mass tables Dec 2011E 909 314 226 1,153 212 452 3,266 Slot handles Dec 2011E 3,515 3,068 1,142 4,147 943 1,254 14,069 Mass market net win (HK $m) 14,660 6,512 4,595 21,36 6,207 5,656 58,990 Dec 2011E 0 VIP net win (HK$m) Dec 2011E 22,335 30,201 21,23 53,34 28,11 35,402 190,641 9 9 4 Slot net win (HK$m) Dec 2011E 2,928 2,048 1,534 1,461 2,278 878 11,127 Total GGR (HK$m) Dec 2011E 39,923 38,761 27,36 76,17 36,60 41,936 260,758 8 0 0 Adjusted EBITDA (HK$m) Dec 11,770 6,131 4,919 6,984 8,014 5,443 43,261 2011E Adjusted EBITDA margin (% of 31.5 20.4 24.5 12.0 27.1 21.8 23.9 net revenues) Net debt/(cash) HK$m 30 June 11,913 9,997 1,173 -4,446 4,996 n.a. 2011 14,16 1 Retail GFA (sq ft) Dec 2011E 1,216,900 175,00 0 0 49,20 0 1,441,10 0 0 0 Hotel keys Dec 2011E 3,439 1,616 587 1,097 1,004 2,522 10,265 Source: Standard Chartered Bank Ltd., 2011, Macau Gaming, December 6, Figure 25, p. 14. \"E\" refers to estimates. In 2005, BusinessWeek reported that Wynn's \"timing couldn't be better\" in working out detailed plans to plug into the booming Chinese market in Macau. Indeed, as Macau Business pointed out, \"Even before opening its doors, Wynn Macau was three-quarters paid for, thanks to the sale of its sub-concession... More than that, it elevated Stanley Ho's second son, Lawrence, the Melco chairman, to gaming business stardom.\" Wynn Macau, Limited, is traded on the Main Board of the Hong Kong Stock Exchange and is a subsidiary of Nevada-based and S&P 500/NASDAQ-100 listed Wynn Resorts, Limited. Wynn Macau broke ground in June 2004, and the first phase was completed in September 2006. The approximate cost of the first phase of the property development in Macau (including the expansion completed in December 2007) was US$1.1 billion featuring 380 gaming tables, 1,270 slot machines in 205,000 square feet of casino space, and 46,000 square feet of retail space. Wynn Macau is successfully positioned to cater to the upper end of the market. With the benefit of hindsight or prudencea year before the financial crisis took its toll on the US economy and US-based casinosStephen A. Wynn, chairman and CEO of Wynn Macau, Limited, commented that \"management recognizes and will continue to monitor the effect on our business of the dramatic expansion in supply represented by the openings of the Venetian Cotai in August and the MGM Grand Paradise in November. In light of this uncertainty in the marketplace, we have elected to open only a portion of our Wynn Macau expansion in the third quarter of 2007 and to opportunistically provide the additional supply available in the remainder of the expansion.\" Wynn Macau approved to pay dividends on December 3, 2010, and considered paying recurring dividends to shareholders of the company. Moreover, Wynn Macau has also contributed social dividends through the preservation and appreciation of Chinese art through generous donations of Buccleuch vases displayed at the Wynn Macau hotel lobby and Chinese vases that Wynn purchased for US$12.8 million at Christie's London auction for the future Cotai property. Mr. Wynn proudly said, \"I am delighted to announce that we are returning an extraordinary collection of porcelain vases from the Qing Dynasty to the People's Republic of China.\" In November 2008, Wynn Macau won two prestigious Mobile Five-Star ranking awards and is the only hotel in Macau to do so, reinforcing its leadership role in the transformation of Macau into an international travel and leisure destination for the most discerning guests. The Cotai Challenge The Venetian is the largest multi-use integrated resort in Macau with a first-mover advantage in the Cotai area. Its dominant presence in the area will be further strengthened when in March 2012 the first phase of Sands Cotai Central opens with approximately 600 five-star Conrad rooms/suites, 1,200 four-star Holiday Inn rooms/suites, and 300,000 square feet of meeting space, retail outlets, and gaming space. The third quarter of 2012 will also bring in 2,000 Sheraton-branded rooms and more space for entertainment, retail, and meeting facilities. The Venetian is positioned to take the leading position in the non-gaming segment in Macau as 30% of its hotel guests are families and business travelers. Its announced strategy is \"to develop Cotai and to leverage our integrated resort business model to create Asia's premier gaming, leisure and convention destination. Our ultimate plans for Cotai include five interconnected integrated resorts, which leverage a wide range of branded hotel and resort offerings to attract different segments of the market. When complete, we expect our Cotai Strip development to contain over 20,000 hotel rooms, approximately 1.6 million square feet of MICE space, over 2.0 million square feet of retail malls, six theaters and other amenities.\" Another major player in Cotai is Galaxy, which has the largest confirmed land bank in the area and is positioned as an integrated \"Asian Centric Resort\" with world-class hospitality and global standard for the Asian market. Galaxy is the recipient of two prestigious international awards at the International Gaming Awards ceremony held in London: the Casino Operator of the Year Australia/Asia award and the World's Best Casino/ Integrated Resort of the Year award. The Galaxy has delivered 12 consecutive quarters of EBITDA growth as of the third quarter 2011 and a solid balance sheet with cash on hand of HK$7.0 billion as of September 30, 2011. Melco's City of Dreams in Cotai is another integrated urban casino resort, which recently won the Best Customer Experience of the Year Award from International Gaming Awards (IGA) 2012, announced at the ceremony held in London on January 23, 2012. The award recognized City of Dreams' outstanding customer service and unique world-class entertainment experience, such as the successful spectacular \"The House of Dancing Water,\" a Franco Dragone Entertainment Group creation. Proud of the achievements, Mr. Lawrence Ho, co-chairman and CEO of Melco Crown Entertainment Limited, commented: \"I am pleased to report our results for the fourth quarter of 2011, completing a remarkable year for the Company where we delivered full year net revenue and EBITDA growth of 45% and 88%, respectively, demonstrating strong top line growth together with impressive operating leverage. Our strong results in the fourth quarter of 2011 further demonstrate our ability to build on the meaningful improvements made earlier in the year, while at the same time executing on a range of strategically important milestones.\" Long-term growth and increased presence for Melco were given a boost with the successful acquisition of a 60% interest in the Studio City project in the Cotai area. The Studio City project is 32 acres with an expected gross floor area of 465,000 square meters and is aimed at delivering a unique, entertainment-driven experience through innovative attractions in Macau. As competition heats up in Macau, a \"wait-and-see\" or \"patience may be the path to victory\" attitude may be called for by Wynn, MGM, and SJM as they seek the Macau SAR government's approval of their Cotai land applications. Moreover, further expansion by some players in Cotai (such as Sands) will certainly bring pressures in recruitment given Macau's tight labor market. The unemployment rate in Macau was 2.2% in the period October-December 2011. Given the Cotai Challenge, the future will tell what opportunities the casino operators will face, how they will deal with such opportunities, what obstacles they will encounter, and, most importantly, how they will address these challenges. Sources: (1) P. Azevedo, 2004, Nice bet, Wynn, www.macaubusiness.com, Issue 8, accessed on December 29, 2011; (2) Direco dos Servios de Estatstica e Censos (DSEC) or Statistics and Census Service, Macau SAR Government, 2012a, http://www.dsec.gov.mo/Statistic.aspx, accessed on February 24, 2012; (3) DSEC, 2012b, Employment survey for November 2011-January 2012, February 7, http://www.dsec.gov.mo/Statistic/LabourAndEmployment/EmploymentSurvey/Emplo yment Survey2011M11.aspx, accessed on February 29, 2012; (4) Direco de Inspeco e Coordenao de Jogos (DICJ) or Gaming Inspection and Coordination Bureau, 2012, Information, http://www.dicj.gov.mo/web/en/information/index.html, accessed on February 24, 2012; (5) Economist, 2009, Gambling in Macau, June 6: 64; (6) Economist, 2011, A window on China, December 10: 61-62; (7) Galaxy Entertainment Group Limited, 2010a, Galaxy Entertainment Group won top awards at International Gaming Awards, http://www.galaxyentertainment.com/en/irrelease.html?view= investorrelation , accessed on February 22, 2012; (8) Galaxy Entertainment Group Limited, 2010b, Selected unaudited 2011 third quarter financial data, October 20, http://www.galaxyentertainment.com/en/financialreports.html?view=investor relation, accessed on February 22, 2012; (9) A. Lages, 2010, Gaming table cap to remain unchanged, Macau Daily Times online, November 15; (10) N. Lam & I. Scott (Eds.), 2011, Gaming, Governance and Public Policy in Macao (pp. 225-241), Hong Kong University Press and University of Macau Press; (11) L. Leito, 2012, Very important promoters, Macau Business, February: 75-76; (12) Macau Business, 2011a, Wynn Macau buys Chinese vases for Cotai property, July 8, www. macaubusiness.com, accessed on December 29, 2011; (13) MacauBusiness, 2011b, Buccleuch vases arrive at Wynn Macau, October 28, www.macaubusiness.com, accessed on December 29, 2011; (14) Macau Business, 2012, The money spinners, February: 67; (15) Macau Daily Times, 2012, Sands new recruitment campaign pressures SMEs, February 27, http://www.macaudailytimes.com.mo/macau/34035-Sands-newrecruitment-campaign-pressures-SMEs.html, accessed on February 29, 2012; (16) G. McCartney, 2010, Stanley Ho Hung-sun: The \"King of Gambling,\" in R. Butler & R. Russel (Eds.), Giants of Tourism, Cambridge, MA: CABI Publishing; (17) Melco Crown Entertainment Limited, 2012a, City of Dreams garnered Best Customer Experience of the Year Award from International Gaming Awards 2012, January 26, http://www.melco-crown.com/eng/ir_pr.php, accessed on February 22, 2012; (18) Melco Crown Entertainment Limited, 2012b, Melco Crown Entertainment announces unaudited Fourth Quarter 2011 earnings, February 9, http://www.melcocrown.com/eng/ir_pr.php, accessed on February 22, 2012; (19) Melco Crown Entertainment Limited, 2012c, Melco Crown Entertainment: Your winning hand, http:// www.melco-crown.com/eng/bg.php, accessed on February 29, 2012; (20) Melco Crown Entertainment Limited, 2012d, Our properties: The Studio City Project, http://www.melco-crown.com/eng/tsc.php, accessed on February 29, 2012; (21) C. Palmeri, 2005, The revenge of Steve Wynn, BusinessWeek, April 11: 74-75; (22) Sands China Ltd., 2010a, 2010 Annual Report, http://www.sandschinaltd.com/sands/en/financial_information/, accessed on February 29, 2012; (23) Sands China Ltd., 2010b, 2011 Interim Report, http://www.sandschinaltd.com/sands/en/financial_ information/, accessed on February 29, 2012; (24) Sands China Ltd., 2010c, The company, http://www.sandschinaltd.com/sands/en/company/, accessed on February 29, 2012; (25) Standard Chartered Bank Ltd., 2011, Macau Gaming, 6 December; (26) University of Macau, 2010, About Responsible Gambling, The Institute for the Study of Commercial Gaming, http://www.umac.mo/iscg/Events/RG_symposium/rg_home.html, accessed on February 29, 2012; (27) Wynn Resorts, Limited, 2006, Wynn Resorts, Limited reports third quarter results, November 7; (28) Wynn Resorts, Limited, 2007, Wynn Resorts, Limited announces equity repurchase program, June 7; (29) Wynn Resorts, Limited, 2008a, Wynn Resorts, Limited reports fourth quarter results, February 12; (30) Wynn Resorts, Limited, 2008b, Wynn Macau celebrates Five-Star Awards from Mobil Travel Guide, November 10; (31) Wynn Resorts, Limited, 2010, Wynn Resorts, Limited reports third quarter results, November 2. 1 This case was written to provide material for class discussion and learning. The author does not intend to illustrate either effective or ineffective handling of a managerial situation. The views in this case are those of the author alone and do not represent those of the University of Macau. The author thanks Mr. Richie Chiu for research assistance and Prof. Mike Peng for his support. Javier C. Cuervo. Reprinted with permission