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Jan. 1, 1970
By Will Ford & Amy Stebbins
Having experienced something of a boom over the last decade, Hotels in Las Vegas have started to lose a little of their sparkle. A city that relies almost entirely on hotel and gambling revenue is bound to suffer during a recession – people are far less likely to take vacations, let alone risk the family fortune, when their bonuses have been leveled and their companies have collapsed. Indeed things became so bad in 2009 that two big players – MGM and Sands both narrowly avoided bankruptcy. So how does the Wynn Hotel Las Vegas shore up in these uncertain times? Is there still room for a luxury brand in a market that has all but evaporated?
Wynn Hotel Las Vegas - Getting Lonely at the Top
Considered to be one of the best hotels in the USA, the Wynn Hotel Las Vegas Resort and Country Club is one of only a handful to have earned 5 Michelin stars, AAA Five Diamonds and a Mobile 5-star award. The recently opened Wynn hotel in Macau also boasts similar accolades. Wynn is all about luxury – a premium brand that caters for the top end of the market. Designed from the 'inside out', Las Vegas Wynn hotels give little away from the outside, instead drawing crowds inside to see its man-made 'lake of dreams' waterfall. Other attractions at the Las Vegas property include a Ferrari showroom and a stage show that cost an estimated $30m to produce.
The Wynn Hotel in Vegas has thus secured its place as one of the most exclusive resorts on The Strip. As such, its room rates averaged $270 per night in 2007. But in the last year, room rates have fallen to an average of $210 a night. Those lower room rates are an attempt to lure back the all-important leisure and conference customers who have been worst hit by the recession. Other efforts have been made to tempt customers back, too. The Wynn resort has recently resurrected Garth Brooks out of retirement for a solo performance – a move that could bring thousands of extra visitors through the doors.
Wynn Hotel Las Vegas - New Partners and Initiatives to Fight Drops in Sales
Another interesting development is a tie-in with the American firm Lucky Jets. For as little as $650 per person, you and three friends can fly to Vegas in a 50-seat private jet and stay at the Wynn resort for three nights. The price you pay also covers discreet baggage handling to your room from the airplane and entry to three exclusive nightclubs.
Additionally, only 11 months ago in December 2008, Steve Wynn opened Encore. Intended to attract younger, hipper crowds, the Encore offers a “boutique” option. A mammoth 2,034-room boutique option, that is. According to the New York Times, amenities are not quite up to par at the Encore. Just two days ago, reporter Brooks Barnes wrote:
“Until the economy improves, the opulent hotel will come across a bit like a boom-times relic. But there’s always a market for quality, and Encore offers that in spades. Rooms start at $179 during the week.“
Wynn Hotel Las Vegas - A Light at the End of the Tunnel?
Ultimately though, room rates are usually the deciding factor in choosing a hotel. And one of the reasons Wynn has been attracting so much attention recently is the lower prices the hotel has been offering. As the Wall Street Journal points out:
“These once-in-a-decade low rates have been attracting leisure travelers long priced out of the high-end resorts, keeping occupancy levels from falling.”
It seems to be working, too. Wynn's shares have climbed to a high of $68.50 (back from their low point of $15.40 back in March). The firm is also paying a dividend this quarter. And with Macau business already picking up, Wynn could be very well placed to weather the economic storm.
Resources - Wynn Hotel Las Vegas:
http://online.wsj.com/article/BT-CO-20091116-708365.html
http://www.marketwatch.com/story/wynn-resorts-third-quarter-profit-falls-2009-10-27
http://www.cmt.com/news/country-music/1623996/garth-brooks-emerging-from-retirement-with-solo-shows-at-wynn-las-vegas.jhtml
http://en.wikipedia.org/wiki/Wynn_Las_Vegas
http://www.nytimes.com/2009/01/27/business/27hotels.html?pagewanted=1
http://travel.nytimes.com/2009/11/15/travel/15check.html?scp=1&sq=the%20Wynn&st=cse
Looking for some very special entertainment in Vegas hotels? Read our blog post about the entertaiment offered by hotels in las vegas
Topic: Wynn Hotel Las Vegas
Wynn Hotel Las Vegas
By Will Ford & Amy Stebbins
Having experienced something of a boom over the last decade, Hotels in Las Vegas have started to lose a little of their sparkle. A city that relies almost entirely on hotel and gambling revenue is bound to suffer during a recession – people are far less likely to take vacations, let alone risk the family fortune, when their bonuses have been leveled and their companies have collapsed. Indeed things became so bad in 2009 that two big players – MGM and Sands both narrowly avoided bankruptcy. So how does the Wynn Hotel Las Vegas shore up in these uncertain times? Is there still room for a luxury brand in a market that has all but evaporated?
Wynn Hotel Las Vegas - Getting Lonely at the Top
Considered to be one of the best hotels in the USA, the Wynn Hotel Las Vegas Resort and Country Club is one of only a handful to have earned 5 Michelin stars, AAA Five Diamonds and a Mobile 5-star award. The recently opened Wynn hotel in Macau also boasts similar accolades. Wynn is all about luxury – a premium brand that caters for the top end of the market. Designed from the 'inside out', Las Vegas Wynn hotels give little away from the outside, instead drawing crowds inside to see its man-made 'lake of dreams' waterfall. Other attractions at the Las Vegas property include a Ferrari showroom and a stage show that cost an estimated $30m to produce.
The Wynn Hotel in Vegas has thus secured its place as one of the most exclusive resorts on The Strip. As such, its room rates averaged $270 per night in 2007. But in the last year, room rates have fallen to an average of $210 a night. Those lower room rates are an attempt to lure back the all-important leisure and conference customers who have been worst hit by the recession. Other efforts have been made to tempt customers back, too. The Wynn resort has recently resurrected Garth Brooks out of retirement for a solo performance – a move that could bring thousands of extra visitors through the doors.
Wynn Hotel Las Vegas - New Partners and Initiatives to Fight Drops in Sales
Another interesting development is a tie-in with the American firm Lucky Jets. For as little as $650 per person, you and three friends can fly to Vegas in a 50-seat private jet and stay at the Wynn resort for three nights. The price you pay also covers discreet baggage handling to your room from the airplane and entry to three exclusive nightclubs.
Additionally, only 11 months ago in December 2008, Steve Wynn opened Encore. Intended to attract younger, hipper crowds, the Encore offers a “boutique” option. A mammoth 2,034-room boutique option, that is. According to the New York Times, amenities are not quite up to par at the Encore. Just two days ago, reporter Brooks Barnes wrote:
“Until the economy improves, the opulent hotel will come across a bit like a boom-times relic. But there’s always a market for quality, and Encore offers that in spades. Rooms start at $179 during the week.“
Wynn Hotel Las Vegas - A Light at the End of the Tunnel?
Ultimately though, room rates are usually the deciding factor in choosing a hotel. And one of the reasons Wynn has been attracting so much attention recently is the lower prices the hotel has been offering. As the Wall Street Journal points out:
“These once-in-a-decade low rates have been attracting leisure travelers long priced out of the high-end resorts, keeping occupancy levels from falling.”
It seems to be working, too. Wynn's shares have climbed to a high of $68.50 (back from their low point of $15.40 back in March). The firm is also paying a dividend this quarter. And with Macau business already picking up, Wynn could be very well placed to weather the economic storm.
Resources - Wynn Hotel Las Vegas:
http://online.wsj.com/article/BT-CO-20091116-708365.html
http://www.marketwatch.com/story/wynn-resorts-third-quarter-profit-falls-2009-10-27
http://www.cmt.com/news/country-music/1623996/garth-brooks-emerging-from-retirement-with-solo-shows-at-wynn-las-vegas.jhtml
http://en.wikipedia.org/wiki/Wynn_Las_Vegas
http://www.nytimes.com/2009/01/27/business/27hotels.html?pagewanted=1
http://travel.nytimes.com/2009/11/15/travel/15check.html?scp=1&sq=the%20Wynn&st=cse
Looking for some very special entertainment in Vegas hotels? Read our blog post about the entertaiment offered by hotels in las vegas
Topic: Wynn Hotel Las Vegas
