Stakeholders - Assignment Example

Lecturer Stakeholder Analysis of Wynn Las Vegas Wynn Las Vegas entails a luxury resort and casino which is located Nevada, the Las Vegas Strip. The casino is named Steve Wynn after the developer, and it is worth approximately US$2.7 billion. The restaurant and casino is the flagship project of the Wynn Resorts Limited. The resort is one of the finest globally. This is illustrated through the; Forbes five star, AAA five diamonds, and Mobil five-star ratings. For two consecutive years, Wynn Las Vegas has received historically significant five star ratings in all aspects; hotel, spa and restaurant.

Since 2007, the organization has won the global hotel sector awards (Doug 73). The success of the company has been made possible through the active participation of the stakeholders. The academic paper analyzes ten significant stakeholders of the company. The significance of the stakeholders is as explained below.1. The employees are important stakeholders. The company has highly trained staffs in the areas of spa, hotel, casino and restaurant. The staffs are training on superior customer service. 2. The guests are the main business stakeholders.

The company invests a lot of resources for product marketing, so as to attract the attention of the global customer base. High customer numbers translates to high sales revenue.3. The owner is another significant stakeholder. The owner is the chairman of the board of directors. He provides overall direction to the company, and formulates strategies that will ensure achievement of mission and vision.4. Stockholders are key stakeholders who provide adequate financing for the company. The business has high net worth global shareholders who periodically provide financial capital. 5. The business values the community stakeholders.

The surrounding community member provides fresh supplies to the hotel on a daily basis. The business sponsors community events like sports.6. The resort adheres to conditions set by the regulating officials. The federal and state agencies in the hotel and tourism sector are responsible for setting regulations, which all industry players must adhere to. 7. The hotel industry trade unions are stakeholder. All employees have the rights of joining a trade union of their choice. The trade unions enhance their welfare by jointly improving working conditions with the management.8. The state department is responsible for providing the infrastructure and regulation necessary for the hotel, tourism and hospitality industry.

Security infrastructure is provided by the department, in addition to transport and communication infrastructure.9. The convention is a significant stakeholder in the tourism, hotel and hospitality industry. The convention enables players in the industry to share ideas on how to improve customer satisfaction. 10. The suppliers of products are significant stakeholders. The suppliers are diverse and they supply; fresh produce, technology updates and decorations The stakeholder analysis was conducted by consultants.

The analysis results were presented in tabular form in order of significance. StakeholderImportance (%)Employees17Guests or customers17Owner17Stock holder10Unions 10Suppliers10Community5Convention5Regulating officials5State Department4Total 100 The stakeholder analysis illustrates that the employees are the most important stakeholders for the business. This is illustrated through the relatively high rating of 17%. The employees are significant because they are responsible for providing services to the customers effectively and efficiently.

The employees are also responsible for customer retention, through providing services that meets and exceeds the expectations of the customers. Other important stakeholders at 17% are guests and the owner. The casino and the hotel exist so as to earn revenue, by providing services to the guests. Hence, the needs of guests must be adequately addressed for increased sales to be realized. The owner is the main investor and therefore very important. He is responsible for formulating the strategic goals of the business, which guide operations effectively and efficiently.

Works CitedElfman, Doug. (16 April 2014). “Wynn Las Vegas in Vegas." Reviewjournal.