Submitted by: Submitted by vamonuah
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Category: Business and Industry
Date Submitted: 07/07/2011 09:41 AM
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Mandalay Resort Group Case Study
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Mandalay Resort Group Case Study
Mandalay Resort Group is one of the leading hotel-casino companies in the United States, and is the largest such company in the Las Vegas market in terms of square footage of casino space and number of hotel rooms. Known as Circus Circus Enterprises, Inc. until June 1999, Mandalay Resort operates ten hotel-casinos in Nevada, including four elaborate properties on the Las Vegas Strip: Mandalay Bay, Luxor, Excalibur, and Circus Circus. It is also a partner with Mirage Resorts, Incorporated in a joint venture that owns and operates the Monte Carlo, another Strip denizen. Outside of Nevada, the company owns a dockside casino in Tunica County, Mississippi, a riverboat casino located in Elgin, Illinois, and is developing casinos in Detroit, Michigan. With the exception of the upscale Mandalay Bay, the company's properties are mainly aimed at middle-class vacationers. To appeal to this market segment, the company offers reasonably priced rooms and food, and has pioneered the concept of the casino as an entertainment theme park for the entire family.
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At the beginning of 2005, the revenues associated with each division included casino revenues of 47.4% of total, food/beverage 17.9% of total, hotel 28.2%, and other 13.3%. Overall revenue was slow growing at only 1% between 2002 and 2003 but increased by 5.8% in 2004 and 2005. Total debt to assets was at 63%, which shows that Mandalay Resort Group was heavily in debt to keep up with competitors.
Strengths
Brand Name Recognition
Innovation
Large market share
Revenue Growth
Weaknesses
Requires constant renovations and expansions to compete
No...