I had the pleasure of bumping into a YouTube video about Business from Steve Wynn. Most of you probably know who Steve Wynn is. For those of you who don’t, he is the most successful Hotel/Casino developer in the world. I have been introduced to the man on three occasions. His presence is like an aura that you can feel. He is amazing. So I listened to him talk about the 10 Rules of Success as he sees them. I have included the link to the presentation. It will take 24 minutes of your time.
Here is the list and a brief synopsis of his 10.
- You have to love the process. He talks of the time and the diligence they perform before and while they are building a project. (Hotel/Casino)
- Don’t be reckless. He does not gamble when he builds a property. His planning, it takes years of planning, is his net. He does not fly without a net. Capital structure is very very important. It needs to be bullet proof
- Raise people’s self-esteem. He knows that if something is instantly gratifying it will be repeated. If you can makes someone feel good about themselves they will love you forever. His employees are rewarded for making their meeting with the guests (customers) with notoriety. It is invective. 8 minutes into the video is the true story of how this works.
- Try new ideas. He built Encore after Wynn, after Bellagio, after Treasure Island, after the Mirage after the Golden Nugget. Each was a success and each different as he incorporated lessons learned on each of the projects. Each had a theme and each began to move towards pleasant environments. That incorporated gaming but did not depend on gaming. Gaming is a little less than ½ of the revenue generated. The properties are about having a pleasant experience.
- Give the best guest experience. He tells of a guest who left their medicine at home. They were ready to return because the medicine was required. Instead the hotel had someone retrieve the medicine from their home and fly it to the hotel to insure the client was happy and taken care of. Would you go to that extent to please you customers?
- Consistent level of experience. He speaks to business cycles and their impact on the business. Regardless of the business cycle he insures that the guest experience is the same high level of service. He says he doesn’t care about business cycles. They are not his job. His job is to make sure the guests of the Hotel enjoy the time they spend at the hotel.
- Love what you do. Mr. Wynn has never worked a day in his life. Why because he loves what he does..
- Help Others. It is observed that if you want to be happy you will be the happiest if you help other people attain happiness.
- Stick to simple ideas. Mr. Wynn’s simple idea is to do things that makes people go WOW. What’s your simple idea? What’s your WOW?
10. Create a family. The local newspaper does an annual survey about who is the best in certain areas. Mr. Wynn’s employees say he is the best employer in Las Vegas. Can you and I say the same?