World’s Most Admired Companies – Sands, MGM and Wynn On The List
Three companies from the gambling industry, Las Vegas Sands, MGM Resorts, and Wynn Resorts, made it to the list of most admired companies. The list was published in Fortune magazine, and it is divided by categories.
All three of these companies indeed managed to provide top-notch services in every branch they are active, including hospitality, gaming, and more.
The three were ranked in the category described as Hotels, Casinos, and Resorts. Las Vegas Sands made it to No. 4, while MGM and Wynn followed on Nos. 5 and 6, respectively. However, the company that topped this list was Marriott International.
Sheldon Adelson, founder and CEO of Las Vegas Sands, expressed his gratitude about the selection. He stated that the company had had to face numerous challenges, including the “horrific mass shooting in Las Vegas,” as well as some other ones such as Typhoon Hato in Macau.
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However, the casino mogul concluded that the dedicated team members of the Sands casinos had managed to “rise to the occasion” for all the communities where Sands is present. He added that it was those devoted workers who were the reason why Sands joined the prestigious list once again.
The Ranking Criteria — It Wasn’t Easy at All
To rank these companies, Fortune took numerous criteria into account, with some of the most important being things such as innovation, social responsibility, people management, use of corporate assets, and more. Moreover, companies were ranked by their global competitiveness, quality of their products or services, their long-term investment value, financial soundness, and, finally, their management quality.
All these things were carefully examined and measured to create one such list.
In fact, Fortune teamed up with a Los Angeles-based consulting firm called Korn Ferry. The two of them surveyed a total of 3,770 people, all of whom are in important executive positions.
Various directors, executives and securities analysts had to grade all of the attributes above from 1 to 10, with 1 being described as excellent, and 10 being the rate for “poor.”
Only companies that are worth more than $10 billion were eligible for taking this test.
Moreover, to actually be considered for the list, the company has to be located in the upper half in its industry based on its overall success. A total of 331 companies managed to make it to the list, which Apple topped, with 8.19 being the average score.
The overall score for Sands, once all of the attributes were calculated, was 6.32. MGM’s score was 6.05, and Wynn had 6.04.
One of the reasons why Wynn scored so low on the Quality of Management scale was probably due to alleged sexual misconduct allegations against Steve Wynn, the owner of Wynn Resorts.
This list will help all three businesses improve further and expand their scope of influence. What all of them have in common is that they are all competing for a license to operate one of the three planned integrated resorts in Japan.
Japanese authorities are currently in the process of choosing the most suitable operators for the integrated resorts, and this list is definitely going to help Sands, MGM and Wynn rank better in the eyes of Japanese committee.
All three operators always help communities where their casinos are located, and that could be yet another reason why they could rank well for Japanese integrated resorts. Namely, the casino law of Japan will require the operator to give back to the community, and Sands, MGM, and Wynn are definitely great in that.