Harvard Case - MGM Resorts International in 2018: Time for Another Reinvention
"MGM Resorts International in 2018: Time for Another Reinvention" Harvard business case study is written by Robert E. Siegel, Cameron Lehman. It deals with the challenges in the field of General Management. The case study is 22 page(s) long and it was first published on : Jan 20, 2018
At Fern Fort University, we recommend MGM Resorts International (MGM) embark on a strategic reinvention focused on digital transformation, customer experience enhancement, and sustainable growth. This involves a multi-faceted approach encompassing innovation, technology, data analytics, marketing, and operational efficiency. MGM should prioritize customer-centricity by leveraging AI and machine learning to personalize experiences and optimize customer engagement. Furthermore, MGM should adopt a data-driven decision-making approach to guide strategic initiatives and resource allocation. This reinvention will position MGM as a leader in the evolving hospitality landscape, ensuring long-term success and sustainable growth.
2. Background
MGM Resorts International, a leading global gaming and entertainment company, faced significant challenges in 2018. The company was grappling with declining revenues, increasing competition, and evolving customer preferences. The case study focuses on the leadership team's efforts to navigate these challenges and determine the best path forward for the company. The main protagonists are Jim Murren, the CEO of MGM, and his executive team, who are tasked with developing and implementing a strategic plan to revitalize the company.
3. Analysis of the Case Study
To analyze MGM's situation, we can employ a combination of frameworks:
a) SWOT Analysis:
- Strengths: Strong brand recognition, diversified portfolio of properties, established presence in key markets, strong financial position, and a loyal customer base.
- Weaknesses: Dependence on the gaming industry, susceptibility to economic downturns, aging infrastructure, limited digital presence, and a need for innovation.
- Opportunities: Growing demand for leisure travel, emerging markets, technological advancements, and increasing focus on customer experience.
- Threats: Increased competition, regulatory changes, economic instability, and changing consumer preferences.
b) Porter's Five Forces:
- Threat of New Entrants: High due to the capital-intensive nature of the industry but limited by barriers to entry such as licensing and regulations.
- Bargaining Power of Suppliers: Moderate, as MGM has a large number of suppliers, but some suppliers have leverage due to specialized services.
- Bargaining Power of Buyers: Moderate, as customers have multiple options, but MGM's strong brand and loyalty programs provide some leverage.
- Threat of Substitutes: Moderate, as customers have alternative forms of entertainment, but MGM's unique offerings provide a competitive advantage.
- Competitive Rivalry: High, with numerous established players and new entrants vying for market share.
c) Balanced Scorecard:
This framework can be used to assess MGM's performance across various dimensions, including:
- Financial: Revenue growth, profitability, return on investment, cash flow, and debt management.
- Customer: Customer satisfaction, loyalty, brand perception, market share, and customer acquisition.
- Internal Processes: Operational efficiency, innovation, employee engagement, and technology adoption.
- Learning and Growth: Employee development, knowledge management, and organizational agility.
4. Recommendations
MGM should implement the following recommendations to achieve sustainable growth and reinvention:
a) Digital Transformation:
- Invest in technology: Implement a comprehensive digital strategy to enhance customer experience, improve operational efficiency, and leverage data for informed decision-making.
- Develop a robust online presence: Enhance the company website, mobile applications, and social media platforms to provide seamless customer interactions and personalized experiences.
- Leverage AI and machine learning: Utilize AI-powered tools to personalize customer interactions, optimize pricing, and improve service delivery.
- Embrace data analytics: Implement a data-driven decision-making framework to analyze customer behavior, market trends, and operational performance.
b) Customer Experience Enhancement:
- Focus on customer-centricity: Implement a customer-centric approach across all touchpoints, from booking to checkout and beyond.
- Personalize experiences: Utilize data analytics to tailor offerings and communications to individual customer preferences.
- Enhance loyalty programs: Develop innovative loyalty programs that reward customer engagement and encourage repeat business.
- Improve customer service: Invest in training and technology to provide exceptional customer service and address customer concerns promptly.
c) Sustainable Growth:
- Expand into emerging markets: Explore opportunities in high-growth markets like Asia and Latin America, leveraging MGM's brand recognition and expertise.
- Develop new revenue streams: Diversify beyond gaming by exploring new offerings such as entertainment, dining, and retail experiences.
- Focus on operational efficiency: Streamline operations, optimize resource allocation, and implement lean management principles to improve profitability.
- Embrace environmental sustainability: Implement sustainable practices across all operations to reduce environmental impact and enhance brand image.
5. Basis of Recommendations
These recommendations are based on a comprehensive understanding of MGM's strengths, weaknesses, opportunities, and threats. They align with the company's core competencies and mission, focusing on customer satisfaction, innovation, and sustainability. The recommendations consider the evolving needs of customers, the competitive landscape, and emerging trends in the hospitality industry.
The recommendations are also supported by quantitative measures such as:
- Increased customer satisfaction: Data analytics can be used to track customer satisfaction and measure the impact of digital initiatives.
- Improved operational efficiency: Lean management principles can be implemented to reduce costs and improve productivity.
- Enhanced brand image: Sustainability initiatives can improve brand perception and attract environmentally conscious customers.
6. Conclusion
MGM Resorts International is at a critical juncture. By embracing digital transformation, focusing on customer experience, and pursuing sustainable growth, the company can navigate the challenges of the evolving hospitality landscape and achieve long-term success. The recommendations outlined in this case study provide a roadmap for MGM to achieve its strategic goals and position itself as a leader in the industry.
7. Discussion
Alternative Options:
- Focus solely on cost-cutting: While cost-cutting measures can be effective in the short term, they may not be sustainable in the long run and could negatively impact customer experience.
- Mergers and acquisitions: While M&A can be a viable growth strategy, it carries significant risks and requires careful due diligence.
- Maintaining the status quo: This is not a viable option as the industry is rapidly evolving, and MGM risks falling behind competitors.
Risks and Key Assumptions:
- Technology adoption: The success of the digital transformation strategy depends on the effective implementation and adoption of new technologies.
- Customer acceptance: Customers must embrace the new digital offerings and be willing to share their data.
- Competition: The competitive landscape is dynamic, and MGM must be prepared to adapt to new entrants and innovative competitors.
8. Next Steps
MGM should implement the following timeline to achieve its strategic goals:
- Year 1: Develop a comprehensive digital strategy, implement key technology initiatives, and launch new customer experience programs.
- Year 2: Expand into emerging markets, explore new revenue streams, and further enhance operational efficiency.
- Year 3: Continuously monitor progress, adapt to changing market conditions, and refine the strategic plan based on performance data.
By taking these steps, MGM can successfully navigate the challenges of the evolving hospitality landscape and achieve its strategic goals.
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Case Description
MGM Resorts International was built as a gambling business. Over the past few decades, through its development of restaurants, live shows and musical performances, it has transformed into a fully-fledged entertainment company. Now, in 2017, it looks to pivot again - to find the future of "destination entertainment" for its Millennial consumers.
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