Sands, Wynn Among Fortune’s Most Admired Companies
Posted on: February 1, 2024, 02:55h.
Last updated on: February 1, 2024, 02:55h.
Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN) again made appearances on Fortune’s World’s Most Admired Companies list.
The 2024 iteration of the rankings features 317 companies across an assortment of industries and sectors. The top 50 firms are ranked outright while the remainder are list alphabetically and ranked within their respective industries. Neither Sands nor Wynn appear in the top 50. Fortune’s 10 most admired companies include Apple, Microsoft, Amazon, Warren Buffett’s Berkshire Hathaway, Costco, and American Express, among others.
For Sands, the largest casino operator by market capitalization, this year’s appearance is the operators tenth on the Fortune list. The company’s capital, community, and environmental initiatives in Macau and Singapore are among the reasons for the latest appearance on the World’s Most Admired Companies rankings.
After exiting its Las Vegas operations in 2022, Sands has focused on reinvestment in Asia and development of new businesses and geographies. In 2023, the company reaffirmed its commitment to Macao with Sands China’s pledge to invest $3.75 billion in capital and operating projects through 2032 to support Macao’s stature as a global tourism destination,” according to a statement. “Sands also is focused on continuing to propel Singapore’s growth in international tourism with a $1.75 billion reinvestment program currently underway at Marina Bay Sands.”
Macau and Singapore currently represent Sands’ only operating markets, but they are lucrative regions. For example, Marina Bay Sands in Singapore is rated the most valuable casino gaming brand in the world.
Wynn Impresses, Too
Wynn Resorts, which knows plenty about impressive rankings, earned its spot on the Fortune list, too.
“It’s gratifying to be included on the World’s Most Admired list for a sixteenth consecutive year,” said CEO Craig Billings in a statement. “The recognition in general, and the top ranking in quality in particular, are a tribute to thousands of people who work for Wynn Resorts globally that create our guest experiences every day.”
Sands and Wynn are two of 15 media and entertainment companies on the Fortune list. The former placed fourth in the hotels, casinos, and resorts category while Sands ranked seventh. That group was led by Marriott International.
“In addition to securing a top five spot in the Hotels, Casinos, and Resorts category, Wynn Resorts ranked in the top two for Innovation, and also received high marks for Social Responsibility, People Management, Quality of Management, Financial Soundness, Long-Term Investment, and Global Competitiveness,” added the operator.
Sands, Wynn Stand Out
Overall, just seven hoteliers and casino operators made the World’s Most Admired Companies cut with LVS and Wynn being the only gaming companies.
At the sector/industry, large technology and communication services companies dominated the list, which was led by Apple for the 17 straight. In conjunction with Korn Ferry, Fortune polled 3,700 analysts, directors, and executives.
“Korn Ferry asked executives, directors, and analysts to rate enterprises in their own industry on nine criteria, from investment value and quality of management and products to social responsibility and ability to attract talent. A company’s score must rank in the top half of its industry survey to be listed,” according to the magazine.
Source: casino.org
