Steve Wynn's Expensive Breakup

Two years ago casino magnate Steve Wynn and Kazuo Okada, who made his fortune supplying equipment to Japan’s huge pachinko industry, appeared to be the best of partners. Okada had invested in Wynn Resorts (WYNN) in 2000, eventually amassing a 20 percent stake and serving as the company’s vice chairman. Wynn had named fancy restaurants at some of his casino hotels Okada.

But in early February, Wynn Resorts pulled the name from the Las Vegas eatery and forcibly redeemed Okada’s ownership stake after investigators for its board said the investor, chairman of Tokyo-based Universal Entertainment, allegedly made improper payments to Philippine gaming regulators. Wynn Resorts then issued Okada a $1.9 billion promissory note for his holdings, effectively booting him from the company. That’s $870 million less than the $2.77 billion stock market value of Universal’s Wynn shares. Okada told Bloomberg that he wasn’t aware that Wynn Resorts had in 2002 amended its articles of incorporation to enable it to declare shareholders “unsuitable” and redeem their shares at a price determined by the company.

“They gave the board the report without letting me review it,” Okada says. “Even criminals would be asked to sign off on the findings to ensure there are no mistakes.” In a statement, Universal called the forced sale “outrageous” and vowed to “take all legal actions necessary.” Okada says the redemption was in part a response to Universal moving to enter the casino business in the Philippines on its own and for a lawsuit Okada filed against Wynn Resorts in January. Okada sued Wynn in Nevada, demanding information about the company’s HK$1 billion ($135 million) donation to a university foundation in Macau, home to Wynn’s most profitable casino. Wynn’s Macau casino generated 70 percent of its revenue, and it’s seeking a land grant there to build a second.

Wynn Resorts says its probe—conducted by former Nevada Governor Bob Miller and former FBI Director Louis Freeh—found Okada violated U.S. law by providing free lodging and hospitality to Philippine regulators. Wynn executives told investors on a Feb. 21 conference call that ousting Okada was necessary to protect the company’s gaming licenses. Also, Wynn in a Feb. 19 court filing said Okada violated its code of conduct for directors by competing against it.

Cristino Naguiat Jr., chief executive officer of Philippine Amusement & Gaming, the gaming regulator, said in an e-mailed statement that the agency under his tenure had received no cash or in-kind payments from Okada. The Universal chief visited the gaming authority in February and told Naguiat that the $110,000 in payments referred to in the Wynn Resorts investigation as improper were for business associates’ accommodations, according to that statement. Philippine President Benigno Aquino III has ordered an investigation.

Okada on Feb. 27 told Philippine lawmakers that he’ll continue plans to open his $2 billion Manila casino project by 2013. “I will be able to prove that all of the accusations are baseless and are lies,” he said.

About Management Consulting Services Gary Simmons
With over 30 years of experience in the automotive industry, Mr. Gary Simmons formed MCS in 1982 to provide automotive management systems, support services and pragmatic consultations to car dealerships in the western US.

Virtual Selling & Training Solutions
MCS Virtual Selling Solutions are a technology tool that enhance the sales process, and are fully compatible with any sales force, and sales message.

The Basics in the Service Drive
Treating every customer repair order as an opportunity is the fundamental way to maximize a sale and improve the service department profit.

Virtual Service Drive
Customer Paid Labor is the Cornerstone of Profitability
A dealership that sells 100 vehicles a month usually has 5 times that number of customers come through the service department every month.

Active Delivery Center
CSI Booster for the Showroom or Service Drive
The MCS Active Delivery Center is a talking and Virtual Presentation that ensures that everything that has to be said to a customer is quickly and thoroughly covered. The program can be designed to operate on a local computer, or over the Internet.

Auto Dealers F&I
Virtual Finance & Insurance Maximizes Profit

ServiceDriver Program Examples and Links
MCS has live demonstration links available for all major manufacturers

4 Steps to Fast, Effective Meetings

How is your company’s communication?
Is it tight and efficient and aimed at driving results or increasing connection?
Or do team members talk a lot without saying anything meaningful?
Of the hundreds of companies I’ve worked with over the past 30 years, I repeatedly see only five types of communication…

Info Sharing

Sharing Oneself

Debating, Decision Making, Point Proving

Promises

Requests

… and only two of them drive results.

Image Credit: Christine Comaford Associates

What communication types are most prevalent in your culture?
Look at the chart above. Are your meetings dominated by lots of Info Sharing, lots of Sharing of Oneself, some Debating, Decision Making and Point Proving and regrettably few Requests and Promises?
You’re not alone.
We have meetings because we want to reach a conclusion of some sort. To make meetings matter you’ll want to:
1. Set the meeting’s intention in advance: what exactly do you want to accomplish?

If it’s simply to share info that is not highly sensitive (e.g. you’re fired), then send an email instead. If it’s to get everyone aligned and to allocate work, then set a tight agenda and wrap the meeting within 45 minutes (or take a break then, as people are maxing out in their attention span). The key is allow only enough Info Sharing to solicit Requests from parties who need something and Promises from those who will deliver.  If it’s a company meeting/update session for the team, keep it short with segments for summary result info, current obstacles and plans to overcome them, future goals, a short education session and celebration of people/recent accomplishments.
Is the meeting’s purpose to share your thoughts/feelings? Have a one-on-one huddle for 10-15 minutes instead.
Is it to debate or point prove? How necessary is that?
2. Invite the doers, decision makers, impacted parties only.
Often meetings are too crowded because too many unnecessary people are invited. The point of the meeting is to get stuff done as a group. Get the people in the room who will facilitate that or be affected by it.
3. Have a clear meeting leader and tight time-lined agenda.
The meeting leader’s task is to keep everyone on track and drive to results. Once each key point of the meeting is mapped out, keep the focus on achieving your intention. Other topics and side conversations will be handled off line later with the appropriate parties present. Also the goal isn’t to solve detailed problems in the meeting, it’s to assign responsibilities based on Requests and Promises made. The responsible individuals will follow through post-meeting.
4. Send a recap email of all responsibilities post-meeting.
The meeting leader will summarize the Requests, Promises and details of each. Remember a vague Request (can you get me info on our top advertisers?) versus a clear Request (can you get me a report of our top 50 advertisers in the USA with spending history for the current + past 5 years in a spreadsheet by 4pm this Friday?) will help the Promise maker to succeed. The meeting leader’s job is to ensure all participants are set up to succeed in executing their Promises.
The result of the above is meetings that are efficient, effective, and keep your team happy and executing with high accountability. Further, it’ll reduce B.S., frustration, and disengaged team members.

Link: http://www.forbes.com/sites/christinecomaford/2012/02/28/cut-the-b-s-and-get-to-the-point-the-only-2-communication-types-that-drive-results/

About Management Consulting Services Gary Simmons
With over 30 years of experience in the automotive industry, Mr. Gary Simmons formed MCS in 1982 to provide automotive management systems, support services and pragmatic consultations to car dealerships in the western US.

Virtual Selling & Training Solutions
MCS Virtual Selling Solutions are a technology tool that enhance the sales process, and are fully compatible with any sales force, and sales message.

The Basics in the Service Drive
Treating every customer repair order as an opportunity is the fundamental way to maximize a sale and improve the service department profit.

Virtual Service Drive
Customer Paid Labor is the Cornerstone of Profitability
A dealership that sells 100 vehicles a month usually has 5 times that number of customers come through the service department every month.

Active Delivery Center
CSI Booster for the Showroom or Service Drive
The MCS Active Delivery Center is a talking and Virtual Presentation that ensures that everything that has to be said to a customer is quickly and thoroughly covered. The program can be designed to operate on a local computer, or over the Internet.

Auto Dealers F&I
Virtual Finance & Insurance Maximizes Profit

ServiceDriver Program Examples and Links
MCS has live demonstration links available for all major manufacturers

MCS Perfects the Basics in the Service Drive

Treating every customer repair order as an opportunity is the fundamental way to maximize a sale and improve the service department profit. 

There are three potential areas that need to be fully understood to accomplish this: 

Captive Sale Approach 
 

The customer brings the vehicle to the service department for a reason and feels that professional attention is needed. This is known as the natural sale. 

Service Advisors Point of Sale
 

This is the most difficult sale to be accomplished. The service advisor has to demonstrate knowledge and present preventative maintenance service based on vehicle mileage and customer service history. 

Few service advisors have the skills or training to inform and educate a customer on additional recommended services and present a solution that can be managed and handled in the service department. Too often they rely solely on the technicians to find items during their inspections, and even then may feel nervous about a presentation to the customer. 

The success to the service drive point-of-sale is at the walkaround. Observations made by the service advisor lead to additional recommend service or repairs that would otherwise slip by. 

Presented properly, the service advisors sale can be a lot easier than it's perceived to be. 

Technicians Maintenance Inspection Sale
 

This sale is based on the proper visual inspection of all vehicles by the technician, with recommendations to the service advisor. The best service managers ensure that there is accountability for both technicians and service advisors, to maximize results from this important area. 

The Solution
 

MCS helps dealerships maximize results from all three areas of sales potential by:

• Reviewing the fundamentals in a classroom environment
• Working with the service manager and advisors, live in the service drive with real customers
• Supplying and using virtual, talking sales presentation programs specifically designed for the service drive

This combination of methods ensures that service advisors are educated, encouraged and motivated to make a proper presentation to every customer every time. 

Contact us directly for further details at (800) 598-5100 or via email at admin@simmonsmcs.com

MCS, a Gary Simmons Company, provides the Virtual Selling & Training Solutions for car dealerships nationwide

MCS Virtual Selling Solutions are a technology tool that enhance the sales process, and are fully compatible with any sales force, and sales message.

We provide auto dealers with the following assistance:

• Talking
• Quick-loading
• Sales and training presentations
• Delivered over the Internet, or locally from a computer
• Implementation Programs

MCS associates dedicate the needed time to train and fully explain and detail the benefits of embracing a proven technological solution that enhances the following:

• Dramatically improve profit
• Speed up any process
• Improve customer satisfaction

The proven effectiveness and efficiency of MCS Virtual Selling and Training Solutions are well documented and spreading across more areas of auto dealerships, general commerce and industry.

Our core software technology for the automotive industry was developed by the originators of the first 'talking' sales presentation programs for auto dealers in 1995 and it has a time-tested heritage that has continued to evolve and improve. 

Virtual Selling Solutions: Maximize Profit

• Present the same accurate information to every customer.
• Customized to present what needs to be said every time.
• Presents your information faster with a higher degree of credibility
• Positive results every day.

MCS Virtual Presentations are an excellent tool to develop and define the customer’s needs. Furthermore, depending on the facts, the tool introduces 'the solution' to the customer’s needs and places your sales representative in an excellent position to discuss how your product or service, meets the customer’s specific needs. 

Virtual Training Solutions: Maximize Learning

• Ensures that all important material is covered
• Customized to your achievable goals
• Dramatically reduces training costs and time
• Useful tool for the experienced and new employees

MCS Virtual Training Solutions guides your staff and management to focus on training areas that require their expertise, and not get bogged down in the straightforward, repetitive information that typically represents 60-80% of any training program. 

Contact us directly for further details at (800) 598-5100 or via email at admin@simmonsmcs.com