Fortune magazine’s list of the “World’s Most Admired Companies” now includes Nevada casino giants Las Vegas Sands, MGM Resorts, and Wynn Resorts.
Sands took the No. 4 spot in the Hotels, Casinos, and Resorts category. MGM placed No. 5, and Wynn No. 6. Marriott International secured the top spot in the category.
In a release, Sands billionaire founder and CEO Sheldon Adelson said, “We’ve faced immense challenges in our communities with the destruction caused by Typhoon Hato in Macau and the horrific mass shooting in Las Vegas.”
As reported by casino.org, the casino mogul concluded, “Through it all, our dedicated Team Members … rose to the occasion for our communities as part of Sands Cares’ response in the face of these terrible events. They are the reason we are again joining this prestigious list of global leaders.”
The rankings were based on a bunch of criteria, including innovation, use of corporate assets, social responsibility, people management, quality of management, financial soundness, quality of products/services, long-term investment value, and global competitiveness.
Fortune associated with a management consulting firm based in Los Angeles, Korn Ferry, to survey 3,770 executives, directors, and securities analysts to provide a score of 1 to 10 in each of the above-mentioned key attributes. To qualify, companies required revenue of $10 billion or more.
To be included in the list, a company has to score in the top half of its industry. Overall, 331 companies were considered the most admirable. With an average score of 8.19, Apple topped the list.
Sands’ total score was 6.32. MGM got 6.05, slightly above Wynn at 6.04.
The most predictable number is maybe Wynn’s low quality of management result. Since January 2018 when reports emerged concerning Steve Wynn’s alleged sexual misbehavior, the casino company has been staggering. Matt Maddox, his successor, was fined $500,000 by the Massachusetts Gaming Commission for “his clear failure to require an investigation about a specific spa employee complaint brought to his attention.”
All three of the desirable casino operators intend to bid for one of the three integrated resort licenses in Japan. Their odds of winning are helped by inclusion on the Fortune list.
Japan’s casino law requires that interested gaming companies have experience harmonizing into the areas in which they operate. Sands, MGM, and Wynn, which all conduct business in Las Vegas and Macau, have been good community stewards.
The casino operators regularly give back, and that was surely the case in 2017 after the October mass shooting on the Strip. The Las Vegas Victims’ Fund, created and mainly funded by Nevada’s casino companies, raised $31.4 million to help the victims.