Wednesday, 24th April 2024

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Matt Maddox, who stepped down as president of Wynn Resorts Limited

U.S. casino operator Wynn Resorts Limited has announced that CEO Matt Maddox, pictured, will resign from late January and be replaced by current chairman and chief financial officer Craig Billings.

The Las Vegas-based company detailed in an official press release on Wednesday that Maddox was unanimously approved by its board of directors for appreciating the successful way it has led the company in the recent financial turmoil related to the coronavirus pandemic.

Nasdaq-listed Wynn Resorts Limited is responsible for the development of Wynn Las Vegas and Angkor Las Vegas facilities in Nevada and the Port of Angkor Boston in Massachusetts. The company also owns 72% of Win Macau Limited, which operates 1,000-room Win Macau and a larger Win Palace co-tie facility, and recently said its consolidated third-quarter net profit rose nearly 200% year-over-year to $994.6 million, with Las Vegas real estate pairs contributing 48% of the total, or about $476 million.

Philip Satre serves as chairman of Wynn Resorts Limited, and Maddox says he has agreed to ease his departure by remaining a member of Wynn Macau Limited’s board and board until the end from the company he joined nearly 20 years ago. He also declared that the former investment banker continued to do “incredible work” in his current position when the casino operator was embroiled in a sexual harassment scandal involving former chairman and CEO Steve Wynn .

“Our culture and operations are stronger than ever. Matt led the successful permitting and opening of Angkor Boston Harbor. The port of Angkor Boston is currently a major source of economic growth in the Boston region, with the high performance of our portfolio. In addition to setting new records for assets in North America, our position in Macau as a premium operator is unmatched.”

On Billings & Wynn Resorts Limited, former Goldman Sachs executives joined Chief Financial Officer in March 2017 and recently became CEO of Wynn Interactive Limited eye gaming-related interests. He said he gained additional experience through spells at NYX Gaming Group Limited and International Game Technology before being appointed Chief Digital Officer and Managing Director of Strategy and Business Development at Australian game console giant aristocratic Leisure Limited.

“Having worked closely with Matt and the board, I appreciate the confidence they have given me and look forward to building on the legacy of excellence we have built.”

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