Wynn CEO Matt Maddox steps down
The chief executive officer of Wynn Resorts is stepping down from January 31.
Asia Gaming Brief reports that outgoing Wynn CEO Matt Maddox will be replaced by Wynn Interactive CEO Craig Billings.
Maddox had been at the helm of the company since founder Steve Wynn stepped down in 2018.
He has been with the company for two decades, leading it through its most difficult times, including the 2020 global pandemic.
“Matt has done an incredible job as CEO since his appointment four years ago,” chairman of the Board for Wynn Resorts Philip G. Sartre said.
“He very successfully led the company through what could have been one of the most disruptive business transitions in decades.
“He ensured a swift refreshment and remaking of the Board of Directors and senior management, resulting in increased diversity and Wynn being recognised as having one of the most diverse Boards of Directors in the country.”
Maddox outlines major achievements during Wynn CEO tenure
Maddox said his decision to step aside was not an easy one and that he was leaving a company he loves and that’s full of people he admires.
“The last four years have been challenging but extremely rewarding and I am incredibly proud that we accomplished so much,” Maddox said.
“We quickly resolved litigation that had distracted the company for seven years. We reorganised the company’s leadership team and focused on our 28,000 employees, rebuilding and strengthening our powerful culture to focus on a common purpose: create and deliver the best guest experiences.”
The news of Maddox’s move comes as the company filed its third quarter results.
They revealed that operating revenues stood at $994.6 million for the third quarter, up 168.4 per cent year-on-year.
Net loss attributable to Wynn Resorts was $166.2 million, narrowed from a net loss of $758.1 million in 2020.
The company said its adjusted earnings at its integrated resort properties in Macau, Las Vegas and Boston all saw increases compared to 2020.
Wynn bullish about its Macau future
During the third quarter earnings call, Maddox mentioned that Wynn was feeling “very good” about its future in Macau and its concession retender process that remains ongoing.
Operators of Wynn Macau and Wynn Palace, as one of six gaming operations in Macau, Wynn’s licence will be up for retendering by mid-2022, to coincide with Macau publishing its amended gaming law.
Many industry analysts don’t believe there will be a shakeup in gaming licences, but there have previously been some worries that US casino operators in Macau face the risk of having their licence chopped given the tensions between the US and China.
“What has been very encouraging over the last month has been the consultation process with the government,” Maddox said.
“It has been open, transparent, productive and we feel very good about the future of Macau and our position in Macau.”
During the third quarter, the company was able to increase its operating revenues at both Macau properties.
At Wynn Palace, operating revenues reached $181.3 million, increasing $165.6 million from the third quarter.
Adjusted property earnings from Wynn Palace were $12.1 million, compared with a loss of $77.6 million.
At Wynn Macau, operating revenues reached $130.7 million, increasing $79.3 million from $51.4 million last year.
“While there have been some fits and starts along the road to recovery in Macau, we are confident that Macau will benefit from the return of consumer demand as we progress through 2022,” Maddox said.
