Gaming law consultation process “transparent” and “productive” – Wynn CEO

The gaming law consultation process carried out by Macau SAR authorities has been “transparent” and “productive”, Wynn Resorts CEO, Matt Maddox, said in the group’s third-quarter financial report conference call.

The public consultation for the gaming law revision ran from September 15 until October 29, with one session held for members of the industry.

Wynn’s concession – as all other concessionaires and sub-concessionaires – are set to expire in June, 2022 with no indications provided by authorities so far on if the concessions could still be extended.

“We’ve had, as everyone in the market has had fits and starts there as to the business. But what has been very encouraging over the last month has been the consultation process with the government. It’s been open. It’s been transparent. It’s been productive. And we feel very good about the future of Macau and our position in Macau,” Maddox said in the call.

Descriving the consultation process as “constructive”, Maddox expressed that Macau authorities are focusing “on the long-term health and stability” of the industry and the region.

“So I can’t give any specific dates or timeline, but what I can tell you is we’re very confident in the process,” he added.

It was also revealed today that Maddox will be leaving the group in 2022 and be replaced by Craig Billings, currently the group’s president and chief financial officer.

“I have been here for 20 years. I was Steve Wynn’s right-hand guy for a long time. […] Exactly what I wanted to achieve, we’ve done, and I feel like the management team that’s in place, the people that are in place, and where this Company is, that it’s the right time for me to go do something else, which I’m quite excited about and Craig is the exact right person to step in,” Maddox added in the call.