The Wynn Resorts Board of Directors has announced it unanimously agreed to extend Matt Maddox’s contract as Chief Executive Officer until 2022.
Maddox became the company’s CEO in early 2018, following the resignation of the group’s founder, Steve Wynn, after a series of sexual misconduct allegations.
Steve Wynn also resigned from his positions as CEO and Chairman Wynn Macau, Limited, with Maddox and Allan Zeman taking over the positions, respectively.
‘Matt Maddox successfully navigated the Company through its most difficult and challenging circumstances. He has rebuilt a solid strategic plan and capital foundation which now positions Wynn Resorts to enjoy what the Board of Directors and I believe will be a period of remarkable growth and success,’ Wynn Resorts Chairman of the Board, Philip G. Satre, said in a group statement.
‘This year alone, Matt and his team successfully opened Encore Boston Harbor, reinvigorated Wynn Macau with a full renovation, completed the expansion of the Wynn Las Vegas convention center and solidified our creative expansion plans for Wynn Palace in Macau which provides us with an enviable pipeline for growth and innovation’.
Gaming revenues generated by Wynn Macau, Limited have dropped 19.7 per cent year-on-year to US$906.4 million (MOP7.3 billion) in the third quarter of this year, as net profit decreased 53.5 per cent to US$103.7 million, according to the group’s most recent financial report.
nevertheless, Maddox stated at the time that the gaming group is ‘on track’ to launch the renovated West Casino at Wynn Macau in late 2019, with the group’s Crystal Pavilion project at Wynn Palace, in the preliminary planning and design stages, with initial phase constructions to start in lat 2021.