Wynn Resorts CEO Maddox leaving

Wynn Resorts CEO Matt Maddox is leaving the company to be replaced by CFO and Wynn Interactive CEO Craig Billings.

Maddox will stay on the boards of Wynn Macau and Wynn Interactive through to the end of next year. Maddox said he had made a four-year commitment as CEO when he replaced founder Steve Wynn, who resigned on allegations of sexual misconduct.

At the time, he committed to leaving the company a better place. He has achieved that goal and his fourth anniversary as CEO is in January so it is time to move on to new pursuits, Maddox said.

That announcement coincided with Wynn’s third quarter earnings, in which the company generated record property EBITDA at Wynn Las Vegas and Encore Boston Harbor.
The best days are ahead for Wynn in North America with recent investments in food and beverage, the convention centre in Las Vegas and a revamped loyalty programme, Maddox said.

He noted his confidence in the recovery of Macau, which should benefit from the return of consumer demand through next year.

Source: Fantini’s Gaming Report