Matt Maddox to Explore Non-Gaming Ventures Post-Wynn Resorts Leadership
Wynn Resorts CEO Matt Maddox, 46, shocked the gaming industry earlier this month when he proclaimed he would start the gambling casino troupe at the cease of Jan 2022.
Wynn Resorts Chairman Phil Satre this week discussed Maddox’s determination inwards a varsity letter to employees and shareholders.
Matt led our Company through and through deuce of the to the highest degree fundamentally intriguing events any executive director could perchance expect: the disconnected departure of a beginner and a pandemic,” Satre explained of Steve Wynn’s swift outlet inward betimes 2018 amid sexual misconduct allegations and the on-going COVID-19 wellness crisis.
“Most companies would hope to emerge only intact, at best, on the other side of those events,” Satre continued. “Remarkably, Matt’s stewardship resulted in a Wynn Resorts stronger and more horse barn than it has of all time been.”
Craig Billings, Wynn’s stream chairman and CFO since May 2019, is set to succeed Maddox as CEO good Feb 1, 2022.
Wynn Whirlwind
Matt Maddox has been with Wynn Resorts for more than 20 years. He was long thought to live Steve Wynn’s protégé, upward until the billionaire’s report was forever tarnished.
Despite beingness dubbed Steve Wynn’s right-hand man, Wynn Resorts promoted Maddox to CEO after the company’s founder resigned inward Feb of 2018. There were plentifulness of concerns.
In Massachusetts, the tell allowed Wynn Resorts to maintain its gaming permit for its $2.6 1000000000 Encore Beantown Harbor casino, which opened in June of 2019. Old Colony fined Wynn Resorts $35.5 meg for its alleged shortcomings inward responding to Steve Wynn’s wrongful conduct, and also lambasted Maddox for his “questionable assessment and other considerable shortcomings.”
Maddox was forced to undergo executive grooming and leaders programs in Massachusetts, too. In his letter, Satre says Maddox was undiscouraged past the assessments.
Satre says Maddox was capable to successfully overhaul the corporation’s image, as fountainhead as its intragroup controls regarding the reporting of alleged misconduct.
“Our employees survey him as their proponent (no small exploit for a CEO),” Satre continued. “Our communities and elected officials appreciate his unity and honesty, and our regulators apprise the difficult work he has accomplished.”
New Pursuits
Wynn Resorts presumptively doesn’t want to vex well-nigh Matt Maddox’s non-compete clause should the company impose one. Satre says the CEO is readying to enter into a new sector. The gaming industry old stager added that the Wynn get on tried to convince Maddox to continue at the Wynn helm.
Matt wants to explore opportunities alfresco of gaming and at present is the right wing time for him to fare that from a career standpoint,” Satre explained. “I recommend him for it, even as i regret it.”
Speculation has swirled regarding Maddox’s next steps since his leaving announcement. Some inwards the Las Vegas Valley admiration if the CEO is mulling an entry into politics.
Maddox is a popular figure inward the body politic for his company’s response to the pandemic. Wynn Resorts played an entire role in the state combating the pandemic. Its Las Vegas Strip properties were used as mass testing and vaccination clinics in 2020.
Nevada Gov. Steve Sisolak (D) is upwardly for reelection next fall. Maddox has donated to both Republicans and Democrats inward the past. The PredictIt betting marketplace for Nevada’s 2022 gubernatorial run has whoever emerges as the Republican candidate favored, GOP shares currently trading at 53 cents.