Matt Maddox has announced that he will step down from his role as the Wynn CEO to pave the way for Craig Billings. Matt took over the previous CEO, who resigned following several sexual misconduct claims.
Craig will commence his new role in February 2022. He will be the company’s president, CFO, CEO and take Maddox’s current seat on the Wynn Interactive Board of Directors. During the company’s third-quarter call with investment analysts yesterday afternoon, Maddox noted that Wynn was at the right place and with the right people. Thus, he felt it was time for him to leave and go and do something else.
Before the third-quarter call, Wynn said that Matt would stay with the company until the Interactive and Macau division. In 2019, the company’s board voted to extend Matt’s contract through 2022.
Maddox has been working for Wynn Interactive for 20 years. He was the next prominent person after Steve Wynn and became chief executive in February 2018 after the founder stepped down.
Speaking about his new role, Maddox said his goal was to see the company maintain what it was built on, including being the best and service-driven. Maddox noted that he achieved his goal.
Philip Satre Recognized Maddox’s Efforts
The chairman of the company, Philip Satre, recognized Maddox’s efforts in the last four years. Maddox was responsible for rebuilding the company’s reputation, reshaping the Board of Directors and management to include diversity, launching a casino in Boston, and guiding the company through the challenging period caused by the COVID-19 pandemic.
Maddox recounts the pandemic as one of his proudest moments in the company for how he responded. First, the company continued to pay its workers through May 2020. Maddox said that he knew the investment would pay off for Wynn.
Satre noted that the company’s operations and culture had never been more robust. He recognized that Matt had successfully led the company to gain the Encore Boston Harbor operating license. Satre also noted Wynn’s position in Macau, describing it as unrivaled.
Two months before Encore Boston Harbor was licensed, Massachusetts Gaming Commission fined Wynn Resorts for failing to reveal sexual misconduct as required when applying for a license. The company was fined $35 million, while Maddox was fined $500k. Although the company could challenge Maddox’s fine, he chose not to close the issue quickly.
The Company Moves from One Right Hand Man to Another
Previously, Maddox was Steve’s, right-hand man. Today, Billings has been Maddox’s, right-hand man. This makes him the right successor as he knows everything about the company, including its past, present, and future.
Speaking of Billings’ qualities, Maddox said he was not someone to build a big company infrastructure. But, he made decisions quickly and related to the brand. Matt noted that the company would be in better hands in Billings moving forward.
Wynn Interactive had two consecutive big days. On Monday, the company was approved as one of the nine sports betting operators in New York.
Craig was happy to take up the new role. He has worked closely with the Board and Matt and appreciates them for believing he could lead the company moving forward. Previously, Billings was an executive for Aristocrat Leisure, Goldman Sachs, NYX Gaming Group, and IGT.
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