Phil Satre, chairman of the board of Wynn Resorts Ltd., spoke out last week about the imminent departure of CEO Matt Maddox. Satre cleared away some confusion about the surprise announcement, saying Maddox will leave of his own volition, despite board members’ requests that he stay on. Some sources insisted, however, that Maddox was forced out for a variety of reasons.
In a statement, Satre said Maddox “led our company through two of the most fundamentally challenging events any executive could possibly expect: the abrupt departure of a founder and a pandemic.” Steve Wynn was forced out in February 2018 following a sexual harassment scandal that rocked the company.
“Most companies would hope to emerge merely intact, at best, on the other side of those events,” Satre continued. “Remarkably, Matt’s stewardship resulted in a Wynn Resorts stronger and more stable than it has ever been.”
He added that the 46-year-old Maddox wants “to explore opportunities outside of gaming and now is the right time for him to do that from a career standpoint. I commend him for it, even as I regret it.”
According to the Las Vegas Review-Journal, Maddox “yearned for a new challenge” after nearly 20 years with the company, four of them as CEO after he succeeded Wynn. He announced November 10 that he will depart January 31, to be replaced by President and Chief Financial Officer Craig Billings.
Maddox will remain on the board of Wynn Macau Ltd. until the end of 2022, he said, to “assist with the concession renewal and help solidify our place as the premium operator in the region.”
