Matt Maddox, who was installed as CEO of Wynn Resorts in February 2018 following the resignation of company founder Steve Wynn amid allegations of sexual misconduct, announced that he will be leaving the company effective January 31, 2022. According to the operator, Maddox has agreed to remain on the Wynn Macau Limited and Wynn Interactive Limited boards through the end of 2022 following unanimous request by the board.
The board unanimously selected Craig Billings, Wynn Resorts president and CFO and CEO of Wynn Interactive, to replace Maddox as company CEO effective February 1.
Maddox has spent the past two years guiding Wynn Resorts through the Covid-19 pandemic. He made the decision to pay all employees through last year’s shutdown of operations. He has been with Wynn Resorts for two decades. He led Wynn Resorts through its most difficult period, following the resignation of the company’ founder, followed by the pandemic.
During Maddox’s tenure as CEO, he successfully rebuilt the company’s culture and reestablished Wynn Resorts as one of the world’s leading luxury brands. Wynn Resorts was recently recognized by Forbes Travel Guide as being the highest ranked luxury hotel brand in the world. The Las Vegas resort won the “Best Place to Work” accreditation.
“This has not been an easy decision,” Maddox said in a press release. “I am leaving a company that I love and that’s full of people I admire. But I believe now is the right time for me and for the business.
“The last four years have been challenging but extremely rewarding, and I am incredibly proud that we accomplished so much. We quickly resolved litigation that had distracted the company for seven years. We reorganized the company’s leadership team and focused on our 28,000 employees, rebuilding and strengthening our powerful culture to focus on a common purpose: create and deliver the best guest experiences.
“We led the industry with our response to the pandemic; many other industries looked to us for advice, guidance and leadership as a result. I knew our biggest asset is our people, which is why we paid them throughout the shutdown and why our culture has never been stronger. That investment is now paying off as Wynn Las Vegas and Encore Boston Harbor are generating more profit and market share since we opened our resorts, all while maintaining five-star service levels. I also look forward to serving on the Wynn Macau board throughout 2022 to assist with the concession renewal and help solidify our place as the premium operator in the region.
“I am grateful to the board for their faith in me and the support and insight they have offered me as CEO. I am very pleased with the board’s decision and know I am leaving Wynn Resorts in great hands with Craig, as well as the entire management team.”
Philip G. Satre, chairman of the board for Wynn Resorts, said, “Matt has done an incredible job as CEO since his appointment four years ago. He very successfully led the company through what could have been one of the most disruptive business transitions in decades. He ensured a swift refreshment and remaking of the Board of Directors and senior management, resulting in increased diversity and Wynn being recognized as having one of the most diverse boards of directors in the country.
“Matt’s strategy to confront the pandemic and its economic impact on the company proved to be the correct one: make decisions focused on the welfare of employees, guests and communities, and invariably the business and its shareholders will reap the rewards. He was a leader in the recovery of the Nevada hospitality industry, and his leadership in this area was recognized nationally as well.
“Our culture and operations have never been stronger. Matt led the successful licensure and opening of Encore Boston Harbor, which is now a high-performing part of the Wynn portfolio and a major source of economic growth for the greater Boston area. In addition to our assets in North America setting new records, our position in Macau as a premium operator is unrivaled.
“The entire board of directors is grateful for Matt’s dedication and leadership of the company and thanks him for all that he has done. We are very fortunate to have a talented executive in Craig Billings who will assume the role of CEO and join the board in February 2022. The board and I have worked with Craig for five years, as CFO and president of the company. He has our confidence and trust as he begins his new role.”
Billings joined Wynn Resorts as CFO in March 2017. He has been a board member of Wynn Macau Limited since August 2018. Billings has a history of leadership and innovation in the gaming industry, both domestically and internationally. He has held executive and board positions at Goldman Sachs, where he covered the industry globally, Aristocrat Leisure Limited, NYX Gaming Group, and International Game Technology.
Prior to joining Wynn Resorts, Billings honed a global perspective with senior executive positions in both Australia and the United Kingdom during his time as chief digital officer and managing director of strategy and business development at Aristocrat Leisure Limited. He is also the lead independent director and Audit Committee chair for Applovin Corp.
Billings commented, “Having worked so closely with Matt and the board, I appreciate the confidence they have placed in me and look forward to building upon the legacy of excellence we’ve established.”
Also last week, Wynn Interactive pulled the plug on a deal to spin off into a separate public company via a SPAC, Austerlitz Acquisition Corporation. Speaking in his capacity as president of Wynn Interactive, Billings said, “As we discussed on the Wynn Resorts, limited third quarter earnings conference call earlier this week, in light of elevated marketing and promotional spend in the sports betting industry, we are pivoting our user acquisition efforts to a more targeted ROI-focused strategy. In so doing, we expect the capital intensity of the business to decline meaningfully beginning in the first quarter of 2022. WynnBET’s best days lie ahead of us.”
