Wynn Resorts last week announced the appointment of Craig S. Billings to the executive team as chief financial officer. Billings is a veteran of both the gaming and banking industries, and brings extensive experience in business innovation to the company.
Billings has been a key executive in the gaming industry, specializing in digital innovation, mergers and acquisitions and capital structure management. He has held leadership positions at Aristocrat Leisure Limited, including chief digital officer and managing director of strategy and business development, and at International Game Technology.
Billings was also an executive in the investment banking division of Goldman Sachs, where he served numerous clients in the gaming industry, and he began his career in the audit practice of Deloitte & Touche. He received a bachelors degree from the University of Nevada Las Vegas and a masters of business administration from Columbia Business School. Billings is a certified public accountant and he is a director of NYX Gaming Group.
The appointment of Billings is effective March 1, 2017. He will replace Stephen Cootey, who will be departing the company to pursue other interests. Cootey held various Wynn financial positions since 2014 and joined Wynn Resorts after financial positions at Las Vegas Sands.
Not everyone was so sanguine about Billings’ appointment. Some analysts worried that his lack of operational experience would be an issue.
Deutsche Bank Securities Inc. analysts Carlo Santarelli and Danny Valoy said this was just another questionable departure from the company.
“Recall, on September 30, 2016 Wynn announced that Gamal Aziz resigned from his position as president of Wynn Macau Ltd, making this the second high level departure in five months. We believe this announcement could be somewhat disconcerting for investors.”
Christopher Jones of Buckingham Research was also concerned.
“We would characterize the move as not entirely surprising, though disappointing, being as surprise transitions in the CFO role are typically viewed by investors with skepticism,” he wrote in a note to investors.
But Jones says Billings has a solid reputation, despite his lack of operational experience.
“Craig has been a fixture in the gaming industry for some time, with his most visible role in the United States being IGT, prior to its sale to GTECH. More recently, Craig worked with Aristocrat. As a result, Craig is no stranger to the broader gaming industry, though less so to the integrated resort model.
“It’s important to remember that Wynn Resorts’ president Matt Maddox is also a former CFO of Wynn Resorts, well positioned to provide support as Craig gets up to speed in his new role.”
