Wynn Resorts’ CEO Matt Maddox will be the company’s CEO until 2022. In an announcement, Wynn Resorts has confirmed that the gambling and hospitality giant has extended its CEO’s contract through 2022. The decision to extend the contract was a unanimous decision of the company’s board of directors.
Commenting on the extension of Matt Maddox’s contract, Philip G. Satre, Wynn Resorts Chairman, said: “Matt Maddox successfully navigated the company through its most difficult and challenging circumstances.
“He has rebuilt a solid strategic plan and capital foundation, which now positions Wynn Resorts to enjoy what the board of directors and I believe will be a period of remarkable growth and success.”
CEO Matt Maddox commented: “No one person is singularly responsible for the success of any enterprise.
“I deeply appreciate the support the board has demonstrated both for me personally and the Wynn team collectively. I feel strongly that the future of Wynn Resorts has never been so bright.”
Maddox took charge when Wynn Resorts was embroiled in a series of controversies following allegations of sexual misconduct against its former CEO Steve Wynn.
He joined the company in 2018 when Steve Wynn had to resign after a Wall Street Journal report alleged that Wynn had been facing allegations of sexual misconduct and did not report it to the authorities. The casino operator was also alleged to have been complicit in downplaying the allegations against its former CEO.
After Maddox took charge, the Massachusetts Gaming Commission – Wynn Resorts opened its new Encore Boston Harbor casino in June – also imposed a fine on him as following investigations it found Maddox to be concealing the allegations against its former CEO.
Wynn Resorts had to bear the brunt of the gambling regulators in both Nevada and Massachusetts and it had to pay a hefty amount in fines. However, the gambling operator was allowed to retain its gaming license in both jurisdictions.