Taking his place will be Craig Billings, CEO of Wynn Interactive
Today Wynn Resorts CEO Matt Maddox announced that he will be ending his tenure as of January 31, 2022.
Several minutes before the company’s third quarter earning’s call, Wynn Resorts sent out a press release announcing his departure.
Taking his place will be Craig Billings, CEO of Wynn Interactive. In March 2017, he became the Chief Financial Officer of Wynn Resorts. Billings has also served as president and CFO of Wynn Resorts. He will replace Maddox starting February 1.
Philip G. Satre, Chairman of the Board for Wynn Resorts said in a statement, “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.”
Satre added, “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.”
Wynn received industry-wide praise after making their COVID response plan public, and Maddox led the company through unprecedented circumstances with a plan prioritizing health and safety. Addressing their family of employees and the community, he also penned an essay published in “The Nevada Independent,” which listed their steps for re-opening.
Although Maddox plans to leave his position, he will remain on the Wynn Macau Limited and Wynn Interactive Limited Boards through the end of 2022, following an unanimous request by the Board of Directors. For two decades, he has been part of the Wynn Resorts team and served as the CEO since February 2018.
He joined the company when it was founded by Steve Wynn in 2002 and was one of their first employees. Wynn stepped down from his position in early 2018. He was accused of multiple allegations of sexual misconduct. Then, the Board of Directors appointed Maddox as CEO.
In a statement, Maddox commented, “This has not been an easy decision. 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.”
Although he is taking a new direction, he said that he looks forward to serving on the Wynn Macau Board through 2022 to assist with concession renewal and help support their position as the “premium operator in the region.”
He expressed gratitude for his time spent with the company saying in a press release, “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.”
This story is still developing. Return to Off the Strip for more details.