Matt Madox, CEO of Wynn Resorts, announced today that he will leave the company on January 31, 2022. At the unanimous request of the Board of Directors, Madox agreed to remain with Wynn Macao Limited and Wynn Interactive Limited Boards until the end of 2022. Craig Billings, CEO of Wynn Interactive, President and CFO of Wynn Resorts, was unanimously selected as CEO and member of the board of directors of Wynn Resorts from February 1, 2022.
Philip G. Satre, chairman of the board of directors at Wynn Resorts, said, "Matt has done an amazing job as CEO since he was appointed four years ago. He led the company very successfully through what could have been one of the most devastating business transitions in decades. He ensured rapid refreshment and renewal of the board and senior management, increasing diversity and Wynn was recognized as one of the most diverse boards in the United States.
"Matt's strategy to combat the pandemic and its economic impact on the company has proven to be the right one. Decisions will be made that focus on the well-being of employees, guests and communities, and businesses and shareholders will invariably be rewarded. He was a leader in Nevada's recovery of the hospitality industry, and his leadership in this field was recognized nationally.
"Our culture and operations are stronger than ever. Matt led the successful permitting and opening of the port of Angkor Boston, which is now a high-performance part of the Wynn portfolio and a major source of economic growth in the greater Boston area. In addition to setting a new record for assets in North America, our position in Macau as a premium operator is unmatched.
Mr Satre continued: "The entire board appreciates Matt's dedication and leadership and appreciates everything he has done. Craig Billings has a talented management team and we are very lucky to take on the role of CEO in February 2022. The board and I have worked with Craig as CFO and president for five years. He has our confidence and trust as he begins his new role."
Mr Maddox has been at Wynn Resorts for 20 years and has been a member of the board since February 2018, as well as CEO. He led Wynn Resorts in the most difficult period following the resignation of its founder in 2018 and the pandemic in 2020. During Mr. Maddox's tenure as CEO, he successfully rebuilt the company's culture, rebuilding Wynn Resorts as one of the world's top luxury brands. Wynn Resorts was recently recognized as the world's highest-ranking luxury hotel brand by the Forbes Travel Guide. The Las Vegas resort is certified as the "best place to work."
Mr Maddox said: "It was not an easy decision. I'm leaving a company full of people I love and respect. But I believe this is the right time for me and for the business.
"The last four years have been hard but very rewarding, and I'm incredibly proud that we've achieved so much. We quickly settled a lawsuit that distracted the company for seven years. We have rebuilt and strengthened our powerful culture to reorganize our company's leadership team, focus on our 28,000 employees, and focus on the common purpose of creating and delivering the best customer experience.
"We have led the industry in response to the pandemic, and as a result many other industries expected advice, guidance and leadership. I knew our biggest asset was our people, so we paid them throughout the shutdown, and our culture was stronger than ever. That investment is now paying off as the ports of Win Las Vegas and Angkor Boston have been generating more revenue and market share while maintaining five-star service levels since opening their resorts. We also look forward to serving on the Win Macau Board throughout 2022, helping to renew our concessions and cementing our position as a premium operator in the region.
"I am grateful to the Board for their faith in me and for the support and insight they have provided me as CEO. I'm very happy with the board's decision and I know I'm going to leave Wynn Resorts in big hands, not just Craig, but the entire management team," Mr Maddox said.
Mr. Billings joined Wynn Resorts as chief financial officer (CFO) in March 2017, serving as president of the company and most recently as CEO of Wynn Interactive. Mr. Billings has been a director of Win Macao Limited since August 2018. Mr. Billings has a history of leadership and innovation in the game industry at home and abroad. He has held executive and board positions at Goldman Sachs, Bolistat Leisure Limited, NYX Gaming Group, and International Game Technology.
Prior to joining Wynn Resorts, Mr. Billings built a global perspective as a senior executive in Australia and the United Kingdom, served as Chief Digital Officer and Managing Director of Strategy and Business Development of Artistic Leisure, and is also a major independent director of Applovin Corporation (NASDAQ: APP) and chairman of the Audit Committee.