11 Matt Maddox
CEO AND PRESIDENT
CEO AND EXECUTIVE DIRECTOR
POWER SCORE: 1,543
POSITION LAST YEAR: —
CLAIMS TO FAME
Has overseen a refreshing of the Wynn Resorts board following Steve Wynn’s departure
Long-time Wynn Resorts servant, having joined the company in 2002
Long-time Steve Wynn lieutenant Matt Maddox has seen his stock grow in the months since his former Chairman’s dramatic departure in February, but his ascent to the top of the Wynn Resorts tree has been anything but easy.
Assuming the role of company figurehead, he has spent much of 2018 not only fighting to restore Wynn Resorts’ battered reputation but also combatting a relentless campaign from majority shareholder Elaine Wynn against him and the other legacy board members.
The ex-wife of Steve Wynn didn’t succeed in removing Maddox, but did manage to force plenty of other changes: today’s 10-person Wynn Resorts board includes six new additions of whom four are women. Elaine Wynn even managed to appoint her Chairman of choice in former Harrah’s boss Phil Satre, who recently accepted some responsibility for Harrah’s – now known as Caesars – failing to pursue a Macau gaming license in the early 2000s.
The troubles of the past year may well be reflected in Wynn Resorts’ Las Vegas numbers, where 3Q18 revenue was down 14.1% year-on-year to US$398.9 million.
Fortunately there have been no such ill effects in Macau, with Asia’s casino capital once again saving the day via a 39.1% increase in revenue at Wynn Palace to US$730.6 million and a 3.1% increase at Wynn Macau to US$579.6 million.
Macau operations comprised 76.6% of all Wynn Resorts revenue for the quarter, so it is little wonder Maddox spent much of the company’s 3Q18 earnings call discussing future Macau expansion plans.
For the full list of 2018 Asian Gaming Power 50 winners, click here.