The Chairman of Wynn Resorts, Phil Satre, says the company is now well on the way to transforming its culture and internal governance following the fallout from founder Steve Wynn’s dramatic 2018 downfall.
Addressing shareholders in a written statement ahead of the upcoming annual meeting in May, Satre – the former Harrah’s boss who moved into the Chairman’s role at Wynn Resorts last November – expressed his confidence that the company had now “found our way” and was in the process of changing from a “founder-led” organization to a truly global enterprise led by a “refreshed, capable, independent and accountable Board of Directors.”
“In my 40-year career both in and out of gaming, I have never seen a company respond so quickly and decisively to adversity as this one,” he said. “Despite the challenges we faced on numerous fronts, last year was a successful year for Wynn Resorts financially and, more importantly, culturally. I am confident we have found our way and excited about the future of Wynn Resorts.”
Satre’s comments come after Wynn Resorts’ former Chairman and CEO Steve Wynn stepped down in February 2018, subsequently selling his entire 12.1% stake amid multiple allegations of sexual misconduct directed at female staff.
His departure sparked widespread changes to the Wynn Resorts board with six new directors appointed over the past 12 months.
Pointing to various “cultural and governance” concerns following the Steve Wynn saga – which saw the company slapped with a record US$20 million fine in February this year – Satre also spoke of mending relationships with regulators as one of his primary goals.
“A critical step in achieving stability was to rebuild our relationship with regulators, beginning with fully supporting their investigations of the company,” he said.
“I believe that complete transparency and cooperation are essential to creating a relationship of trust with regulators. We are now on the road to rebuilding that trust.”