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13:30 Tuesday 26 January 2021
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    Genting Malaysia to prop up New York casino interests in times of distress, says Fitch

    Genting Malaysia to prop up New York casino interests in times of distress, says Fitch

    Time to shine

    Okada Manila issues warning against false rumors that business, assets are for sale

    TCSJohnHuxley completes installation of Blaze LED Technology on Okada Manila gaming floor

    TCSJohnHuxley completes installation of Blaze LED Technology on Okada Manila gaming floor

    Sheraton Grand Macao to remain in use as quarantine venues continue until end of April

    Sands China’s Sheraton Grand Macao to stop accepting quarantine guests during Chinese New Year

    Macau GGR falls 70.5% year-on-year in November to MOP$6.75 billion, slightly down versus October

    Chinese New Year bookings cancelled as China’s COVID outbreaks see Macau visitation slow: analysts

    Moody’s withdraws credit rating on Crown Resorts Euro Medium Term Notes, program said to be halted

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          Memories of the man that was Sheldon Adelson

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            Creation theory

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              PAGCOR sees regulatory fees from POGOs halved as Philippines online gaming industry shrinks

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                AIGF leaders join SBC Digital India’s high-level speaker line-up

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                Founders of leading Indian gaming companies among speakers at upcoming SBC Digital India

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                Phil-Asian Gaming Expo says Manila’s SMX Convention Centre to be sole venue for PAGE 2021

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                  Sheraton Grand Macao to remain in use as quarantine venues continue until end of April

                  Sands China’s Sheraton Grand Macao to stop accepting quarantine guests during Chinese New Year

                  Macau GGR falls 70.5% year-on-year in November to MOP$6.75 billion, slightly down versus October

                  Chinese New Year bookings cancelled as China’s COVID outbreaks see Macau visitation slow: analysts

                  “Grand Lisboa Macau” name used in illegal online gambling operation in Vietnam

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                    Reports Yokohama to start RFP in late January

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                      Genting Malaysia to prop up New York casino interests in times of distress, says Fitch

                      Genting Malaysia to prop up New York casino interests in times of distress, says Fitch

                      Time to shine

                      Okada Manila issues warning against false rumors that business, assets are for sale

                      TCSJohnHuxley completes installation of Blaze LED Technology on Okada Manila gaming floor

                      TCSJohnHuxley completes installation of Blaze LED Technology on Okada Manila gaming floor

                      AIGF leaders join SBC Digital India’s high-level speaker line-up

                      AIGF leaders join SBC Digital India’s high-level speaker line-up

                      Sheraton Grand Macao to remain in use as quarantine venues continue until end of April

                      Sands China’s Sheraton Grand Macao to stop accepting quarantine guests during Chinese New Year

                      Macau GGR falls 70.5% year-on-year in November to MOP$6.75 billion, slightly down versus October

                      Chinese New Year bookings cancelled as China’s COVID outbreaks see Macau visitation slow: analysts

                      Trending Tags

                      • POWER 50
                        Power restored

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                        2020 Asian Gaming Power 50: Top of the World

                        2020 Asian Gaming Power 50: Top of the World

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                        2020 Asian Gaming Power 50: Meet the panel

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                        2020 Asian Gaming Power 50: Number 4 – Lawrence Ho

                        2020 Asian Gaming Power 50: Number 2 – Sheldon Adelson

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                        • NEWS
                          Genting Malaysia to prop up New York casino interests in times of distress, says Fitch

                          Genting Malaysia to prop up New York casino interests in times of distress, says Fitch

                          Time to shine

                          Okada Manila issues warning against false rumors that business, assets are for sale

                          TCSJohnHuxley completes installation of Blaze LED Technology on Okada Manila gaming floor

                          TCSJohnHuxley completes installation of Blaze LED Technology on Okada Manila gaming floor

                          Sheraton Grand Macao to remain in use as quarantine venues continue until end of April

                          Sands China’s Sheraton Grand Macao to stop accepting quarantine guests during Chinese New Year

                          Macau GGR falls 70.5% year-on-year in November to MOP$6.75 billion, slightly down versus October

                          Chinese New Year bookings cancelled as China’s COVID outbreaks see Macau visitation slow: analysts

                          Moody’s withdraws credit rating on Crown Resorts Euro Medium Term Notes, program said to be halted

                          Trending Tags

                          • FEATURES
                            2021: Japan IR – Crunch time

                            2021: Japan IR – Crunch time

                            In safe hands

                            In safe hands

                            A spirit of social responsibility

                            A spirit of social responsibility

                            Taxation tremors

                            Taxation tremors

                            10 years ago

                            10 years ago

                            Creating an RG culture beyond the boardroom

                            Trending Tags

                            • PEOPLE
                              Dave Smith: Smell of success

                              Dave Smith: Smell of success

                              Scientific Games insists liquidity position strong after adding US$480 million in debt, cutting costs

                              Scientific Games appoints Eileen Moore Johnson as Executive Vice President and Chief Human Resources Officer

                              Creation theory

                              Creation theory

                              Paltronics announces passing of Stephen Cowan, much-admired Managing Director

                              Paltronics announces passing of Stephen Cowan, much-admired Managing Director

                              Dark days

                              POST-COVID2: The most transformative business shock of our lifetimes

                              Dominic Laubach: Global explorer

                              Dominic Laubach: Global explorer

                              Trending Tags

                              • COLUMNISTS
                                Memories of the man that was Sheldon Adelson

                                Memories of the man that was Sheldon Adelson

                                Big money

                                A decade of differentiation

                                A decade of differentiation

                                How to set up for IR success

                                How to set up for IR success

                                Macau: Taking a sensible approach to responsible gaming

                                Macau: Taking a sensible approach to responsible gaming

                                Time to realign?

                                Time to realign?

                                Trending Tags

                                • TECH TALK
                                  Creation theory

                                  Sega Sammy Creation aiming for “maximum fortune” in 2021

                                  IGT launches new game for its strong performing Ying Cai Shen link

                                  IGT launches new game for its strong performing Ying Cai Shen link

                                  Jumbo given GLI certification for new Long Yi Fa jackpot link games

                                  Jumbo given GLI certification for new Long Yi Fa jackpot link games

                                  Aruze Gaming launches two new pachinko-inspired slot titles into Asia

                                  Aruze Gaming launches two new pachinko-inspired slot titles into Asia

                                  First-class showcase in the virtual space

                                  First-class showcase in the virtual space

                                  Badge of honor

                                  Badge of honor

                                  Trending Tags

                                  • iGAMING
                                    Live-games integration as an effective marketing tool for increasing bets

                                    TVBET to enter the Montenegro iGaming market

                                    Manila restrictions ease as Duterte implements General Community Quarantine for National Capital Region

                                    Philippine police arrest eight alleged members of POGO-linked “kidnap for ransom” gang

                                    PAGCOR reveals substantial POGO revenue rise in 2018 as enforcement role defended

                                    Philippines court order preventing new 5% franchise tax could halt POGO exodus

                                    MGM Resorts looking to raise US$750 million via senior notes offering

                                    MGM Resorts considering US$13 billion takeover offer for Ladbrokes owner Entain

                                    Evolution launches world’s first online live Craps game

                                    Evolution launches world’s first online live Craps game

                                    Duterte extends “modified” quarantine measures across Metro Manila to 31 May

                                    PAGCOR sees regulatory fees from POGOs halved as Philippines online gaming industry shrinks

                                    Trending Tags

                                    • EVENTS
                                      AIGF leaders join SBC Digital India’s high-level speaker line-up

                                      AIGF leaders join SBC Digital India’s high-level speaker line-up

                                      Winter wonderland

                                      Alex Pratt, Stuart Hunter take the reins as ICE organizer Clarion Gaming announces management changes

                                      Founders of leading Indian gaming companies among speakers at upcoming SBC Digital India

                                      Founders of leading Indian gaming companies among speakers at upcoming SBC Digital India

                                      Castle in the Sky

                                      Osaka IR & Inbound Business Seminar canceled due to COVID-19

                                      SBC launches new SBC Digital 2021 events program

                                      SBC launches new SBC Digital 2021 events program

                                      IAG named Lead Media Partner for Phil-Asian Gaming Expo (PAGE)

                                      Phil-Asian Gaming Expo says Manila’s SMX Convention Centre to be sole venue for PAGE 2021

                                      Trending Tags

                                      • MACAU
                                        Sheraton Grand Macao to remain in use as quarantine venues continue until end of April

                                        Sands China’s Sheraton Grand Macao to stop accepting quarantine guests during Chinese New Year

                                        Macau GGR falls 70.5% year-on-year in November to MOP$6.75 billion, slightly down versus October

                                        Chinese New Year bookings cancelled as China’s COVID outbreaks see Macau visitation slow: analysts

                                        “Grand Lisboa Macau” name used in illegal online gambling operation in Vietnam

                                        China’s digital yuan to benefit Macau casinos, boost mass and premium mass: Bernstein

                                        Zhuhai to accept Macau’s COVID-19 test results

                                        Macau on alert as Zhuhai records case of COVID-19 in self isolation

                                        All eyes on recovery as MGM China, UMAC hold seminar for MGM staff on mainland China consumption habits

                                        All eyes on recovery as MGM China, UMAC hold seminar for MGM staff on mainland China consumption habits

                                        Macau registers first COVID-19 case since June in returning flight passenger

                                        Macau registers first COVID-19 case since June in returning flight passenger

                                        Trending Tags

                                        • JAPAN
                                          Reports Yokohama to start RFP in late January

                                          Yokohama publishes IR public tender requirements as lengthy RFP begins

                                          Macau imposes quarantine restrictions on arrivals from Japan, German, France and Spain

                                          Foreign visitor arrivals to Japan down 97.7% year-on-year in December

                                          Amax shareholders approve company name change, mobile games apps sale

                                          Japan IR contender Oshidori issues positive profit warning on expected US$300 million profit in 2020

                                          Osaka Mayor Matsui calls for Tokyo Olympic Games to be postponed until 2024

                                          Osaka Mayor Matsui calls for Tokyo Olympic Games to be postponed until 2024

                                          Creation theory

                                          Sega Sammy Creation aiming for “maximum fortune” in 2021

                                          2021: Japan IR – Crunch time

                                          Osaka IR bid included in ordinance for unified Osaka city/prefecture council

                                          Trending Tags

                                          • REGIONAL
                                            • All
                                            • Africa
                                            • Australia
                                            • Cambodia
                                            • China
                                            • CNMI
                                            • Europe
                                            • Hong Kong
                                            • India
                                            • Japan
                                            • Laos
                                            • Latin America
                                            • Macau
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                                            • Nepal
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                                            • North America
                                            • North Korea
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                                            • Russia
                                            • Singapore
                                            • South Korea
                                            • Sri Lanka
                                            • Thailand
                                            • Vietnam
                                            Genting Malaysia to prop up New York casino interests in times of distress, says Fitch

                                            Genting Malaysia to prop up New York casino interests in times of distress, says Fitch

                                            Time to shine

                                            Okada Manila issues warning against false rumors that business, assets are for sale

                                            TCSJohnHuxley completes installation of Blaze LED Technology on Okada Manila gaming floor

                                            TCSJohnHuxley completes installation of Blaze LED Technology on Okada Manila gaming floor

                                            AIGF leaders join SBC Digital India’s high-level speaker line-up

                                            AIGF leaders join SBC Digital India’s high-level speaker line-up

                                            Sheraton Grand Macao to remain in use as quarantine venues continue until end of April

                                            Sands China’s Sheraton Grand Macao to stop accepting quarantine guests during Chinese New Year

                                            Macau GGR falls 70.5% year-on-year in November to MOP$6.75 billion, slightly down versus October

                                            Chinese New Year bookings cancelled as China’s COVID outbreaks see Macau visitation slow: analysts

                                            Trending Tags

                                            • POWER 50
                                              Power restored

                                              Power restored

                                              2020 Asian Gaming Power 50: Top of the World

                                              2020 Asian Gaming Power 50: Top of the World

                                              2020 Asian Gaming Power 50: Meet the panel

                                              2020 Asian Gaming Power 50: Meet the panel

                                              2020 Asian Gaming Power 50: Ones to watch

                                              2020 Asian Gaming Power 50 list

                                              2020 Asian Gaming Power 50: Number 4 – Lawrence Ho

                                              2020 Asian Gaming Power 50: Number 1 – Francis Lui

                                              2020 Asian Gaming Power 50: Number 4 – Lawrence Ho

                                              2020 Asian Gaming Power 50: Number 2 – Sheldon Adelson

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                                              2019 Asian Gaming Power 50: Number 9 – Matt Maddox

                                              Newsdesk by Newsdesk
                                              Thursday 7 November 2019 at 14:33
                                              2019 Asian Gaming Power 50: Number 29 – John Alexander
                                              22
                                              SHARES
                                              551
                                              VIEWS

                                              DIRECTOR AND CEO
                                              Wynn Resorts

                                              CEO AND EXECUTIVE DIRECTOR
                                              Wynn Macau

                                              POWER SCORE: 2,336
                                              POSITION LAST YEAR: 11

                                              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

                                              IF there is one positive Matt Maddox can take out of his first two years in charge of Wynn Resorts it’s that things can only get better from here.

                                              Since stepping into the breach after company founder Steve Wynn stepped down in February 2018 amid allegations of sexual harassment, Maddox has led the company through multiple lawsuits, a campaign by its largest shareholder against various members of the board, questions over its corporate culture and two separate regulatory investigations into the company’s suitability to hold state gaming licenses.

                                              But finally there is more than a little light at the end of the tunnel.

                                              At a corporate level, the Wynn Resorts board bears little resemblance to the one accused of turning the other cheek to the indiscretions of its founder, with former Harrah’s boss Phil Satre the new Chairman and four of its nine members now female.

                                              Discussing Wynn Resorts’ culture, Satre commented earlier this year that he had “never seen a company respond so quickly and decisively to adversity as this one,” adding he was “confident we have found our way and excited about the future.”

                                              Maddox also deserves credit for putting an end to long-running legal battles last year at a time when further negative publicity was the last thing the company needed. They included the decision by Wynn Resorts to drop all claims against Kazuo Okada stemming from his 2012 dismissal from the board, and a US$2.6 billion settlement agreement with Okada’s former companies, Aruze USA and Universal Entertainment, relating to the forced redemption of their shares.

                                              Not all settlements have gone so smoothly. In February 2019, the Nevada Gaming Commission hit Wynn Resorts with a record US$20 million fine for its initial failure to investigate the sexual harassment claims made against Steve Wynn by multiple employees – the largest fine ever imposed by the state of Nevada.

                                              Two months later, the Massachusetts Gaming Board issued a US$35 million fine, plus a US$500,000 fine for Maddox himself, in a hearing over the same matter. Crucially, though, in both instances Wynn Resorts was deemed fit to retain its gaming license, allowing the company to proceed with the June launch of its US$2.6 billion Encore Boston Harbor IR.

                                              Maddox wasn’t shy in offering his own thoughts on his achievements since taking over at Wynn during the Massachusetts hearings.

                                              “I believe that I’m the exact right person, at this point in time, to make Wynn Resorts a great company,” he said in his testimony. “I think you will hear that Matt Maddox is an extraordinary leader because of what he’s done. I would like to be judged based on when I took over and the actions that were done.”

                                              Certainly the company’s recent financials haven’t hurt Maddox’s cause. Despite the challenges faced, Wynn Resorts enjoyed a 5.1% increase in revenues from its Las Vegas operations to US$464.1 million in 2Q19 and a 1.0% increase in Macau to US$1.18 billion, both driven by improvements in the mass market segment.

                                              The company has also announced plans to expand its Macau flagship Wynn Palace, suggesting it is now well and truly time to put the past behind.

                                              For the full list of 2019 Asian Gaming Power 50 winners, click here.

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                                              Newsdesk

                                              Newsdesk

                                              The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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