Wynn Resorts Chairman Phil Satre has revealed departing CEO Matt Maddox will seek opportunities outside of the gaming industry following his decision to step down in early 2022.
Satre issued a public statement early Tuesday (Asia time) in which he set out to end speculation over Maddox’s surprise decision to depart the company some four years after taking on the top job.
Insisting the Board of Directors had pushed for Maddox to stay on, Satre said, “As often happens with talented people, they have their own plans. Matt has been with the company for 20 years and is 46 years old; any future contract extension would have bound him to the company until he was in his 50s.
“Matt wants to explore opportunities outside of gaming and now is the right time for him to do that from a career standpoint. I commend him for it, even as I regret it.”
Maddox announced his decision to step down earlier this month, with current Wynn Interactive CEO Craig Billings to return to Wynn Resorts as CEO on 1 February 2022. The 46-year-old had assumed the top job in February 2018 following the departure of founder Steve Wynn amid allegations of sexual misconduct.
Satre said much of the company’s achievements since have been down to Maddox’s leadership, insisting Wynn’s stock had outperformed its competitors – named as fellow Macau operators Las Vegas Sands and Melco Resorts & Entertainment – on the Nasdaq.
“Matt led our company through two of the most fundamentally challenging events any executive could possibly expect: the abrupt departure of a founder and a pandemic,” Satre said.
“Most companies would hope to emerge merely intact, at best, on the other side of those events. Remarkably, Matt’s stewardship resulted in a Wynn Resorts stronger and more stable than it has ever been.”