Inside Asian Gaming

IAG NOV 2020年11月亞博匯 66 2020 POWER 50 MATT MADDOX DIRECTOR AND CEO Wynn Resorts CEO AND EXECUTIVE DIRECTOR Wynn Macau 董事兼行政總裁 永利渡假村 行政總裁兼執行董事 永利澳門 CLAIMS TO FAME 名成事跡 8 POWER SCORE 權能指數: 1,749 POSITION LAST YEAR 去年排名: 9 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 • • • • 自史提芬・永利離開永利渡假村後負責監督董事會重整 於2002年加入永利渡假村，是公司的資深員工 馬德承 WITH THE FALLOUT FROM THE STEVE WYNN sexual harassment saga now, for the most part, a distant memory, CEO Matt Maddox has finally been able to focus his energies on driving Wynn Resorts to a bright and far less troublesome future. Or at least, that was the plan before COVID-19 brought the industry to a halt. On 17 March, Wynn became one of the first major US operators to shut down its Las Vegas Strip properties as the virus took hold – initially for two weeks but ultimately for almost three months before reopening with limited operations in early June. To its credit, the company refrained from furloughing staff during those first few months, keeping around 15,000 employees on full pay through much of May at a cost of around US$250 million. That’s the sort of PR success Wynn has been craving in recent times. Nevertheless, COVID-19 has hit the company hard both domestically and abroad. Group-wide revenues in the second quarter of 2020 fell 94.8% year-on-year to just US$85.7 million with a loss of US$637.6 million. Incredibly, low volume and bad luck saw the company’s Macau casinos – Wynn Macau and Wynn Palace – combine for a loss of US$15 million on actual casino play, an unheard of occurrence over a three month period. In response, Wynn Resorts moved quickly to shore up liquidity with a US$600 million notes offering in May, followed by two offerings by Wynn Macau Ltd in June and August totaling around US$1.6 billion combined. It was also revealed in August that the company had shut down its Yokohama office, drastically winding back its pursuit of an integrated resort license in Japan. Maddox told analysts during the company’s 2Q20