The board of directors at Las Vegas headquartered casino developer and operator Wynn Resorts has extended the contract of chief executive officer Matt Maddox.
Praising Maddox for leading the firm “through its most difficult and challenging circumstances,” it follows sexual misconduct allegations that surrounded casino magnate Steve Wynn who in February 2018 resigned as chairman of the company.
Earlier this year the Nevada Gaming Control Board fined the firm a record $20m, almost four times higher than the $5.5m levelled against Cantor Gaming, now CG Technology, in 2014, relating to a failure to investigate allegations levelled against its former founder, chairman and CEO.
Retaining its gambling licence, it came a short time before the Massachusetts Gaming Commission closed a year-long investigation and cleared Wynn to proceed with its $2.5bn Encore Boston Harbor development. The MGC issued the firm a $35m fine.
“Matt Maddox successfully navigated the company through its most difficult and challenging circumstances. He has rebuilt a solid strategic plan and capital foundation which now positions Wynn Resorts to enjoy what the board of directors and I believe will be a period of remarkable growth and success,” said Philip Satre, Wynn Resorts chairman of the board.
“This year alone, Matt and his team successfully opened Encore Boston Harbor, reinvigorated Wynn Macau with a full renovation, completed the expansion of the Wynn Las Vegas convention centre and solidified our creative expansion plans for Wynn Palace in Macau which provides us with an enviable pipeline for growth and innovation.”
Seeing his tenure increased, Maddox’s time as CEO has been extended through to 2022 after stepping into the role in early 2018.
Maddox commented: “No one person is singularly responsible for the success of any enterprise. I deeply appreciate the support the Board has demonstrated both for me personally, and the Wynn team collectively. I feel strongly that the future of Wynn Resorts has never been so bright.”