Matt Maddox has announced plans to step down as Wynn Resorts CEO in 2022, to be replaced by current Wynn Interactive CEO Craig Billings.
Maddox will vacate the top job on 31 January 2022 although he will remain on the Board of Directors of both Wynn Macau Ltd and Wynn Interactive Ltd until the end of 2022 following a request from his fellow directors.
Billings, the former Wynn Resorts President and CFO who was only recently appointed to lead the company’s interactive arm, will officially become as Wynn Resorts CEO on 1 February 2022.
The departure of Maddox comes less than four years after he was first appointed CEO in February 2018 and tasked with rebuilding the company’s brand and reputation following the departure of founder Steve Wynn amid allegations of sexual misconduct. He achieved that and more, but has since spent the past two years navigating Wynn Resorts through the COVID-19 pandemic – a battle that continues to this day.
“This has not been an easy decision,” Maddox said. “I am leaving a company that I love and that’s full of people I admire. But I believe now is the right time for me and for the business.
“The last four years have been challenging but extremely rewarding, and I am incredibly proud that we accomplished so much. We quickly resolved litigation that had distracted the company for seven years. We reorganized the company’s leadership team and focused on our 28,000 employees, rebuilding and strengthening our powerful culture to focus on a common purpose: create and deliver the best guest experiences.
“We led the industry with our response to the pandemic; many other industries looked to us for advice, guidance, and leadership as a result. I knew our biggest asset is our people, which is why we paid them throughout the shut down and why our culture has never been stronger. That investment is now paying off as Wynn Las Vegas and Encore Boston Harbor are generating more profit and market share since we opened our resorts, all while maintaining five-star service levels. I also look forward to serving on the Wynn Macau Board throughout 2022 to assist with the concession renewal and help solidify our place as the premium operator in the region.”
Billings joined Wynn Resorts as CFO in March 2017 and has been a board member of Wynn Macau Ltd since August 2018, having previously held executive and board positions with Aristocrat Leisure Limited, NYX Gaming Group, IGT and Goldman Sachs.
“Having worked so closely with Matt and the Board, I appreciate the confidence they have placed in me and look forward to building upon the legacy of excellence we’ve established,” Billings said.