Wynn Resorts CEO Matt Maddox to step down in 2022

Wynn Resorts CEO Matt Maddox is stepping down from the company as of January 31 and will be replaced by Wynn Interactive CEO Craig Billings.

Maddox has been at the helm of the company since founder Steve Wynn stepped down in 2018. He has been with the company for two decades, leading the company through its most difficult period including the 2020 global pandemic, a company press release said. 

“Matt has done an incredible job as CEO since his appointment four years ago. He very successfully led the company through what could have been one of the most disruptive business transitions in decades. He ensured a swift refreshment and remaking of the Board of Directors and senior management, resulting in increased diversity and Wynn being recognized as having one of the most diverse Boards of Directors in the country, ” said Philip G. Satre, chairman of the Board for Wynn Resorts.

The news comes as the company filed its 3Q21 results – with operating revenues of $994.6 million for the third quarter, up 168.4 percent year-on-year. Net loss attributable to Wynn Resorts was $166.2 million, narrowed from a net loss of $758.1 million in 3Q20. 

The company said adjusted property EBITDA at its integrated resort properties in Macau, Las Vegas, and Boston all saw increases in the quarter compared to 2020.