Wynn Resorts’ Chief Executive Officer announced Tuesday he’s leaving the company effective Jan. 31 and will be replaced by Wynn’s president and Chief Financial Officer Craig Billings on Feb. 1.
Maddox, who made the announcement during Wynn’s earnings call with Wall Street analysts, said he agreed to a request by the board of directors to remain on the Wynn Macau Limited board to assist with that government’s concession-renewal process and to remain on the Wynn Interactive board through the end of 2022 to create additional value. Billings also serves as CEO of Wynn Interactive.
Maddox has been with Wynn Resorts for two decades and has been its CEO, as well as a member of the board of directors, since February 2018. Maddox took over the role when company founder Steve Wynn resigned amid a sexual-misconduct scandal. Maddox guided the company through that turmoil, then the pandemic in 2020 and 2021.
“This has not been an easy decision,” Maddox said. “I’m leaving a company I love and that’s full of people I admire. But I believe now is the right time for me and for the business. I’ve been here for 20 years. I was Steve Wynn’s right-hand guy for a long time. When that transition happened, I was going to make sure the company didn’t lose what it was built on — excellence, service driven, and just being the best. That’s what I wanted to achieve and we’ve done that. The pandemic, frankly, elongated my program a little bit, because when that hit, I needed to lead through it and make sure we came out better than ever. The management team is in place, the people are in place and where this company is, it’s the right time for me to go do something else, which I’m quite excited about. Craig is the exact right person to step in. There’s really nothing more to it.”
Maddox said he made a commitment in 2018 to the company and the board, “in what was likely one of the messiest transitions in corporate history, that I would do everything I could to keep the culture, get the company on firm footing, and ensure that we would emerge better than we were before.”
Maddox said as Wynn Resorts was progressing toward stabilizing after Steve Wynn’s tumultuous exit, the company “ran into the pandemic, and that’s when Wynn Resorts was able to shine. We became the beacon in hospitality. People looked to us for what to do. We paid all of our staff during the shutdown and invested in our culture. We knew that by doing those things and continuing to be exactly who we are, it would pay off over the long term, not just for our people and customers, but also for our shareholders.”
Billings joined the company as CFO in March 2017. He has held executive and board positions at Goldman Sachs, where he covered the industry globally, Aristocrat Leisure Limited, NYX Gaming Group, and International Game Technology.
Prior to joining Wynn Resorts, Billings honed a global perspective with senior-executive positions in both Australia and the United Kingdom during his time as Chief Digital Officer and Managing Director of Strategy and Business Development at Aristocrat Leisure. He is also the Lead Independent Director and Audit Committee Chair for Applovin Corporation.
“The Board was one hundred percent behind this and picked the exact right person to replace me as I transition out,” Maddox said. “Craig has been my right-hand man for five years and has been through the good and bad. He knows what to do. He understands the culture. He’s not a guy that’s going to build a big corporate infrastructure. He makes decisions fast and he feels the brand. The company really couldn’t be in a better position going forward.”
Billings said he’s honored to lead the Wynn team.
“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.”
Philip G. Satre, Chairman of the Board for Wynn Resorts, said they’re fortunate to have a talented executive in Billings, who will also join the board in February 2022.
“The Board and I have worked with Craig for five years, as CFO and president of the company. He has our confidence and trust as he begins his new role,” Satre said.
Satre said Maddox has done “an incredible job” as CEO since his appointment four years ago and noted that he 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.”
Satre said Maddox’s strategy to confront the pandemic and its economic impact on the company, by making decisions focused on the welfare of employees, guests, and communities, proved to be the correct one and “invariably the business and its shareholders will reap the rewards.” He called Maddox the leader in the recovery of the Nevada hospitality industry, and his leadership in this area has been recognized nationally as well.
“Our culture and operations have never been stronger. Matt led the successful licensure and opening of Encore Boston Harbor, which is now a high-performing part of the Wynn portfolio and a major source of economic growth for the greater Boston area,” Satre said. “In addition to our assets in North America setting new records, our position in Macau as a premium operator is unrivaled.”
Wynn Resorts was recently recognized by Forbes Travel Guide as the highest-ranked luxury-hotel brand in the world. The Las Vegas resort also won the “Best Place to Work” accreditation.
“The last four years have been challenging, but extremely rewarding, and I’m incredibly proud that we accomplished so much,” Maddox said. “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.”
