The board of directors of the casino developer and operator Wynn Resorts based in Las Vegas has extended the term of chief executive Matt Maddox.
Praising Maddox for leading the organisation “through its most difficult and challenging circumstances,” it followed allegations of sexual misconduct that engulfed casino magnate Steve Wynn who resigned as company chairman in February 2018.
Earlier this year, the Nevada Gaming Control Board fined the company a record $20 million, nearly four times higher than the $5.5 million levied against Cantor Gaming, now CG Technology, in 2014, for failing to investigate claims levied against its former founder, chairman and CEO.
Retaining its gambling licence, it came a short time before a year-long investigation was closed by the Massachusetts Gaming Commission and cleared Wynn to continue its $2.5 billion development of Encore Boston Harbor. The MGC imposed a $35 m fine to the firm.
Philip Satre, Wynn Resorts chairman of the board said: “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.
“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.”
While his tenure expanded, Maddox’s term while CEO was extended to 2022 after entering the position at the beginning of 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.”