Elaborating on a decision that took many by surprise earlier this month, Wynn Resorts' Chairman of the Board of Directors, Phil Satre, has provided some words of explanation as to why CEO Matt Maddox stepped down from his role.
Satre insists that there was no rancor in Maddox’s, nor was the company at all dissatisfied with the decision.
Maddox was simply after new life experiences.
Said Satre in a statement: “As often happens with talented people, they have their own plans. Matt has been with the company for 20 years and is 46 years old; any future contract extension would have bound him to the company until he was in his 50s. Matt wants to explore opportunities outside of gaming and now is the right time for him to do that from a career standpoint. I commend him for it, even as I regret it.”
Maddox came into his role at a trying time for the company, after Founder Steve Wynn stepped down upon accusations against him for sexual harassment. This event, along with the pandemic, marked his tenure.
Satre went on to commend Maddox’s leadership during this period: “Matt led our company through two of the most fundamentally challenging events any executive could possibly expect: the abrupt departure of a founder and a pandemic.
“Most companies would hope to emerge merely intact, at best, on the other side of those events. Remarkably, Matt’s stewardship resulted in a Wynn Resorts stringer and more stable than it has ever been.”
Maddox has experience in the Macao market, having started there with Wynn in 2001. With next year shaping up to be a potentially challenging one in the Chinese territory – the government is auditing casino licenses – Maddox has agreed to stay on the company’s board through the end of the 2022.
