Matt Maddox, chief executive of Wynn Resorts Ltd, has had his existing contract extended to the end of 2022, despite one of the casino group’s regulators having fined him earlier this year and having criticised his role in the corporate response to allegations of sexual misconduct against the group’s founder Steve Wynn.
Mr Maddox (pictured in a file photo) was strongly defended by his firm in relation to a Nevada state inquiry covering the same matter, and had his US$500,000 fine – levied by the Massachusetts Gaming Commission – paid by his employer. His former boss Mr Wynn has denied wrongdoing, although stepped down in February 2018 and is still at risk of disciplinary action by the Nevada Gaming Commission in connection with the allegations.
A Tuesday press release said Wynn Resorts’ board had “unanimously” agreed to extend Mr Maddox’s contract as chief executive through to December 16, 2022. It had previously been due to expire on February 27, 2021.
It added Mr Maddox would receive the “same salary and bonus target compensation” as his previous employment agreement.
In addition, his employment agreement provided for a grant of “performance-based restricted stock of the company in a target amount of 100,000 shares,” noted the press release.
Wynn Resorts is the parent of Macau-based casino operator Wynn Macau Ltd. Mr Maddox is an executive director of Wynn Macau Ltd. In November Wynn Resorts reported that third-quarter profit at its Macau unit had halved year-on-year, on a weaker VIP gambling market.
A proxy filing on May 7 this year said that Mr Maddox’ base salary in 2018 was US$2 million, a 33 percent increase on his US$1.5 million base pay in 2017, when he was chief financial officer of the group. The rise was effective from February 27, 2018, in connection with his promotion to CEO, said that filing.
Aside from the base salary, Mr Maddox’s incentive-related pay for 2018 was US$2.5 million in cash and US$2.5 million in fully-vested stock, according to May’s proxy filing.
Tuesday’s press release quoted Philip Satre, the group’s chairman, as saying Mr Maddox had “successfully navigated the company through its most difficult and challenging circumstances”.
The chairman added the CEO had “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.”
Wynn Resorts is currently pursuing a casino licence in Japan, where it is focusing on the Yokohama market.
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Vitaly Umansky, Eunice Lee and Kelsey Zhu
Sanford Bernstein analysts