Wynn Macau Ltd executive Craig Fullalove is to become chief financial officer (CFO) of the United States-based casino group and parent, Wynn Resorts Ltd.
The news was given to the stock market in the U.S. on Friday, after on January 7 the current group CFO, Julie Cameron-Doe, told the firm she would retire as finance boss with effect from March 31, and exit as an officer of the company on June 1.
Mr Fullalove is currently CFO and chief administrative officer of Wynn Macau Ltd, which runs the Wynn Macau (pictured) and Wynn Palace resorts in the Macau market. He has been CFO of the Macau unit since January 2020.
His annual salary as group CFO will be US$800,000, with a target bonus of “no less than 200 percent” of his base salary.
Before joining Wynn Resorts, Mr Fullalove had been senior vice president and CFO for Asian Coast Development Ltd.
He will start his Wynn Resorts’ groupwide role under a three-year agreement that begins on April 1 this year. He will also be entitled to an annual restricted stock grant with a target value equal to 135 percent of his annual base salary.
Friday’s filing noted: “In accordance with the executive retirement plan, Ms Cameron-Doe will enter into a consulting agreement with the company to support the continued transition of her duties and responsibilities to her successor and to provide other services, as may be requested by the company.”
Ms Cameron-Doe has been group CFO since April 2022. The company stated in a Friday press release she helped to lead the company’s expansion into Europe with the “acquisition and successful integration of Wynn Mayfair, in London”.
It added: “She played a key role in Wynn Resorts’ expansion into the Middle East, including securing financing for the company’s US$5.1 billion Wynn Al Marjan Island, in Ras Al Khaimah, United Arab Emirates.” The property is due to open in the first quarter of 2027.
Craig Billings, group chief executive of Wynn Resorts was cited saying in the press release: “Julie’s leadership has been invaluable to me and the company.
“Her stewardship of the team working on the acquisition and integration of Wynn Mayfair in London secured us a footprint in Europe to support the launch of Wynn Al Marjan Island, for which she spearheaded the essential construction financing.”
Mr Billings added: “Julie’s efforts on shareholder engagement allowed the company to win all shareholder votes during her tenure, and she well-positioned the company’s balance sheet through numerous capital market offerings.”
