• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Cootey departs as Wynn Resorts CFO, Craig Billings in

Feb 24, 2017 Newsdesk Latest News, Macau, Top of the deck, World  


Cootey departs as Wynn Resorts CFO, Craig Billings in

Wynn Resorts Ltd’s chief financial officer (CFO) Stephen Cootey is to leave his post on March 1 after fewer than three years in the job.

He will be replaced by Craig Billings, aged 44. According to a Nasdaq filing by the casino operator – published on Thursday – from July 2012 to November 2015, Mr Billings served in various roles at Australian slot machine maker Aristocrat Leisure Ltd, including as chief digital officer and managing director of strategy and business development.

Las Vegas-based Wynn Resorts, parent of Macau casino licence holder Wynn Macau Ltd, said in the Thursday filing that Mr Cootey was leaving “to pursue other interests”.

It added: “Mr Cootey’s decision to resign was not a result of any disagreement with the company relating to its operations, policies or practices.”

It also stated the firm had agreed “customary waiver and release, non-solicitation, confidentiality and non-disparagement provisions” in his separation agreement.

The filing noted Mr Cootey offered his resignation on Wednesday.

A memo on Thursday from analyst Christopher Jones of the Buckingham Research Group Inc, said: “We would characterise the move as not entirely surprising, though disappointing, being as surprise transitions in the CFO role are typically viewed by investors with scepticism.”

A note the same day from Deutsche Bank Securities Inc analysts Carlo Santarelli and Danny Valoy stated: “Recall, on September 30, 2016 Wynn announced that Gamal [Abdel]aziz resigned from his position as president of Wynn Macau Ltd, making this the second high level departure in five months. We believe this announcement could be somewhat disconcerting for investors.”

Buckingham Research’s Mr Jones said: “Given the orderly transition, it would appear as though the transition process has been in the works for some time.”

Mr Cootey was appointed CFO in May 2014, on an annual base salary of US$625,000 according to a filing at the time.

Mr Billings’ contract runs until March 1, 2020 and provides for a base salary of US$750,000 per year, increasing to US$800,000 per year with effect from September 1, 2018.

Busy phase

Mr Cootey’s period in post as Wynn Resorts’ CFO included preparation for the launch of Wynn Palace resort in Macau’s Cotai district in August last year. The announced budget on the project expanded from US$4 billion to US$4.4 billion in the two years prior to its launch.

Mr Cootey also oversaw the financial fallout for the company relating to a major fraud detected in September 2015 at Dore Entertainment Co Ltd, while it was performing the role of a junket partner at the Wynn Macau property in downtown Macau.

A note that month from banking group Credit Suisse AG said Dore Entertainment contributed only approximately 4 percent of the Wynn Macau property’s annual earnings before interest, taxation, depreciation and amortisation at the time.

Buckingham Research’s Mr Jones stated: “Steve Cootey was a known quantity in the gaming industry, having come from [casino operator] Las Vegas Sands [Corp], prior to his time at Wynn Resorts. Given the breadth of experience, we are sorry to see Steve leave.”

But Mr Jones added: “That said, Craig has been a fixture in the gaming industry for some time, with his most visible role in the United States being at [slot maker] IGT, prior to its sale to GTech [SpA]. More recently, Craig worked with Aristocrat Gaming. As a result, Craig is no stranger to the broader gaming industry, though less so to the integrated resort model.”

The analyst further stated: “It’s important to remember that Wynn Resorts’ president Matt Maddox is also a former CFO of Wynn Resorts, well positioned to provide support as Craig gets up to speed in his new role.”


  • tweet
Related articles
  • Contractor named, work starts for Wynn UAE scheme
    Contractor named, work starts for Wynn...

    Mar 23, 2023  

  • Wynn Resorts to break ground for UAE in weeks: CFO
    Wynn Resorts to break ground for UAE in...

    Mar 16, 2023  

More news
  • Main-building work at Naga 3 begins mid-2023: NagaCorp
    Main-building work at Naga 3 begins...

    Mar 24, 2023  

  • Macau diversification into non-gaming to remain slow: Fitch
    Macau diversification into non-gaming...

    Mar 24, 2023  


Latest News

Main-building work at Naga 3 begins mid-2023: NagaCorp

Main-building work at Naga 3 begins mid-2023: NagaCorp

Mar 24, 2023  

Piling work for Naga 3, an addition to the NagaWorld gaming complex in Cambodia’s capital Phnom Penh, was at “96 percent completion”, said the promoter’s 2022 annual report, issued on...
Read More
Macau diversification into non-gaming to remain slow: Fitch

Macau diversification into non-gaming to remain slow: Fitch

Mar 24, 2023  

Osaka to up ‘gambling addiction’ centres before IR opens

Osaka to up ‘gambling addiction’ centres before IR

Mar 24, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


April 8, 2028

Completion deadline for 'Marina Bay Sands 2.0', as authorised by Singapore’s authorities



Most Popular

  • Sands China woos Singaporeans as Air Macau opens routeSands China woos Singaporeans as Air Macau opens route March 23, 2023
  • March 18 Macau arrivals nearly 100k, best since pandemicMarch 18 Macau arrivals nearly 100k, best since pandemic March 23, 2023
  • Contractor named, work starts for Wynn UAE schemeContractor named, work starts for Wynn UAE scheme March 23, 2023
  • LVS gets 1-year extension for Marina Bay Sands 2.0 startLVS gets 1-year extension for Marina Bay Sands 2.0 start March 24, 2023
  • Universal Ent affiliate to develop land next to Okada ManilaUniversal Ent affiliate to develop land next to Okada Manila March 24, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us