GGRAsia – Maddox, Byrne appointed to Wynn Resorts board

Maddox, Byrne appointed to Wynn Resorts board

Aug 08, 2018 Newsdesk Latest News, Top of the deck, World

U.S.-based casino operator Wynn Resorts Ltd announced on Tuesday that it had expanded its board of directors to 11 members with the appointment of company chief executive Matt Maddox (pictured in a file photo), and independent director Richard Byrne, a former chief executive of brokerage Deutsche Bank Securities Inc.

The additions, plus Monday’s appointment of Phil Satre as vice chairman – who will succeed Daniel Boone Wayson as chairman at the end of 2018 – “reflect a comprehensive overhaul of the Wynn Resorts board,” the firm stated in a press release.

Wynn Resorts is the parent company of Macau casino operator Wynn Macau Ltd.

“Matt has ushered in a new era at Wynn Resorts, providing outstanding leadership since stepping into the chief executive role, and we are pleased to officially welcome him as a director on the board,” Mr Wayson said in a prepared statement included in the release.

He added: “We are also pleased to add another high-calibre independent director with Rich [Mr Byrne]. His deep financial expertise and knowledge of the lodging, leisure and gaming industries, including extensive familiarity with Wynn Resorts, will further enhance the board’s expertise.”

The announcement said Mr Byrne, a career investment banker, had “worked extensively with numerous gaming companies, including Wynn Resorts, in arranging debt and equity financing and providing strategic advice”. He is currently president of asset management firm Benefit Street Partners LLC. Prior to that, he was Deutsche Bank Securities’ CEO.

Commenting on his appointment as a board member, Mr Maddox said: “We have made it our top priority to implement meaningful change at Wynn Resorts and have made demonstrable progress over the past six months. I am excited to be part of this refreshed board that is committed to growing the premier brand in luxury resort development.”

Mr Maddox assumed the role of chief executive at Wynn Resorts in February, following allegations that former chairman and chief executive Steve Wynn had sexually harassed employees. The entrepreneur has denied the claims, and eventually left the firm in February, also selling his entire stake in the company.

Over the past six months, Wynn Resorts appointed six new directors to its board and announced the departure of five legacy directors. The casino company announced in April the appointment of three new directors for its board, all of them women.