The chairman of casino operator Wynn Resorts Ltd, Phil Satre, says company chief executive Matt Maddox will be stepping down from the post at the end of January to pursue career opportunities in fields outside gaming.
In a statement issued on Friday, Mr Satre said 46-year-old Mr Maddox wanted “to explore opportunities outside of gaming and now is the right time for him to do that from a career standpoint.”
The Wynn Resorts chairman added: “I commend him for it, even as I regret it.”
Mr Satre said he issued his statement as “much has been written and said in the news and elsewhere about Matt Maddox’s decision to step down”. He did not elaborate.
Wynn Resorts Ltd announced earlier this month that Mr Maddox would step down as group chief executive on January 31. He will be replaced by Craig Billings, chief executive of the group’s online betting unit Wynn Interactive, Ltd, and who also serves as president and chief financial officer of Wynn Resorts.
Mr Maddox will remain on the board of the Macau operating unit, Wynn Macau Ltd, until the end of 2022, to – in his words at the time of his announcement about exiting the CEO job – “assist with the concession renewal and help solidify our place as the premium operator in the region”.
In Friday’s statement, Mr Satre praised Mr Maddox’s performance at the helm of the Wynn group, and again said it was the wish of Wynn Resorts’ board for the executive to stay on as company CEO.
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Amount that each Macau casino operator paid for the circa six-month extension of their respective contract