• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Wynn CEO Maddox has contract extended to end 2022

Dec 18, 2019 Newsdesk Latest News, Macau, Top of the deck, World  


Wynn CEO Maddox has contract extended to end 2022

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.


  • tweet
Related articles
  • Wynn CEO Maddox among 3 execs in 20pct base pay cut 1Q
    Wynn CEO Maddox among 3 execs in 20pct...

    Jan 07, 2021  

  • Wynn Macau Ltd says beat market Oct-Nov, seeks new notes
    Wynn Macau Ltd says beat market...

    Dec 15, 2020  

More news
  • Wakayama casino RFP deadline affirms 2 suitors still in race
    Wakayama casino RFP deadline affirms 2...

    Jan 18, 2021  

  • CNY 2021 unlikely to boost Macau casinos, say observers
    CNY 2021 unlikely to boost Macau...

    Jan 15, 2021  


Latest News

Wakayama casino RFP deadline affirms 2 suitors still in race

Wakayama casino RFP deadline affirms 2 suitors still in race

Jan 18, 2021  

Japan’s Wakayama prefecture confirmed on Friday (January 15) that no new suitors interested in being private-sector partner for the local government’s tilt at a casino resort, had come forward to...
Read More
CNY 2021 unlikely to boost Macau casinos, say observers

CNY 2021 unlikely to boost Macau casinos, say observers

Jan 15, 2021  

Mass market play record 65pct Macau GGR in 4Q: govt

Mass market play record 65pct Macau GGR in 4Q: govt

Jan 15, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“We expect Las Vegas Sands to not have any material change in strategy. The focus remains developing Macau and Singapore”

Vitaly Umansky, Kelsey Zhu and Tianjiao Yu

Analysts at brokerage Sanford C. Bernstein



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
  • Police find US$11m of missed Landing cash, suspects soughtPolice find US$11m of missed Landing cash, suspects sought January 14, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us