Wynn Resorts Ltd has appointed Stephen Cootey to the role of chief financial officer, according to a regulatory filling from the company. The appointment is effective immediately.
Mr Cootey replaces Matt Maddox as CFO. Mr Maddox will remain in the position of president.
Wynn Resorts did not provide a reason for the change of CFO.
Mr Cootey was the company’s senior vice president and treasurer. He will retain those positions, the company said in the statement.
He joined Wynn Resorts in January. Prior to that, he served as senior vice president for corporate finance for Las Vegas Sands Corp.
Mr Cootey’s annual base salary will be US$625,000 plus an annual bonus that can reach 100 percent of his base salary.
Wynn Resorts reported earlier this month that its net revenues for the first quarter of 2014 were US$1.51 billion, up by 9.8 percent from one year earlier. The growth was driven by a 14.2 percent revenue increase from its Macau operations. Wynn Resorts is the parent company of Macau-based gaming operator Wynn Macau Ltd.
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”China has been strengthening the control over capital flow, and the impact of that has already been reflected [on Macau’s gaming revenue trend]. There should not be any bigger impact from the new… legislation [on the mainland] … on the gaming revenue trend here”
Wilfred Wong Ying Wai
President of Macau casino operator Sands China