Wynn Resorts extends Maddox’s tenure as CEO through 2022
Wynn Resorts extended its contract with CEO Matt Maddox through 2022, commending him with “successfully navigated the company” following the 2018 departure of founder and former CEO Steve Wynn after allegations of sexual misconduct and harassment surfaced.
According to a filing with the Securities and Exchange Commission Tuesday, Maddox will receive the same salary – $1.9 million annually – and bonus compensation as his previous employment agreement. In 2018, Maddox earned $17 million in total compensation. He is also entitled to received 100,000 shares of the company’s stock through a grant program.
In a statement, Wynn Chairman Phil Satre credited Maddox and his team with opening the $2.6 billion Encore Boston Harbor, overseeing a renovation of Wynn Macau, completing the expansion of the Wynn Las Vegas convention center, and solidify expansion plans for Wynn Palace.
“He has 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,” Satre said. He added that the accomplished projects “provides us with an enviable pipeline for growth and innovation.”
Maddox, who served as the company’s president since 2013, took over as CEO after Steve Wynn’s departure. A former investment banker, he joined Wynn Resorts at its founding in 2002 to oversee investor relations. He is credited with helping to secure financing to help launch the company. He spent time in Macau with company’s operations in China.
Over the past 20 months during Maddox’s tenure, Wynn Resorts attempted to change its culture. He was added to the company’s nine-person board which changed over with eight new members.
The company also added several new policies, many of directed toward sexual harassment prevention. A compliance committee was created with numerous procedures to prevent any harassment allegation from going unchecked.
“No one person is singularly responsible for the success of any enterprise,” Maddox said. “I deeply appreciate the support the board has demonstrated both for me personally, and the Wynn team collectively.”
The year was not without its pitfalls. In January, Nevada gaming regulators fined Wynn Resorts $20 million to settle a 10-count complaint that detailed years of failure by former company executives to “report and/or investigate” numerous allegations of sexual assault, sexual harassment and sexual misconduct by Steve Wynn.
In May, the Massachusetts Gaming Commission fined the company $35 million after executives failed to disclose years of allegations of sexual misconduct against Steve Wynn. Maddox, whom commissioners grilled during a three-day suitability hearing, was hit with a $500,000 fine but got to keep his license.
The contract extension comes two days before the Nevada Gaming Commission conducts a hearing on a Gaming Control Board complaint against Steve Wynn, which seeks to find the former executive unsuitable to hold a gaming license.
The hearing will determine if the Control Board has jurisdiction over Wynn, who no longer has an role with the company.