Wynn Resorts Inc. board of directors voted unanimously in favor of CEO Matt Maddox Contract to be extended to the end of 2022. Maddox’s initial contract is to expire on February 27th, 2021. According to the company filings with the Securities and Exchange Commission (SEC), the extended contract will remain valid until December 16th, 2022.
In a statement, Wynn Resorts chairman Philip Satre said that Maddox had rebuilt a solid strategic plan and capital foundation, which Wynn Resorts is enjoying now. The directors also believe that Maddox has brought a remarkable period of growth and success in the company.
Maddox took the CEO office in February 2018 after Steve Wynn was ousted due to sexual misconduct. Maddox has led the operation of Wynn Las Vegas Strip venues together with Encore Boston Harbor Wynn’s gaming. Wynn shares have posted a 35 percent year to date growth, surpassing Las Vegas Sands but still behind MGM Resorts International.
Maddox was first hired in 2002 by Wynn himself and has risen through the ranks. In 2008, he was made the chief financial officer, and in 2014, he was elevated to the position of president. After the sexual misconduct accusation emerged, the company sought to distance itself from Wynn, and Maddox was placed on the top seat of the company.
This year before the opening of Encore Boston Harbor, Maddox and other executives were summoned by Massachusetts GAMING Commission (MGC) and questioned about their knowledge about Wynn sexual misconduct. Maddox denied having any knowledge prompting the MGC fining the company $35.5 million.
Since Maddox took over the leadership, he has tried to revive the company, and at the moment, the stock has bounced back. In the new contract agreement, Maddox is being provided with an award of 100,000 shares if specific performance metrics are met. According to Casino.org, Maddox will have a tough time come 2020. The Macau gross gaming revenue is bound to drop, and the company is still pursuing the Japanese integrated resort license.