Some few days ago, Wynn Resorts made a significant announcement. They disclosed that they have renewed Matt Maddox’s contract. Maddox is the Chief Executive officer of the company and has been doing an excellent job since he was appointed.
This move came when a board meeting was held regarding his appointment. The board unanimously agreed to extend his contract for 3 years, which means it will run till December 2022.
According to Calvin Ayre, Matt Maddox released a statement where he expressed his appreciation and pleasure at the renewed contract. He said:
“No one person is singularly responsible for the Maddox success of any enterprise. I deeply appreciate the support the Board has demonstrated both for me personally, and the Wynn team collectively. I feel strongly that the future of Wynn Resorts has never been so bright.”
Matt Maddox joined the company in 2018 in unsavory circumstances. He came on board after Steve Wynn – the founder of Wynn Resorts – stepped down following several allegations of sexual harassment by female employees. From the time the news hit the press, Steve Wynn has vehemently denied any wrongdoing.
This caused several problems for the company and led to frayed nerves at the resort. Thanks to the expertise of Maddox, he was able to calm things down and made moves that stabilized the casino’s operations. According to inside sources, they said Maddox made:
“quick, decisive decisions and compromises.”
Even though the company was facing tough times, Maddox was still able to expand the company’s portfolio. They launched a new property at the Encore Boston Harbor in Massachusetts. That’s not the only breakthrough they were able to make, they agreed on a settlement with Universal Entertainment – the former owner of Wynn Resorts – which ended a 6-year legal tussle. The agreement was worth $2.4 billion.
According to Harry Curtis, an analyst at Instinet, he explained
“If you look at what he had done to steady the ship, they have been the right decisions, he has been a very good protector of the value embedded in the company.”
His strides did not go unnoticed as Wynn Resorts realized he’s a valuable asset to the company. Phil Satre, chairman of the company, had this to say in a statement:
“Matt Maddox successfully navigated the company through its most difficult and challenging circumstances. 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.”
He also added that the innovative ideas and decisiveness of Maddox was responsible for the success the company was enjoying these past few months. He said:
“This year alone, Matt and his team successfully opened Encore Boston Harbor, reinvigorated Wynn Macau with a full renovation, completed the expansion of the Wynn Las Vegas convention center and solidified our creative expansion plans for Wynn Palace in Macau which provides us with an enviable pipeline for growth and innovation.”
According to the terms of the agreement Maddox signed, he’s due to receive a base salary of $1.9 million with several bonuses. In 2018 alone, he got bonuses worth $17.1 million.