Wynn Names Craig Billings as New CEO, Maddox Stepping Down
(Bloomberg) -- Wynn Resorts Ltd. named President and Chief Financial Officer Craig Billings to be its next chief executive officer, replacing Matt Maddox, who will depart after four years in the job.
The change is effective Feb. 1, the company said Tuesday in a statement. Maddox will stay on the boards of the company’s Wynn Macau and Wynn Interactive subsidiaries through next year.
Maddox, 46, has served as CEO since February 2018, when he replaced founder Steve Wynn, who left over allegations of sexual misconduct. In a video message, Maddox said he has been with Wynn for 20 years and that the company has been setting records in Las Vegas and Boston. He also said he supported the decision to have Billings take over.
“The last four years have been challenging but extremely rewarding, and I am incredibly proud that we accomplished so much,” Maddox said in the statement.
Shares of Wynn fluctuated between gains and losses in extended trading after the announcement. They have lost 42% of their value since Maddox took over, roughly the same percentage loss as Las Vegas Sands Corp., another major operator in Macau.
Earlier, Las Vegas-based Wynn, which operates properties in Nevada, Boston and Macau, reported third-quarter results that beat analysts’ estimates.
Revenue in the period rose to $994.6 million, beating the $938.1 million average of analysts’ estimates. The company posted a loss of $1.24 a share excluding some items, narrower than the $1.32 a share average of estimates.
The Wynn Las Vegas and Encore Boston Harbor delivered record adjusted earnings before interest, taxes, depreciation and amortization, the company said. The Wynn Palace in Macau produced earnings of $12.1 million on that basis, while the Wynn Macau had a small loss.
On a call with investors, Maddox said he felt very good about Wynn’s chances of renewing its Macau concession next year.
An Arkansas native, Maddox has spent most of his adult life working for Wynn. Prior to joining the company in 2002, he was a financial vice president with the company now called Caesars Entertainment.
Billings, 48, became Wynn Resorts’ chief financial officer in March 2017. He also led the company’s sports and online betting initiative. Previously he worked at Goldman Sachs, where he focused on the casino industry, and had executive positions at Aristocrat Leisure Ltd. and International Game Technology.
On Tuesday’s call, Billings said the sports and online betting operation would focus more on trying to achieve profitability and less on chasing market share. Heavy marketing and customer incentives by rivals made that decision necessary.
“The marketplace is proving to be very competitive,” Billings said.
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