Wynn extends CEO’s contract

Wynn Resorts has extended the contract of its chief executive officer (CEO) to 2022.

US.- The Board of Directors of Wynn Resorts has announced that it unanimously agreed to extend Matt Maddox’s contract as Chief Executive Officer (CEO) through 2022. He started that position in early 2018.

The decision was announced on Tuesday, as the board believes that 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,” said Wynn Resorts Chairman of the Board Philip G. Satre.

“This year alone, Matt and his team successfully opened Encore Boston Harbor. They 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.”

Matt Maddox said: “No one person is singularly responsible for the 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.”

Wynn posts revenue losses in Q3

Operating revenues were US$1.65 billion during the third quarter of 2019. That figure represents a 3.6% decline to US$61.3 million from the US$1.7 billion registered in the third quarter of 2018.

Operating revenues decreased US$132.4 million and US$105.3 million year-on-year at Wynn Palace and Wynn Macau, respectively. Furthermore, operating revenues were also relatively flat at Las Vegas operations, the company said. Operating revenues from Encore Boston Harbor of US$175.8 million partially offset the decrease in operating revenues at Wynn Palace and Wynn Macau.

Adjusted Property EBITDA was US$396.9 million for the third quarter of 2019, a decrease of 21.3%, or US$107.4 million. Adjusted Property EBITDA decreased US$64 million, US$43.9 million, and US$7.3 million at Wynn Palace, Wynn Macau, and Las Vegas, respectively. Moreover, adjusted Property EBITDA from Encore Boston Harbor was US$7.7 million.