Wynn Resorts to keep CEO Matt Maddox through 2022
Wynn Resorts Ltd. is looking to keep CEO Matt Maddox on board through 2022.
On Monday, the company entered into an amended and restated employment agreement with Maddox, who originally took over as CEO in February 2018. The updated agreement pushed Maddox’s termination date from Feb. 27, 2021 to Dec. 16, 2022.
Maddox took the helm of Wynn Resorts after founder Steve Wynn stepped down amid allegations that he sexually harassed female employees, which he denies. Analysts told the Review-Journal earlier this year that Maddox helped stabilize the casino operator through quick, decisive steps and compromises.
Over the 22 months Maddox has been in charge, Wynn Resorts has opened the Encore Boston Harbor property in Massachusetts, reached a $2.4 billion settlement with former Wynn Resorts owner Universal Entertainment to end a six-year lawsuit and made improvements in diversifying its board.
“If you look at what he had done to steady the ship, they have been the right decisions,” Harry Curtis, gaming analyst at Instinet in New York, told the Review-Journal earlier this year. “He has been a very good protector of the value embedded in the company.”
The update agreement between Maddox and Wynn Resorts also awards the CEO 100,000 restricted shares if certain performance metrics are met. A Tuesday filing with the Securities and Exchange Commission said performance would be subject to “the achievement of pre-established financial performance and strategic goals over the next three years.”
Maddox’s salary and bonus target compensation from the previous agreement remain unchanged.
Wynn shares closed up 1.96 percent Tuesday, up $2.56 to $133.50.
Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.
