The executive who took over as head of casino company Wynn Resorts when its founder and namesake Steve Wynn resigned in February 2018 announced Tuesday he will step down at the end of January.
Matt Maddox said in a statement he believed that after four years as CEO it was the right time to leave the company he has been with for two decades. The company board has selected Craig Billings, currently CEO of Wynn Interactive, to replace Maddox as CEO effective Feb. 1.
Billings has served as president and CFO of Wynn Resorts, and previously held executive roles with Goldman Sachs, Aristocrat Leisure, NYX Gaming Group and International Game Technology.
Maddox took over after Steve Wynn resigned amid allegations of sexual misconduct. Wynn has denied the allegations. Maddox led the publicly traded company out of that scandal and through the Covid-19 pandemic, which led to the shutdown of casinos and businesses the United States last year.
Wynn Resorts board chair Philip Satre on Tuesday credited Maddox with guiding the owner of the Wynn and Encore resorts in Las Vegas and Wynn properties in Macau through what Satre said "could have been one of the most disruptive business transitions in decades."
Maddox was at the helm of the company for the licensing in Massachusetts and the opening in June 2019 of the Encore Boston Harbor. He pointed to the resolution of seven years of what he called distracting litigation and a reorganization that he said focused the company's 28,000 employees on a Wynn Resorts brand of customer experience.
Maddox will continue serving as a board member for Wynn Macau Ltd. and Wynn Interactive through the end of 2022, the company said.