Wynn Resorts’ new CEO is speaking out about the board of directors’ shake-up.
CEO Matt Maddox addressed investors during a conference call Wednesday afternoon about the company’s 4th quarter earnings plus future plans.
The Wynn Resorts board of directors is expanding.
Maddox explained during the public conference that the ranks will, quote, “be refreshed”.
“Bring new prospect to the boardroom,” Maddox said.
Maddox added Ray Irani is retiring from the board and Alvin Shoemaker will not be running for reelection in 2019. The board shake-up comes as lawsuits continue to pile up.
David Schwartz, Director of the Center for Gaming Research at UNLV, says it’s not surprising.
“I think it shows that the company is moving forward, that they have a process in place,” Schwartz said. “They’re looking for candidates now, they’re doing this in a very methodical way. They’re not being careless about it.”
Founder Steve Wynn resigned in the wake of sexual misconduct allegations.
Maddox didn’t make any mention of any of those recent headlines. Instead, he focused primarily on some of the company’s large projects in progress.
“I think the investors are already pretty positive about it because it is a company with a very long track record with a lot of well-known resorts, so I think they generally have confidence so it’s just a question of getting over this current turmoil,” Schwartz said.
Schwartz says this is a rare situation for a casino to face and points to the Perlman Brothers, who in the 80’s, leaving the industry after backlash in Atlantic City for having alleged ties to crime figures.
“The Perlman brothers for example had founded the company Caesars World and after some allegations and issues with their licensing in New Jersey, they left the company & there was a succession plan and new executives came in and replaced them on the board so we have seen this kind of thing happen before.”
Maddox says he’s confident in the company’s continued success.
“I am really excited for the future of Wynn resorts it our dedicated employees embody the brand that has become synonymous with luxury in both the us and Asia and I am proud to lead that team,” Maddox said.