Gaming | Wynn Resorts’ new CEO scales back his predecessors’ projects

Matt Maddox

Wynn Resorts Ltd.’s new chief executive officer said he’s pulling back on some of the projects begun by founder and predecessor Steve Wynn, including a lake resort under development in Las Vegas.

Speaking on his first earnings call since replacing Wynn in February, Matt Maddox said a new resort with a nightly, floating parade on a lake will be scaled back in favor of beaches and bars focused squarely on high-end customers. He called the proposed USD3 billion budget for Paradise Park “not sustainable.” Maddox is also reviewing plans for another project on recently purchased land across the street from the company’s original Wynn Las Vegas.

Maddox is taking steps to show the company is changing since Wynn left two months ago following allegations of sexual misconduct dating back decades. The new CEO said the company considered more than 50 candidates before selecting three women to join the board this month. He said the company also added paid parental leave benefits.

Maddox said his goal is “reducing the noise surrounding our business.”

Wynn Resorts is under investigation by casino regulators in Nevada, Macau and Massachusetts over the actions of former CEO Steven Wynn and the board’s handling of the allegations against him. That hasn’t hurt results at the company, which owns casinos in Las Vegas and Macau.

Macau is rebounding from a multiyear slump. New resorts, including one that Wynn opened in August of 2016, have stimulated demand. Christopher Palmeri, MDT/Bloomberg