Matt Maddox, the now former chief executive officer of Wynn Resorts (NASDAQ:WYNN), sold a big slice of his equity stake in the integrated resort operator on Monday — his last day on the job.
He liquidated nearly 108,000 of his Wynn shares on Jan. 31, according to a Form 4 filing with the Securities and Exchange Commission (SEC). The filing indicates there were two transactions — one for the sale of 32,364 shares and the other for 75,462 shares.
The initial transaction was at an average price of $85.45, according to the regulatory document, indicating Maddox grossed $2.76 million on that sale. No average price was given for the larger sale, but assuming at the same price, that’s worth another $6.44 million to the former Wynn boss.
At the time of Maddox’s sales, Wynn stock was trading below where it was in December when he disposed of 20,000 shares at a price of $90.08, hauling in $1.8 million in proceeds. That sale arrived after Maddox liquidated 15,740 shares of Wynn stock at a price of $91.10 on Nov. 4 — just days before he announced his decision to step down from the helm of the Encore operator.
Maddox now owns 286,603 shares of the Encore operator.
What’s Next for Maddox
Billings is also taking Maddox’s seat on the Wynn board of directors. Maddox, 46, had been with the gaming company for 20 years.
He’s credited with steadying the company following numerous sexual misconduct allegations forced the ouster of founder Steve Wynn in 2018. Just two years later, Maddox steered the operator through the coronavirus pandemic, opting to take the bulk of his 2020 compensation in shares instead of cash as Wynn confronted shutdowns of its gaming venues in Macau — its largest market — and in the US.
Later that year, he served as the architect of a health and safety plan presented to Nevada state leaders aimed getting Las Vegas casinos open and running again.
Today, it’s believed Maddox will pursue ventures outside the gaming industry with speculation tying him to Nevada politics and a high-level role with the Las Vegas Raiders, but there is no confirmation on either rumor.
What’s Next for Wynn
Wynn reports fourth-quarter results on Thursday, Feb. 3 after the close of US markets. That will be the first report and earnings conference call with Billings at the helm.
There’s likely to be some talk of the operator’s recently announced plans for an integrated resort in the United Arab Emirates and likely questions from analysts regarding the company’s plans for its Wynn Interactive unit. Last month, rumors surfaced the operator is looking to sell its iGaming and sports wagering for $500 million — a stunningly low price — but Wynn hasn’t publicly confirmed or denied that speculation.
As for Maddox’s remaining equity in the gaming firm, he hasn’t announced his intentions for those 286,603 shares.
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