Why is Matt Maddox Stepping Down? Mystery Surrounds His Departure

Who leaves a job at $25 million a year?

By Josh Resnek

The mystery surrounding Wynn Resorts CEO Matt Maddox’s departure from the company continues to grow in the absence of additional information first published in the New York Post and the Las Vegas newspaper last week.

The Post reported that Maddox had been investigated by the Wynn Board of Directors about a potential problem that was allegedly company related but had come up with a clean bill of health, apparently, according to industry sources.

However, Maddox leaving is big medicine in the gaming world.

Maddox sits at the very top of the premier gaming enterprise in the world, a gaming juggernaut about to explode with billions of new business when their sports betting platform takes shape and form.

Industry analysts say that Wynn Resorts is trying to get out of the hotel business, and even the casino business, in order to pay closer attention to the making of billions of dollars on Internet gaming.

Rumors circulated two weeks ago that Wynn was attempting to lease its gambling and hotel operation here to Mohegan Sun at a pretty penny while at the same time redoubling its effort to become the nation’s leading gaming on line industry giant.

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Stock exchange

Encore Boston Harbor casino as seen from Linden Street (Photo by Jim Mahoney)

Wynn Resort execs cash out million$


It is rarely a good sign of things to come when the top executives of a major company are selling off multi-million dollars’ worth of their stock.

Wynn CEO Matt Maddox sold 59,000 shares within the last two weeks.

He received approximately $6.3 million when the transaction settled.

Vice-President Elaine Whittemore has sold hundreds thousands of dollars of her stock recently, as well in a number of transactions recorded with the Securities and Exchange Commission.

In both cases, the executives sold stock they were given by the company in lieu of salary because of the consequences the epidemic has caused for the worldwide gaming giant founded by Steve Wynn.

Maddox still owns 394,549 shares of Wynn stock.

He was paid a total of $18 million in cash and equities by Wynn Resorts in 2018.

In fact, the sale of the Maddox shares is not believed to be a lack of confidence in the company, but rather, his effort to compensate himself for salary he did not receive during the year.

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Matt Maddox sets example mayor should follow

The CEO of Wynn Resorts Matt Maddox, no stranger to Everett, has shown what we would call a real profile in largesse by giving up 176,000 shares of his stock and dividing it up between 240 of Wynn Resorts executive leadership team.

The idea is to maintain Wynn Resorts core strength, its leadership team of executives who have kept the company alive during the pandemic.

Instead of Maddox hoarding his stock for himself the way the mayor has hoarded his salary increase while laying off key employees.

Maddox has spread the wealth around for the good of the company.

The mayor does not spread the wealth around for the good of the city or for those employed by the city who he believes are working for him, exclusively.

The mayor is in the game to create wealth, for himself.

He doesn’t care much who he tosses under the bus or who loses their jobs or who has their salaries cut.

He cares mostly about one thing and one thing alone, himself. Nearly everyone who knows him knows this.

They vote for him out of fear, not out of love.

When the pandemic was about to shut down Everett, the mayor went on vacation to Aruba.

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Maddox revealed DUI, Minor offenses

by Josh Resnek

Wynn Resorts President Matt Maddox has been arrested in the past for alcohol possession, marijuana possession and Driving While Intoxicated (DUI) according to a review of testimony Maddox gave to the Investigations Bureau of the Massachusetts Gaming Commission in 2013.

An examination of the information reveals the arrests prior to the 2011 DUI came earlier in his life when he was under 20.

The DUI occurred in on October 25, 2011.

On their way home from a night out, Maddox and his wife, Katherine, came upon an accident on the road. Police were questioning drivers in the traffic backup.

Police ordered Maddox out of his car.

After conducting a field sobriety test, he was placed under arrest and taken to the police station where a breathalyzer test showed a .16 reading indicating he was intoxicated.

Maddox told investigators he had attended a concert with his wife at Caesars Palace in Las Vegas as a birthday present for her.

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