Nevada Gaming Control Board backs Wynn Resorts CEO Matt Maddox

Wynn Resorts received written confirmation Tuesday from the Nevada Gaming Control Board that, subsequent to its in-depth investigation of the company resulting from allegations against the company's founder, CEO Matt Maddox was "found suitable as an officer of Wynn Resorts, Limited in Nevada in January 2010, and remains in good standing with the Nevada Gaming Control Board."

Wynn Resorts Chairman of the Board, Phil Satre, issued a statement in response: "In the past twelve months, the Wynn Resorts Board of Directors — independent and with no extensive pre-existing relationships with each other or the executive team — have been keenly focused on establishing the right direction and leadership for the Company.”

"Matt Maddox has the full confidence of me as Chairman as well as the entire Board of Directors of Wynn Resorts as our CEO today, tomorrow, and into the future. Immediately upon taking over as CEO, Matt led the transformation of our company with a new executive team, new policies and procedures, and a new corporate culture – a transformation the Nevada regulators referred to at a hearing as a total 'paradigm shift’,” the executive added.  

"No one deserves more credit, or has played a more critical role, in remaking Wynn Resorts as a company and responding to the past failures of now-departed leadership. Matt will do an excellent job leading our team of 25,000 employees worldwide, and with the expected opening of our $2.6 billion Encore Boston Harbor destination resort in Everett, MA," Satre concluded.

Last February, Nevada Regulatory Process was completed for Wynn Resorts, and the company welcomed the final resolution of the investigation into the response of certain employees to allegations against the company's founder, former CEO and Chairman.

“This brings to a conclusion the Nevada gaming regulators review of who in the Company was aware of allegations against the Company's founder and former CEO," said the firm spokesperson. "We are pleased that the Nevada Gaming Commission has recognized the company's transformation and 'refreshed culture' over the course of the last twelve months and acknowledged the 'paradigm shift' that has occurred within the company.”