Wynn Resorts is on the verge of major changes and a brand new approach to its operation, as this Tuesday brought the news that Philip G. Satre has been appointed to the position of Chairman of the Board of Directors. As a result of the most recent meeting of the Board of Directors and a unanimous resounding Yes, Elaine Wynn’s “Restore Wynn” campaign has witnessed yet another step forward.
Mr. Satre is the former Chief Executive Officer of Harrah’s Entertainment having quite the experience in the gambling field. He joined the structure of Wynn Resorts this August amid a whirlpool of resignation and a general restructuring of the company, in an attempt to minimize the negative impact of former CEO Steve Wynn-related scandal from the beginning of this year.
Mr. Satre is now going to occupy the position previously taken by Daniel Boone Wayson, who decided it is time for his retirement once the campaign of the largest shareholder Mrs. Wynn.
Mr. Satre Succeeds Retiring Daniel Boone Wayson
The past several months have been dedicated to the improvement of the overall image of Wynn Resorts and mending the positive culture of the company with international influence. CEO Matt Maddox dedicated his efforts to earn the trust of shareholders following his appointment to the leading role and the latest news coming from the casino operator’s Board of Directors further proves this direction of development.
Mr. Satre expressed his gratitude towards Wynn Resorts Board for choosing him to succeed outgoing Mr. Wayson. This August he claimed the Vice Chairman role which he occupied up to this point. A seamless transition was guaranteed and Mr. Satre himself stated that the time is right for changes to take place. This was part of the settlement arranged between Wynn Resorts and Steve Wynn’s ex-wife Mrs. Wynn, who ended up owning the largest stake in the company following his exit this February.
Shortly after that she commenced her quest to restructure the casino giant and introduce a breath of fresh air to Wynn Resort, hit hard by sexual-harassment allegations against former CEO. Her ultimate goal is to completely change the current state of the Board of Directors and to introduce new names. The reason behind this is that these people were closely linked to former CEO.
Parallel Investigations Findings to be Issued in December
Permits for operation in Nevada, Massachusetts, and Macau were put into great risk, as the company was thoroughly investigated by the regulators of the said leading locations in the gambling world. In this sense, Mrs. Wynn’s efforts were not without a particular reason.
At the moment, Wynn Resorts Board features as many as 10 directors, and as a result of the campaign led by Mrs. Wynn, six of them made their way into the structure in the past several months. Four of the directors are female, further challenging the status quo and proving that females are also capable of managing a prosperous casino giant. In the meantime, investigation work into Wynn Resorts eyeing the misconduct allegations, in particular, are approaching their end in both Nevada and Massachusetts state.
Following months of extensive research and seeking more information regarding former CEO Steve Wynn’s work, the first weeks of December are expected to see official conclusions issued publicly. Massachusetts Gaming Commission is going to provide Wynn Resort with the ultimate report and all findings investigators came across during their work. One of the reasons for this delay is that regulators anticipate the results of this Tuesday mid-term elections and the impact they could potentially have on the gaming field.
