Wynn Resorts has announced former Harrah’s boss Phil Satre as its new Chairman.
Satre, who only days ago told a Las Vegas newspaper that failing to pursue a Macau gaming license in 2001 was his biggest career regret, will join the board initially as Vice Chairman before replacing D. Boone Wayson – who also announced his intention to stand down on Monday – by the end of the year.
Satre is President of the National Center for Responsible Gaming and has served in a number of high profile leadership roles in the gaming industry. Aside from Harrah’s which he departed in 2005, he was Chairman of the Board of IGT, Nordstrom, Inc and NV Energy, Inc as well as serving as director of Tabcorp Holdings Ltd and Rite Aid Corporation. He is a member of the American Gaming Association’s Hall of Fame.
“The addition of someone of Phil’s caliber and experience is a significant step forward for Wynn Resorts as we turn the page on the last six months,” said Wayson. “Our goal is to give the management team, led by CEO Matt Maddox, an opportunity to grow and develop this company to its greatest potential. Phil’s insight and guidance will be invaluable as we move forward. I am proud of our accomplishments and am pleased that someone as outstanding as Phil will succeed me in the role as Chairman.”
“This appointment is the result of a collaborative effort with co-founder Elaine Wynn, which I believe will serve as the beginning of a constructive and unified effort by all parties to move the company forward.”
Satre’s appointment comes with an agreement between Wynn Resorts and Elaine Wynn that the company’s majority shareholder will no longer push for any new board changes after staging a running battle with the board since explosive allegations of sexual assault leveled at former Chairman and CEO Steve Wynn emerged in February.
“I have long respected Phil as a leader in the gaming industry and am confident that his addition to the company’s leadership team, coupled with the plans laid out by management, will bring the company tremendous success in the years to come,” Elaine Wynn said.
“Phil’s role as vice chair, and as chairman in the future, will be key to furthering the Wynn Resorts brand as one of the premier destination resort operators in the world.”
Wynn Resorts also announced on Monday that it has received the final presentation from its Special Committee investigating the allegations against Steve Wynn, who stepped down shortly after the news broke in February. The board said it will now provide the presentation to gaming regulators.
“The board and the company will have no further public statement on the results until the regulatory investigations are completed,” it said.
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