Wynn Resorts has a new chairman. According to a press release from yesterday, Philip Satre has been unanimously chosen by the board to replace D. Boone Wayson as its Chairman. Wayson announced last month that he had plans to retire, leaving the company looking for a suitable replacement.
Word of Satre taking the seat first circulated in August when Elaine Wynn was looking to shake things up. He was selected as the board’s Vice Chairman and the general consensus has been that he would become the Chairman before the end of 2018. Satre is a former CEO and chairman of Harrah’s Entertainment and former CEO of Caesars Entertainment.
Wayson commented on the announcement, “We have ushered in a new era at Wynn Resorts, and I am proud of all the hard work the Board, our CEO Matt Maddox and the management team have done to improve the Company’s culture and corporate governance, while maintaining focus on shareholder value. Phil has transitioned seamlessly onto the Board, and the time is now right for me to retire. It has been an honor serving this great Company, and I know its future is bright.”
Wynn Resorts CEO Matt Maddox offered his stance on the appointment of Satre, stating, “We appreciate Boone’s contributions to our Company since its inception and for his leadership, which was crucial in maintaining stability at Wynn Resorts in 2018. He was instrumental in driving key initiatives and in our recent Board refreshment process. I am pleased to have a director of Phil’s caliber to succeed Boone and help Wynn Resorts solidify its position as the premier luxury resort developer and operator in the world.”
Satre will not only chair the board, he will continue to serve as the President of the National Center for Responsible Gaming. The American Gaming Association Hall of Fame inductee stated of his new position, “I am honored to be named Chairman of the newly refreshed Wynn Resorts Board and look forward to continuing to support the Company’s transformation for the benefit of its shareholders and all of its stakeholders.”
The company’s board now has a total of 10 directors. Of these, six joined this year and four are women, a first for the casino giant.