Wynn Resorts says its board voted to appoint Philip G. Satre as chairman, taking over from D. Boone Wayson, who is retiring.
Satre, who joined Wynn’s board as an independent director in August, is president of the National Center for Responsible Gaming. He has decades of leadership roles in the gaming industry, including as chairman and CEO of Harrah’s Entertainment. He has received numerous accolades, including election to the American Gaming Association’s Hall of Fame.
Satre takes over after a period of upheaval at the top of the company after founder Steve Wynn was ousted in February due to sexual misconduct allegations. Since then, the company has revamped its board following an acrimonious dispute with Wynn’s ex-wife Elaine, who fought to ensure what she called the “old guard” were not re-elected.
The board is now comprised of ten directors, six of whom joined in 2018, and four of whom are women.
“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,” Satre said.
Also this week, Wynn Resorts posted strong 2018Q3 results, but provided weaker-than-expected guidance for the final quarter of the year, prompting some analysts to scale back their forecasts.
Deutsche Bank said it has “materially” reduced its estimates for property level EBITDA at Wynn Resorts for the next three years on concern about the slowing VIP and premium sectors in Macau.
The German bank said it has cut its property level EBITDA forecast for this year by 3 percent, next year by 17 percent and by 18 percent for 2020. It also slashed its share price target by 32.8 percent to US$123. Deutsche said it believed Wynn’s guidance reflected its own operating mix, rather than being a call on the market as a whole.
For 2018Q3 the company reported overall revenue rose 10.2 percent to US$1.71 billion, driven by a strong performance at Wynn Macau and Wynn Palace, which offset a decrease from operations in Las Vegas.
Net income was US$156.1 million, or US$1.44 per diluted share, for the third quarter of 2018, compared to US$79.8 million, or US$0.78 per diluted share, for the same period of 2017. (AGB)