{"id":34648,"date":"2022-10-31T11:44:18","date_gmt":"2022-10-31T18:44:18","guid":{"rendered":"https:\/\/www.casino.org\/vitalvegas\/?p=34648"},"modified":"2024-10-25T08:59:13","modified_gmt":"2024-10-25T15:59:13","slug":"rumor-former-wynn-resorts-ceo-looking-to-buy-downtown-casino","status":"publish","type":"post","link":"https:\/\/www.casino.org\/vitalvegas\/rumor-former-wynn-resorts-ceo-looking-to-buy-downtown-casino\/","title":{"rendered":"Rumor: Former Wynn Resorts CEO Looking to Buy Downtown Casino"},"content":{"rendered":"\n

In an intriguing turn of events, we hear former Wynn Resorts CEO Matt Maddox has been doing some shopping in downtown Las Vegas. No, not keychains or Elvis bobbleheads.<\/p>\n

We’re told a real estate broker has been initiating conversations between Maddox and several downtown casino owners, presumably a precursor to a purchase offer. The mind reels.<\/p>\n

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When it comes to who might sell which casino downtown, rumors and speculation abound.<\/figcaption><\/figure>\n

Matt Maddox, of course, is the executive who took the reins of Wynn Resorts following the fall of Steve Wynn due to a long-anticipated sexual misconduct kerfuffle.<\/p>\n

Maddox “righted the ship,” then abruptly stepped down on January 31, 2022, despite the fact it seems like this happened several years ago. Maddox did the Wynn CEO gig for four years, starting in Feb. 2018.<\/p>\n

Maddox was replaced by Craig Billings, and there has been minimal drama ever since.<\/p>\n

The circumstances surrounding the departure of Matt Maddox were never fully brought to light, but some familiar with the situation felt Maddox had been shown the door by none other than Steve Wynn’s former wife (and largest Wynn stockholder), Elaine Wynn.<\/p>\n

Matt Maddox has been laying low since he left Wynn Resorts, but it now appears he’s ready to get back into the casino game.<\/p>\n

It’s unclear if Maddox is looking to purchase a casino on his own, or if he’s working with other investors.<\/p>\n

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Matt Maddox could be the next casino owner downtown. It’s time to class up the joint.<\/figcaption><\/figure>\n

Maddox did well financially during his 20 years at Wynn Resorts, and cashed out lots of stock upon his departure from the company. His net worth is estimated to be north of $110 million.<\/p>\n

Not too shabby, but he probably won’t be paying cash if he buys a downtown casino.<\/p>\n

So, which casino could Maddox purchase?<\/p>\n

While there have been discussions with several downtown casinos, some aren’t really for sale. (Note: Everything in Vegas is for sale at the right price.)<\/p>\n

Boyd Gaming would be unlikely to part with Fremont casino, and Main Street and The Cal aren’t particularly appealing acquistion targets given their locations and niche customer base, made up largely of visitors from Hawaii. Boyd is currently investing $50 million-plus in an upgrade and expansion<\/a> of Fremont casino.<\/p>\n

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Fremont casino construction update. pic.twitter.com\/ZjRHaIbq43<\/a><\/p>\n

— Vital Vegas (@VitalVegas) October 23, 2022<\/a><\/p><\/blockquote>\n