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Top Gaming Firm Announces Organizational Change
LAS VEGAS, NV --
According to a company press release, Wynn Resorts has announced a decision to shuffle two members of it's senior management. The company, which is led by Senior executive and founder Steven Wynn, said it will move CFO John Strzemp to chief administrative office and replace him with Matt Maddox, the Senior VP who had been heading up business development and treasury.
No announcement has been made yet as to who will take over as Chief Financial Officer for the company. Some have speculated the new CFO will be hired from within.
According to gaming analyst Sheila McIntyre, "The move is kinda surprising, but should have little impact for the company."
Shares of Wynn climbed $2 higher today with the news. The company's stock has been on a roller-coaster ride over the past year. The stock reached an all-time high of near $175 per share in November of 2007. Just a few months earlier it had been around $90 per share.
In February of this year, Wynn announced it turned from a loss a year earlier to a profit of $64 million in the 4th quarter, due mainly to high revenue generation in the Chinese casino province of Macao.
Requests for interviews with the Wynn media relations department went unanswered.
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