Craig Billings will step down as Wynn Resorts Ltd President in order to assume the role of Chief Financial Officer and President of Wynn Interactive Ltd, the entity that oversees the company’s sports betting and gaming businesses.
Wynn Resorts announced Friday (US time) that Billings would no longer serve as President of the company, effective 24 May 2021, although he will remain CFO.
The sideways shift comes after Wynn announced recently that it had entered into a definitive agreement with Austerlitz Acquisition Corporation that will see the two combine to create an independent public company, Wynn Interactive, to be listed on Nasdaq.
Billings will now take a senior role with the new entity, and has been granted 10,000 shares as per his incentive plan. Wynn Interactive will also reimburse Wynn Resorts for a percentage of his salary, the company revealed Friday.
Wynn confirmed that the change to his position does not change Billings’ current base salary and that he will remain eligible to earn annual cash bonus compensation under the company’s incentive plan.
Billings remains a director of Wynn Macau Ltd.