Wynn Resorts CEO Matt Maddox stepping down, Craig Billings will replace him
Wynn Resorts CEO Matt Maddox, president and chief executive officer of Wynn Resorts Ltd., speaks during an opening day event for the company's Encore Boston Harbor casino in Everett, Massachusetts, June 23, 2019.

Wynn Resorts Chief Executive Officer Matt Maddox will step down at the end of January and hand over the reins to executive Craig Billings, the casino operator said on Tuesday.

Billings, who joined Wynn Resorts as its finance chief in 2017, most recently served as the head of Wynn Interactive, the company's 72%-owned unit housing its U.S. online sports betting and gaming business.

Billings will also become a board member.

Maddox took the helm at Wynn in February 2018 after founder Steve Wynn resigned in the wake of sexual misconduct allegations.

"This has not been an easy decision. I am leaving a company that I love and that's full of people I admire," Maddox said.

"But I believe now is the right time for me and for the business."