Wynn Resorts CEO resigns amidst sexual abuse allegations

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Stephen A. Wynn has stepped down as chief executive and chairman of Wynn Resorts Ltd. the company said in a statement Tuesday night. Matt Maddox, the company’s president, will take over as Chief Executive Officer.

“It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn,” non-executive director of the board Boone Wayson said in the statement.

Last month, the Wall Street Journal reported the casino magnate had a long history of sexual misconduct allegations against him, and had pressured his employees into sex acts. The Las Vegas billionaire has vehemently denied the allegations, which he attributed to a campaign led by his ex-wife.

Wynn resigned as finance chairman of the Republican National Committee following the report.

“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” Wynn said in a statement Tuesday. “I have reached the conclusion I cannot continue to be effective in my current roles.”

A number of women have said that Wynn harassed or assaulted them, with one case ending in a $7.5 million settlement.

yahoo