Casino mogul Wynn resigns as CEO at Wynn Resorts amid sexual misconduct allegations

Dozens of women had come forward

LAS VEGAS — Casino mogul Steve Wynn resigned Tuesday as chairman and CEO of Wynn Resorts amid sexual misconduct allegations.

“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” Mr. Wynn said in a written statement Tuesday. “As I have reflected upon the environment this has created — one in which a rush to judgment takes precedence over everything else, including the facts — I have reached the conclusion I cannot continue to be effective in my current roles.”

The Wall Street Journal reported Jan. 26 that dozens of women said Mr. Wynn harassed or assaulted them and that one case led to a $7.5 million settlement.

Among other things, he was accused of pressuring women for sex and of demanding that they pleasure him or massage him naked.

The Las Vegas billionaire has vehemently denied the “preposterous” allegations, which he attributes to a campaign led by his ex-wife.

Last month, Mr. Wynn resigned as finance chairman of the Republican National Committee.

Since 2013, Mr. Wynn has contributed nearly $2.4 million to GOP candidates and party organizations around the country, including Nevada Gov. Brian Sandoval and 2017 special election winners. Some Republicans in Congress, including Nevada’s Dean Heller, have already announced they are donating contributions they received from Mr. Wynn to charity.

Mr. Wynn also faces investigations by gambling regulators in two states.

And last Thursday, the University of Pennsylvania revoked his honorary degree and removed his name from a campus plaza and scholarship.

The board of directors for Wynn Resorts has appointed Matt Maddox, currently president of the company, as its CEO effective immediately.

“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,” Boone Wayson, nonexecutive director of the board, said in a statement. “Steve Wynn is an industry giant. He is a philanthropist and a beloved leader and visionary. He played the pivotal role in transforming Las Vegas into the entertainment destination it is today. He also assembled a world-class team of executives that will continue to meet the high standards of excellence that Steve Wynn created and the Wynn brand has come to represent.”

Details of Mr. Wynn’s separation agreement were not immediately disclosed.

Shortly after Mr. Wynn announced his resignation as chairman and chief executive on Tuesday, trading on shares of Wynn Macau was halted in Hong Kong. Wynn Resorts’ stock price had already tumbled in response to the misconduct allegations, from $200.60 on Jan. 25 to $163.22 on Tuesday.