Steve Wynn steps down as CEO
‘Negative publicity’ about sexual misconduct prompts billionaire
Casino magnate Steve Wynn stepped down from his position as CEO and chairman of the board for Wynn Resorts on Tuesday after multiple allegations of sexual harassment.
The allegations came to light in a January story in the Wall Street Journal that said dozens of people accused the billionaire of sexual misconduct.
Wynn, 76, has denied any wrongdoing, calling the allegations “preposterous.”
In a statement Tuesday, Wynn said that he decided to step down after “an avalanche of negative publicity,” adding, “I have reached the conclusion I cannot continue to be effective in my current roles.”
The board said Tuesday that it had appointed Matt Maddox, currently president, as its CEO.
Over the years, Wynn built and operated several of the most prominent and well known casinos on the Las Vegas Strip, including the Mirage, Treasure Island and the Bellagio.
The Wall Street Journal report said that “dozens of people” who worked at Wynn’s casinos detailed what “would amount to a decades-long pattern of sexual misconduct.” This behavior allegedly included using his position to pressure employees into sexual acts.
Wynn stepped down as the finance chairman on the Republican National Committee last month after the allegations surfaced.