CEO of Wynn Resorts Resigns: Casino Mogul Steve Wynn Faces Sexual Misconduct Allegations

The billionaire casino mogul Steve Wynn stepped down as chairman and chief executive of his company, Wynn Resorts. His resignation comes amid allegations of sexual misconduct against him.

Casino, hotel, and real estate tycoon and prominent art collector, Steve Wynn, has been accused of sexual misconduct. Following the allegations, he resigned as CEO of Wynn Resorts. With an estimated net worth of $3.3 billion, Wynn is one of the wealthiest Americans accused of sexual misconduct in the post-Weinstein fallout. Read all about Wynn’s response to the allegations here.

Steve Wynn Denies the Allegations

Casino magnate Steve Wynn resigned as chairman and CEO of Wynn Resorts. His resignation was effective immediately. He also resigned as finance chairman of the US Republican party’s fundraising arm in January.

His resignation comes at a time when several people who have worked for him in the last few decades came forward accusing him of sexual misconduct. Wall Street Journal reported the 76-year-old harassed or assaulted several women. The report claimed he paid a $7.5 million settlement to one of the victims.

Wynn vehemently denies the allegations. He argues that the allegations are a smear campaign orchestrated by his ex-wife, Elaine Wynn. However, she denies having anything to do with the allegations.

Elaine and Steve have locked horns in court over a heated divorce battle. Elaine and Steve established Wynn Resorts together in 2002. She was granted half of Steve’s shares as settlement in their 2010 divorce. However, she was unceremoniously voted off as a board member. She has since fought to preserve her position in Wynn Resorts.

Wynn, who is the man behind prominent Las Vegas establishments like The Mirage, Bellagio, and Treasure Island, attributed his decision to resign to negative publicity. “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,” he said in a statement.

His company is also facing investigations from gambling regulators. As the largest shareholder of Wynn Resorts, he amassed a fortune. However, in the aftermath of the allegations coming to light, the shares are facing a decline. The company stock declined 10% the day the Wall Street Journal report was published.

The board of directors named Matt Maddox the new CEO of Wynn Resorts effective immediately. Maddox has been the president of the company since 2013. Boone Wayson has been named the non-executive chairman.