Casino Magnate and Trump Ally Steve Wynn Resigns as CEO of Wynn Resorts After Sex Assault Allegations

Steve Wynn
Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Mike Blake REUTERS/Mike Blake

Billionaire casino magnate and former Republican National Committee finance chairman Steve Wynn has stepped down as CEO of his company after allegations he sexually harassed employees.

"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," Wynn said in a statement.

"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 board of directors for Wynn Resorts announced it had accepted his resignation.

"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," board member Boone Wayson said in a statement.

In January, The Wall Street Journal reported that Wynn had been accused of sexual assault by dozens of former and current Wynn Resorts employees. According to the report, Wynn agreed to pay a manicurist at one of his hotels a $7.5 million settlement after she accused him of pressuring her into sex.

The board has appointed Matt Maddox, currently the company's president, to be the CEO, the statement said.

Wynn has denied the accusations, claiming the report reflects accusations made in court by his ex-wife "in her legal battle with him and the company."

Wynn Resorts has formed a special committee to investigate the allegations, the board said in a statement.

A supporter of President Donald Trump, Wynn stepped down as RNC finance chief in January, after the allegations emerged. He had presided over a record breaking fundraising haul, with the RNC raising more than $130 million in 2017.