Steve Wynn has stepped down as CEO of his namesake company amid a flurry of sexual misconduct allegations that have been pitted against him since January. The Wall Street Journal initially reported the allegations, which cited multiple sources who publicly revealed that the 76 year-old business tycoon had treated his employees inappropriately.
Wynn repeatedly denied the accusations, but resigned as the chairman for the Republican National Committee shortly after his alleged misdeeds came to light. Investors began to feel particularly uneasy regarding the financial state of Wynn Resorts, which negatively effected the company's stock. Wynn resorts marketplace value dipped more than 18% since the allegations were first publicized.
The company released a statement announcing that Steve Wynn had agreed to step down as CEO, noting how "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." A representative for the company further expressed how "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."
Wynn himself also spoke of this difficult decision to leave his most personally-gratifying business venture, revealing that "in the last couple of weeks, I have found myself the focus of an avalanche of 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."
The gambling mogul is said to have accumulated a net worth of over $3.3 billion, and is largely responsible for upgrading Las Vegas's gambling establishments into entertainment hubs replete with fine-dining options. He will now be replaced by company president Matt Maddox.