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Casino Titan Steve Wynn Resigns From Company Amid Sexual Misconduct Scandal — Blames The 'Avalanche Of Negative Publicity'

| Filed under: Icky Icky PooSin CityBusiness BlitzControversy

steve wynn resigns

Boy, bye.

On Tuesday evening, Casino mogul Steve Wynn officially resigned as chairman and CEO of Wynn Resorts amid troubling sexual misconduct allegations. Well, well!

Related: Corey Feldman Cleared Of Sexual Battery Charge

Per the Las Vegas- based company, Wynn's resignation was effective immediately. We can't say we're necessarily surprised to learn that the 76-year-old businessman stepped down from his post, as his resignation came less than two weeks after a Wall Street Journal report exposed his alleged misconduct.

Specifically, the publication accused Wynn of harassing a number of his female employees for decades AND alleged that he used to coerce them into having sex. Apparently, one unsavory incident led to a $7.5 million settlement. In a statement about his resignation, Wynn noted:

"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 billionaire is adamant about his innocence and has previously suggested his fall from grace is his ex wife, Elaine Wynn's doing. The former Mrs. Wynn has denied this allegation via her attorney.

As for Wynn Resorts, Matt Maddox — the company's president since 2013 — was tapped as the replacement for CEO. Boone Wayson, who has been named the company's non-executive chairman of the board, commented:

"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."

Just because Steve has stepped down from his position, doesn't mean he's done with the scandal. It's said the magnate still faces investigations by gambling regulators in Nevada and Massachusetts. After the damning accusations first dropped, the company announced they would assemble a committee of independent directors to look into the alleged misconduct.

Wynn Resorts' China sect, Wynn Macau Ltd., was also told to hold off from trading on the Hong Kong stock exchange on Wednesday. Intense stuff.

Back in January, due to the scandal, Wynn chose to resign from his position as finance chairman of the Republican National Committee. Looks like the Sin City tycoon's ousting is in full swing.

Stay tuned for any updates regarding this scandal!

[Image via WENN.]

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