Billionaire casino mogul Steve Wynn resigns from Wynn Resorts amid sexual misconduct scandal

Getty Images / Ethan Miller

Steve Wynn

• Steve Wynn has resigned as CEO and chairman of Wynn Resorts.
• The billionaire mogul recently faced allegations of decades of sexual misconduct.
• Wynn has not admitted to the allegations and said in his resignation statement there had been a "rush to judgment" which took precedence over everything "including facts."
• Matt Madox is the new Wynn Resorts CEO.

The CEO and chairman of Wynn Resorts, Steve Wynn, has resigned.

The company, which owns and operates Wynn and Encore Las Vegas, Wynn Macau, and Wynn Palace, Cotai, made the announcement "reluctantly" Tuesday evening. The news came less than two weeks after allegations of decades of sexual misconduct were made against Wynn.

"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," non-executive director Boone Wayson said in a statement. "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."

In January The Wall Street Journal reported that Wynn had engaged in sexual misconduct for decades, regularly intimidating employees of his Las Vegas casinos into performing sex acts. Wynn responded by blaming the allegations on his ex-wife.

In announcing his resignation, Wynn did not admit to any of the alleged incidents, and instead said there had been a "rush to judgement" despite facts.

"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. Therefore, effective immediately, I have decided to step down as CEO and Chairman of the Board of Wynn Resorts, a company I founded and that I love."

Last month, Wynn also resigned as the Republican National Committee's finance chairman.

Earlier in his career, Wynn worked on some of Las Vegas' most iconic resorts including the Mirage, Treasure Island, and the Bellagio.

The board has appointed Matt Maddox, currently President of the Company, as its CEO.