Facing Misconduct Allegations, Steve Wynn Resigns As CEO Of Wynn Resorts

Feb 7, 2018

Casino mogul Steve Wynn has resigned as chairman and CEO at Wynn Resorts amid sexual misconduct allegations.

Wynn Resorts said Tuesday the resignation is effective immediately.

The Wall Street Journal reported Jan. 26 that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement.

The Las Vegas billionaire has vehemently denied the allegations, which he attributes to a campaign led by his ex-wife.

"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."

He also faces investigations by gambling regulators in two states — including Massachusetts, where the company is building a massive casino in Everett.

The $2.4 billion Everett casino is set to be completed in 2019.

Steve Crosby, the head gambling regulator in Massachusetts, had said a thorough investigation into the allegations detailed in the Journal is necessary, because so many people are affected.

In a statement following Wynn's resignation, the Massachusetts Gaming Commission said it "will now need to assess the overall impact and implications of this significant development, and [its Investigations and Enforcement Bureau] will maintain its focus on the ongoing investigation."

The board of directors for Wynn Resorts has appointed Matt Maddox, currently president of the company, as its CEO effective immediately.

This report includes information from The Associated Press, and was originally published by WBUR.