Wynn Resorts founder Steve Wynn is stepping down as CEO and chairman of the company, with its current president, Matt Maddox, appointed to take over, Wynn Resorts' board of directors announced Tuesday night.
Last month, The Wall Street Journal published an article detailing numerous allegations of sexual misconduct against the casino magnate. Wynn called the allegations "preposterous," but the stories kept coming out. Following the publication of the Journal's report, Wynn resigned as finance chairman of the Republican National Committee.
Wynn released a statement on Tuesday saying he was "the focus of an avalanche of negative publicity," and he has "reached the conclusion I cannot continue to be effective in my current roles." Board member Boone Wayson praised Wynn as an "industry giant" who "played the pivotal role in transforming Las Vegas into the entertainment destination it is today." He also said Wynn Resorts is "committed as ever to upholding the highest standards and being an inclusive and supportive employer," touting the fact that "more than 40 percent of all Wynn Las Vegas management are women; the highest in the gaming industry."