Steve Wynn Steps Down as Wynn Resorts CEO

Wynn Resorts on Tuesday announced that founder and CEO Steve Wynn resigned from the company amid a series of sexual-misconduct allegations leveled against him. “In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” the casino mogul 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.” Wynn did not directly deny the many accusations made against him—first revealed two weeks ago by The Wall Street Journal. Matt Maddox, president of the hotel company, will be named its new chief executive.