Steve Wynn step down as CEO, chairman of Board of Wynn Resorts

FILE - This March 15, 2016, file photo, shows casino mogul Steve Wynn at a news conference in Medford, Mass. Wynn Resorts is denying multiple allegations of sexual harassment and assault by its founder Steve Wynn, describing it as a smear campaign related to divorce proceedings from his ex-wife. The Wall Street Journal reported Friday, Jan. 26, 2018, that a number of women say they were harassed or assaulted by the casino mogul. Wynn denied the allegations personally in a printed statement. (AP Photo/Charles Krupa, File)

LAS VEGAS (KLAS) – The Board of Directors of Wynn Resorts announced Tuesday evening that it accepted the resignation of Steve Wynn as CEO and Chairman of the Board of Directors.

In January, Wynn was accused of multiple allegations of sexual misconduct, including sexual assault, and sexual harassment.

“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,” said the nonexecutive director of the board Boone Wayson.  “Steve Wynn is an industry giant.  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. He also assembled a world-class team of executives that will continue to meet the high standards of excellence that Steve Wynn created, and the Wynn brand has come to
represent.”

Wynn has denied the claims calling it an effort by his ex-wife to tarnish his reputation.

“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 week, the Board of Directors of Wynn Resorts said it was forming a special committee to look into the allegations against the billionaire casino mogul.

The board has appointed Matt Maddox, currently President of the Company, as its new CEO, and Boone Wayson as Non-Executive Chairman of the Board of Directors, effective
immediately.

Details of Wynn’s separation agreement will be disclosed when they are finalized.

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