- Getty Images / Ethan Miller
- Steve Wynn has resigned as the CEO and chairman of Wynn Resorts.
- The billionaire mogul recently faced allegations of sexual misconduct.
- Wynn has admitted no wrongdoing, and he said in his resignation statement that there had been a “rush to judgment” that took precedence over everything “including facts” with regard to the misconduct allegations.
- Matt Maddox is the new Wynn Resorts CEO.
Steve Wynn has resigned as CEO and chairman of Wynn Resorts.
The company, which owns and operates the Wynn and Encore Las Vegas, Wynn Macau, and Wynn Palace hotels, made the announcement “reluctantly” on Tuesday night. The news came less than two weeks after sexual-harassment allegations spanning decades 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,” the board’s nonexecutive 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.”
Last month, The Wall Street Journal reported accusations that Wynn had engaged in sexual misconduct for decades, regularly intimidating employees of his Las Vegas casinos into performing sex acts. Wynn blamed the allegations on his ex-wife.
In a statement Tuesday night, Wynn did not admit to any of the accusations, and instead he said there had been a “rush to judgment.”
“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” he said. “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.”
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, the president of the company, as its new CEO.