Las Vegas casino mogul Steve Wynn, besieged by sexual misconduct allegations and widening scrutiny of his financial empire, resigned Tuesday as CEO of his company.
"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 company said in a statement, attributed to board director 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."
Allegations of sexual misconduct against Wynn prompted Nevada's powerful Gaming Control Board to launch an investigation last week, a move that put further strain on the billionaire's finances.
The bad publicity surrounding Wynn, 76 and with a net worth of about $3.6 billion, has already cost him $463 million, according to published reports.
Wynn said late Tuesday that such publicity has been too overwhelming to continue in his current role.
"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," Wynn 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."
Wynn, CEO of Las Vegas-based Wynn Resorts, resigned Jan. 27 as the Republican National Committee finance chair following the sexual assault allegations.
The gambling industry mogul was reported to have engaged in sexual misconduct with company employees over decades, according to a report by The Wall Street Journal.
Wynn has vigorously disputed the accusations.
The Journal report quoted accounts in which dozens of people who worked at Wynn casinos said his behavior represented a pattern of sexual misconduct, including allegedly pressuring some employees to perform sex acts with him.
Wynn is listed with a current net worth of $3.6 billion on the Forbes 400 list of the richest Americans. Along with Wynn Las Vegas, Wynn created some of the most notable gaming and hotel landmarks in Las Vegas, including The Mirage, Treasure Island, and Bellagio.
"The Wynn Resorts team and I have built houses of brick," Wynn said in his statement Tuesday. "Which is to say, the institution we created — a collection of the finest designers and architects ever assembled, as well as an operating philosophy now ingrained in the minds and hearts of our entire team — will remain standing for the long term. I am extremely proud of everything we have built at this company. Most of all, I am proud of our employees.
