Among other things, he was accused of demanding that women masturbate him or massage him naked. A manicurist said that when she went to his office for an appointment in 2005, he pressured her to disrobe, lie on his massage table and have sex. The woman told co-workers about the episode at the time and filed a human resources report. Ultimately, Mr. Wynn paid her a $7.5 million settlement, according to The Journal.

Mr. Wynn has denied all the allegations, calling them “preposterous.”

Within a day of the article’s publication, Mr. Wynn, a major Republican donor, stepped down as finance chairman of the Republican National Committee. A few days later, the University of Pennsylvania revoked his honorary degree and removed his name from a campus plaza and scholarship. And the Massachusetts Gaming Commission promised an investigation, as Wynn Resorts is building a multibillion-dollar casino outside Boston.

After Mr. Wynn announced his resignation on Tuesday, the commission said it would “need to assess the overall impact and implications of this significant development.”

Mr. Wynn also stepped down as chairman of Wynn Macau, the arm of the company that focuses on Macau, the Chinese gambling enclave. Shares of Wynn Macau, which are traded in Hong Kong, had been halted pending the release of the announcement, but the company said it would seek to resume trading on Thursday. Wynn Resorts’ stock price had already tumbled in response to the misconduct allegations, from $200.60 on Jan. 25 to $163.22 on Tuesday.

In a statement, the company’s board said it had accepted Mr. Wynn’s resignation “reluctantly.”

“Steve Wynn is an industry giant,” Boone Wayson, nonexecutive director of the board, said in the 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.”</s>Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. Mike Blake
• Billionaire casino mogul Steve Wynn resigned from his role as chairman and CEO of Wynn Resorts, the company he founded.
• Wynn Resort's stock was up 8% in pre-market trading on the news.

Shares of Wynn Resorts soared as much as 8% on Wednesday morning after the embattled billionaire casino mogul Steve Wynn stepped down from his role as CEO and chairman of the company.

The announcement was made "reluctantly" by Wynn's board of directors on Tuesday. The board appointed Matt Maddox, the president of Wynn Resorts, as its new CEO, and Boone Wayson, as its non-executive chairman.

The news came after Wynn, who is also the founder of Wynn Resorts, was accused last month of decades of sexual misconduct, including regularly pressuring his employees at Las Vegas casinos into performing sex acts.

A few weeks ago, Wynn resigned from his role as finance chairman at the Republican National Committee.

Wynn's stock was trading at $176.50 a share and was up 7.6% for the year.

Read more about what has happened to Wynn's stock amid the recent sexual misconduct allegations.</s>LAS VEGAS – Casino mogul Steve Wynn has resigned as chairman and CEO at Wynn Resorts amid sexual misconduct allegations.

Wynn Resorts says Tuesday the resignation is effective immediately.

“The Board of Directors of Wynn Resorts reluctantly announced today that it accepted the resignation of Steve Wynn as CEO and Chairman of the Board of Directors,” Wynn Resorts said in a statement.

The Wall Street Journal reported Jan. 26 that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement.

The Las Vegas billionaire has vehemently denied the allegations, which he attributes to a campaign led by his ex-wife.

“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” Wynn said in a separate 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.”

He also faces investigations by gambling regulators in two states.

The board of directors for Wynn Resorts has appointed Matt Maddox, currently president of the company, as its CEO effective immediately.</s>
• Steve Wynn has resigned as CEO and chairman of Wynn Resorts.
• Wynn had admitted no wrongdoing and said in his resignation statement that there had been a "rush to judgment," which he said took precedence over everything "including facts" with regard to the misconduct allegations.
• Matt Madox is the new Wynn Resorts CEO.



The CEO and chairman of Wynn Resorts, Steve Wynn, has resigned.

The company, which owns and operates Wynn and Encore Las Vegas, Wynn Macau, and Wynn Palace, Cotai, made the announcement "reluctantly" on Tuesday night. The news came fewer than two weeks after allegations of decades of sexual misconduct 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 non-executive 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 that Wynn had engaged in sexual misconduct for decades, regularly intimidating employees of his Las Vegas casinos into performing sex acts. Wynn responded by blaming the allegations on his ex-wife.

In announcing his resignation, Wynn did not admit to any of the alleged incidents, and instead said there had been a "rush to judgment" despite facts.

"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," Wynn said in a statement released Tuesday night.

"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," he said.

Last month, Wynn also resigned as the Republican National Committee's finance chairman.

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, currently president of the company, as its new CEO.</s>Facing investigations by gambling regulators and allegations of sexual misconduct, billionaire casino mogul Steve Wynn has stepped down as chairman and CEO of the resorts bearing his names.

The Las Vegas-based Wynn Resorts in a statement said Wynn's resignation Tuesday was effective immediately. It came less than two weeks after the Wall Street Journal reported that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement.

"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," Wynn said in a written 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 has vehemently denied the report's allegations, which he attributes to a campaign led by his ex-wife. An attorney for Elaine Wynn has denied that she instigated the news report.

Wynn now faces investigations by gambling regulators in Nevada and Massachusetts, where the company is building a roughly $2.4 billion casino just outside Boston. The company earlier said a committee of independent directors would investigate the allegations that surfaced Jan. 26.

Shares of Wynn Resorts' China arm, Wynn Macau Ltd., were suspended from trading on the Hong Kong stock exchange on Wednesday in Asia. Gambling regulators in Macau, the world's biggest casino market, said they were officially notified about the resignation.

Macau's Gaming Inspection and Coordination Bureau also said in a statement that its director, Paulo Martins Chan, and the city's financial and economic secretary, Lionel Leong, met last week with Wynn Macau Executive Director Linda Chen to request a detailed explanation of the allegations and demand Wynn notify it of any "result, progress or important information" from the investigation within an unspecified time frame.

The company, which said previously it would cooperate with the regulator's requests, operates two casino-resorts in the Chinese enclave that generate about two-thirds of its total revenues.

A wave of sexual misconduct claims against prominent figures in entertainment, media and politics gained momentum last fall in the aftermath of articles detailing movie producer Harvey Weinstein's decades of alleged rape and harassment. But Wynn is the first CEO and founder of a major publicly held company to come under scrutiny since the Weinstein allegations surfaced.

Wynn is a titan in Sin City and played a major role in the revitalization of the Las Vegas Strip in the 1990s. He built the Bellagio, Treasure Island and Mirage before he sold his Mirage Resorts company in 2000. Two years later, he founded Wynn Resorts, which now operates two luxurious casino-resorts in the city and is in the process of building a lake and hotel development called Paradise Park on the site of a former golf course.

Wynn's two Macau casinos include the older Wynn Macau near the former Portuguese colony's historic old town, and the Wynn Palace, which in 2016 became the latest opulent resort to open in the new district of Cotai, joining lavish developments by rivals including Las Vegas Sands.

In announcing Wynn's resignation, the company's board of directors made clear it had done so "reluctantly."

"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 Boone Wayson, who was named non-executive chairman of the board. Matt Maddox, the company's president since 2013, was named CEO effective immediately.

Details of Wynn's separation agreement were not immediately disclosed.

Wynn resigned as finance chairman of the Republican National Committee a day after the allegations were published.

Since 2013, Wynn has contributed nearly $2.4 million to GOP candidates and party organizations around the country, including Nevada Gov. Brian Sandoval and 2017 special election winners. Some Republicans in Congress, including Nevada's Dean Heller, have already announced they are donating contributions they received from Wynn to charity.

Associated Press business writer Kelvin Chan in Hong Kong contributed to this report.</s>Steve Wynn has resigned as the CEO and chairman of the board of Wynn Resorts.

The Las Vegas mogul’s ouster comes one week after he was accused of a decades-long pattern of sexual harassment and abuse toward workers at his casinos, according to The Wall Street Journal.</s>Steve Wynn on Tuesday announced he would step down as CEO of Wynn Resorts.

The Wall Street Journal reported Jan. 26 that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement.

The Las Vegas billionaire has vehemently denied the allegations, which he attributed to a campaign led by his ex-wife.

He also faces investigations by gambling regulators in two states.</s>LAS VEGAS – Casino mogul Steve Wynn has resigned as chairman and CEO at Wynn Resorts amid sexual misconduct allegations.

Wynn Resorts says Tuesday the resignation is effective immediately.

The Wall Street Journal reported Jan. 26 that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement.

The Las Vegas billionaire has vehemently denied the allegations, which he attributes to a campaign led by his ex-wife.

He also faces investigations by gambling regulators in two states.

READ MORE: Steve Wynn, casino mogul and Republican donor, denies dozens of sexual misconduct claims: report

The board of directors for Wynn Resorts has appointed Matt Maddox, currently president of the company, as its CEO effective immediately.</s>Steve Wynn has stepped down as the CEO of Wynn Resorts after allegations of sexual misconduct piled pressure on the billionaire casino mogul and sent the company's stock tumbling.

"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," one of the directors, Boone Wayson, said in a company statement late Tuesday.

Wynn has denied the accusations of misconduct, which drew widespread attention last month after an investigative report by The Wall Street Journal detailed numerous allegations against him.

"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," Wynn 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 Resorts said it has appointed Matt Maddox, who currently serves as the company's president, as its new CEO effective immediately. Wayson will take over as chairman.

Losing Wynn is a heavy blow for the global gambling empire he built and that bears his name.

He said he was stepping down from "a company I founded and that I love."

Analysts have expressed concern about how Wynn's businesses in Las Vegas and the Chinese territory of Macau would operate without him at the helm.

"Mr. Wynn is the wynn," analysts at investment firm Bernstein wrote in a note to clients last month. "Without him, the Wynn Resorts ... is a different operation."</s>Steve Wynn has stepped down as the CEO of Wynn Resorts after allegations of sexual misconduct piled pressure on the billionaire casino mogul and sent the company’s stock tumbling.

“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,” one of the directors, Boone Wayson, said in a company statement late Tuesday.

Wynn, 76, has denied the accusations of misconduct, which gained widespread attention in late January after an investigative report by The Wall Street Journal detailed numerous allegations against him, citing dozens of sources.

“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” Wynn 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 Resorts said it has appointed Matt Maddox, who currently serves as the company’s president, as its new CEO effective immediately. Wayson will take over as chairman.

Losing Wynn is a heavy blow for the global gambling empire he built and that bears his name.

He said he was stepping down from “a company I founded and that I love.”

Analysts have expressed concern about how Wynn’s businesses in Las Vegas and the Chinese territory of Macau would operate without him at the helm.

“Mr. Wynn is the Wynn,” analysts at investment firm Bernstein wrote in a note to clients last month. “Without him, the Wynn Resorts … is a different operation.”

But the allegations against him made his position increasingly untenable.

He already resigned as finance chairman for the Republican National Committee shortly after the Journal story came out. And the Wynn Resorts board formed a special committee to investigate the allegations.

The accusations against him have also drawn scrutiny from gambling regulators in Nevada, Massachusetts and Macau.

The Chinese territory is particularly significant for Wynn Resorts, accounting for the large majority of its revenue and profits.

Investors have become increasingly concerned about the situation, driving down the company’s stock.
In the United States, billionaire Steve Wynn, best known for his casino hotels and resorts, resigns as CEO of Wynn Resorts following sexual harassment reports, including a $7.5 million settlement with a former worker at his Las Vegas resort.