Casino mogul Steve Wynn said in a statement Tuesday he has stepped down as CEO of Wynn Resorts after enormous pressure by the board and stock holders, following allegations of sexual harassment and assault. In the statement, Wynn said Matt Maddox will take over as CEO.
“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.”
“Steve Wynn is an industry giant,” the Board of Trustees 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. 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.”
President Donald Trump had hand picked Wynn, who he has a long history with, to oversee the RNC’s fundraising after the 2016 election. The RNC hasn’t named a replacement.