Steve Wynn Steps Down As Resorts Head

Steve Wynn has resigned as Wynn Resorts chairman and CEO in the wake of sexual misconduct allegations against him and gambling regulator inquiries.

 

AP Photo – Steven Wynn

The decision, effectively immediately, follows Wynn’s recent resignation as finance chairman of the Republican National Committee after the Wall Street Journal published claims Wynn assaulted or harassed employees. One case reportedly was settled for $7.5 million, according to the paper. 

Terms of Wynn’s separation agreement were not disclosed. 

Wynn said in a statement, “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 judgement takes precedence over everything else, including the facts – I have reached the conclusion I cannot continue to be effective in my current roles.” 

The billionaire denies the claims, saying it is a smear campaign spearheaded by his ex-wife, Elaine Wynn, who denies any part in the news story. 

Wynn is also facing investigations by gambling regulators in Nevada and Massachusetts, where the company is building a $2.4 billion casino near Boston. A committee of independent directors are said to be looking into the allegations.