Steve Wynn has announced his resignation as the CEO and board chairman of Wynn Resorts, following multiple allegations of sexual misconduct spanning decades. Wynn has denied the allegations against him, which were brought to light after an investigative report from The Wall Street Journal.
“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.”
Matt Maddox, who serves as president of the company, will take over as CEO, while Boone Wayson will assume the role of non-executive chairman of the board of directors. Details of Wynn’s separation agreement will be made public once they are finalized.
“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,” Wayson says. “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. 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.”
