Steve Wynn, the casino billionaire credited with shifting the industry’s focus from gambling to all-around entertainment, stepped down as chief executive officer and chairman of Wynn Resorts Ltd. after being embroiled in a sexual harassment scandal, Bloomberg reports.
The board “reluctantly” accepted Wynn’s resignation, the company said in a statement. Wynn Resorts appointed Matt Maddox, currently president, as its CEO effective immediately. Steve Wynn alone made the decision to step down, according to a person familiar with the matter.
“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” Wynn said in the 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 been in the spotlight since the Wall Street Journal published a report Jan. 26 that alleged he pressured employees for sex and paid $7.5 million to settle claims brought by a former manicurist at his Las Vegas resort. Wynn, 76, has denied any wrongdoing.
His exit sets up a challenge for a company whose glamorous image has been closely tied to its founder. As recently as Tuesday night, callers to his Las Vegas hotel heard his voice, extolling the virtues of a Jeff Koons sculpture of Popeye on the property, when they were placed on hold.