Steve Wynn Out As CEO Of Wynn Resorts

LAS VEGAS, NV - The fallout from a Wall Street Journal article detailing allegations of sexual abuse against Las Vegas casino developer Steve Wynn has caused the Wynn Resorts CEO to step down as head of the company he founded. Wynn announced his resignation Tuesday night in a statement that laid out the company's succession plan, but didn't include any acknowledgement about the validity of claims made by former cocktail waitresses and Wynn employees in the WSJ piece as well as in court documents from the late 90s which have recently been reported by the Las Vegas Review-Journal.

Matt Maddox will take over as CEO of Wynn Resorts.

"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 facts - 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 that I love," Wynn said.

Wynn founded the company in 2002. The company owns two properties in Las Vegas, three in Macau, and is currently constructing a sixth in Boston, MA. The Boston project could be in jeopardy as Wynn's gaming license in the state is subject to a review through an investigation by the Massachusetts Gaming Commission

Wynn's statement continues, discussing his company's success, the role Maddox will take over, and thanking his employees. Besides citing the "avalanche of negative publicity," Wynn's statement makes no mention of the allegations brought against him. Since the WSJ article was published, Wynn has maintained that he never abused any women.

The WSJ piece alleged Wynn's behavior towards female employees - in which he allegedly pressured female employees into having sex with him - dates back "decades," and that he paid one woman a $7.5 million settlement. The allegations are at least twenty years old. A recent Review-Journal article states that a reporter for the newspaper was working on a story about a court filing in 1998, in which a woman alleged Wynn pressured her into having sex with her because he had never been with a grandmother before. The woman alleges the abuse took place in the late 1980s The newspaper killed the story in 1998.

Despite Wynn's resignation, the company's stock was up five points for the day as of 11:30 a.m. PST.

Image via Charles Krupa/Associated Press