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Casino Magnate Steve Wynn steps down as CEO of Wynn Resorts

Casino Magnate Steve Wynn steps down as CEO of Wynn Resorts

Steve Wynn, the casino mogul, has stepped down as CEO of Wynn Resorts of Las Vegas. The 76-year-old has resigned in the wake of sexual misconduct allegations and widening scrutiny of his financial empire.

The company said in a statement, "We are informing this with a heavy heart that the board of directors of Wynn Resorts have accepted the resignation of our founder, CEO and friend Steve Wynn."

"Steve Wynn is a big name in the industry. He is a philanthropist and, pioneer and a visionary. He has played a crucial role in shaping up the entertainment industry of Las Vegas and has made it what it is today." 

Nevada's powerful Gaming Control Board decided to launch an investigation into the allegations of sexual misconduct last week. This move has further put a strain on the Wynn's finances.

The avalanche of bad publicity surrounding Wynn with a net worth of $3.6 billion has already reportedly cost him $463 million.

Wynn said, "I have found myself as the focus of an avalanche of negative publicity in the last couple of weeks."

"After introspecting and reflecting over the turn of events- I have concluded that I cannot continue to be effective in my current roles. Therefore, with immediate effect, I decided to step down as the CEO and Chairman of the Board of Wynn Resorts, a company I have founded and a company I love."

Steve Wynn has already resigned from the position of Republic National Committee finance chair on January 27 after the sexual assault allegations. The gambling industry honcho is reported to have indulged himself in sexual misconduct with company employees, and allegedly one case led to a $7.5 million settlement, according to The Wall Street Journal.

Wynn has denied all these allegations and has accused his ex-wife Elaine Wynn Devon Spurgeon of having led a smear campaign against him. Elaine's spokesperson has denied all the charges.

Currently, Wynn is named in the Forbes 400 list of the richest Americans with a net worth of $3.6 billion. Wynn Resorts Ltd. operates resorts in Las Vegas and Macau, and another one is being built near Boston.

"Steve Wynn has laid the foundation of modern Las Vegas," the board wrote. "He transformed the city into an economic powerhouse by making it a world-wide tourist hub."

Matthew Maddox would be the next acting CEO of the company.