Citing what he called ‘an avalanche of negative publicity’ surrounding the sexual misconduct allegations recently brought against him, billionaire businessman Steve Wynn (pictured) has reportedly resigned as Chief Executive Officer for American casino operator Wynn Resorts Limited.

According to a report from The New York Times newspaper, the 76-year-old casino magnate, who has also stepped down from his post as Chairman for the firm’s Hong Kong-listed Wynn Macau Limited subsidiary, has continually denied claims that he may have pressured workers into performing sexual acts by calling such allegations ‘preposterous’.

However, the Connecticut-born businessman, who is reportedly under investigation by gaming officials in Nevada and Massachusetts, revealed yesterday that he had taken the decision to stand aside because the allegations against him first published in a January 27 story from The Wall Street Journal had created an environment where ‘a rush to judgment takes precedence over everything else, including the facts’.

“The Wynn Resorts [Limited] team and I have built houses of brick,” read a Tuesday statement from Wynn. “Which is to say, the institution we created, a collection of the finest designers and architects ever assembled as well as an operating philosophy now ingrained in the minds and hearts of our entire team, will remain standing for the long term. I am extremely proud of everything we have built at this company. Most of all, I am proud of our employees.”

Boone Wayson, a non-executive director for Wynn Resorts Limited, used yesterday’s official statement to describe Wynn as ‘an industry giant’ that had ‘created modern Las Vegas’ before explaining that the company had accepted Wynn’s resignation ‘with a collective heavy heart’.

“He is a philanthropist and a beloved leader and visionary,” read the Tuesday statement from Wayson. “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.”

Las Vegas-headquartered Wynn Resorts Limited moreover reportedly revealed that Wynn’s position is to be filled by Matt Maddox, who has served as its President since 2013 after joining its ranks eleven years earlier from what is now Caesars Entertainment Corporation.

“The succession plan laid out by the board of directors and which I wholeheartedly endorse now places Matt Maddox in the Chief Executive Officer seat,” read yesterday’s statement from Wynn. “With Matt, Wynn Resorts [Limited] is in good hands. He and his team are well positioned to carry on the plans and vision for the company I created.”

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