Steve Wynn Resigns From Wynn Resorts

EVERETT, MA — Casino magnate Steve Wynn has resigned as CEO and chairman of Wynn Resorts, the company announced Tuesday evening. The announcement comes after a Wall Street Journal article detailing years of sexual assault allegations against the 78-year-old Wynn.

"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," Wynn said in a statement released by the company. "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."

Former company President Matt Maddox is taking over as CEO, and Boone Wayson will be Non-Executive Chariman.

"Steve Wynn is an industry giant," Wayson said in a statement released by the company. "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."

Wynn Resorts is currently building a $2.4 billion resort casino in Everett, MA called Wynn Boston Harbor. The 3 million square foot behemoth, set to open in 2019, will be the first such casino in Massachusetts.

There is no word on what the casino will be called or if Wynn's name will remain with the company.

Massachusetts Gaming Commission investigators are reviewing the suitability of Wynn and some of his executives, including Maddox, for holding a gaming license in the state, according to MassLive. The sexual assault allegations against Wynn included a $7.5 settlement with a manicurist, which gaming officials said was kept from them prior to the Wall Street Journal story.

(AP Photo/Charles Krupa, File)