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Wynn Steps Down as CEO of Wynn Resorts After Sex Allegations
https://www.bloomberg.com/news/articles/2018-02-07/steve-wynn-steps-down-as-ceo-of-wynn-resorts-after-allegationsSteve 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.
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. The gaming magnate will also resign from his chairman role at the Macau unit.
“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.”
