GAMBLING INSIDER

Steve Wynn, the founder and CEO of worldwide casino conglomerate Wynn Resorts has stepped down from his role as CEO and Chairman of the company amid allegations of sexual misconduct.

In a statement released on the company’s website, Wynn Resorts non-executive director Boone Wayson said: "It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn.

"Steve Wynn is an industry giant. 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."

Wynn previously served as CEO and Chair of Mirage Resorts before founding Wynn Resorts in 2002, turning the company into a multinational multi-billion dollar enterprise and amassing a personal fortune of over $3.3bn.

Full-year 2017 net revenues for the company topped $6.31bn, jumping 41.2% year-on-year from the $4.47bn reported during the 2016 financial year.

Shares in Wynn Resorts plunged more than 18% following the revelations surrounding its now former CEO.

Releasing a statement, Wynn himself added: "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 judgment takes precedence over everything else, including the facts — I have reached the conclusion I cannot continue to be effective in my current roles.”

"The Wynn Resorts team and I have built houses of brick. 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.”

In the wake of Steve Wynn’s resignation Wynn Resorts has appointed Matt Maddox, currently President of the Company, as its CEO, and Boone Wayson as Non-Executive Chairman of the Board of Directors, effective immediately.