Steve Wynn resigns as CEO of Wynn Resorts

Wynn Resorts CEO resigns amidst sexual abuse allegations

Wynn Resorts CEO resigns amidst sexual abuse allegations

Maddox has served as president of Wynn Resorts and as a non-executive director of Wynn Macau since 2013.

Mr Wynn, who according to Forbes has a net worth of US$3.3 billion (S$4.3 billion), started in Las Vegas casinos in the 1960s, creating some of Las Vegas' most iconic landmarks - the Mirage, Bellagio and Treasure Island.

The gaming commission has responded to the allegations of sexual harassment and assault against Wynn by opening a regulatory review to determine if Wynn and others involved in the company would still pass the strict suitability standards outlined in the state's gaming law.

Shortly after that article was published, Wynn stepped down as finance chairman of the Republican National Committee, the University of Pennsylvania revoked his honorary scholarship and took his name off of a campus plaza and scholarship, and the Massachusetts Gaming Commission promised to investigate the allegations. Regulators in Nevada and MA are also probing the allegations against Wynn. In fact, more than 40 percent of all Wynn Las Vegas management are women; the highest in the gaming industry.

Mr Wynn has also resigned as the chairman, chief executive and an executive director of the Hong Kong-listed Wynn Macau Ltd with immediate effect, the firm stated to the Hong Kong bourse after trading hours on Wednesday.

Asked to comment on how, or whether, the departure could affect its projects, Wynn Resorts spokeswoman Deanna Pettit-Irestone emailed a section of the resignation announcement.

Wynn, in his own statement Tuesday night, said he was buried by an "avalanche of negative publicity".

Wynn Resorts, which operates two hotels on the Strip and two in Macau, is planning or building projects in Las Vegas, Massachusetts and Macau.

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Another local militant Hilal, whose role has been ascertained in the case, remains at large along with the main accused Naveed. He said that Hilal handed over the revolver to Naveed and both fired at the constables.

The company, which is responsible for several casino operations including the famous Wynn Macau, Wynn Palace Cotai and Wynn and Encore Las Vegas has with a "collective heavy heart" accepted Wynn resignation.

Matt Madox is the new Wynn Resorts CEO.

Wynn explained that the accusations have created an atmosphere of distrust at the company in which "a rush to judgment takes precedence over everything else, including the facts".

J.P. Morgan Securities analyst Joseph Greff upgraded Wynn Resorts stock after the resignation was announced.

However, the shoes of Steve Wynn will not be easy to fill.

"I want to thank all of the employees who have made Wynn Resorts the most admired resort company in the world, and for the support I have received from them in recent weeks", he said.

"The instigation of these accusations is the continued work of my ex-wife Elaine Wynn, with whom I am involved in a bad and nasty lawsuit", Steve Wynn had said, according to Deadline.

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