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Steve Wynn is out as CEO of Wynn Resorts

CNBC logo CNBC 2/7/2018 Everett Rosenfeld
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Steve Wynn has resigned as CEO and chairman of Wynn Resorts, the company announced Tuesday.

The move comes after a Wall Street Journal report alleging decades of sexual misconduct by the gambling mogul.

The allegations in the report detailed accounts from dozens of current and former employees that would amount to "a decades-long pattern of sexual misconduct," as well as a $7.5 million financial settlement paid to a manicurist who alleged she was pressured into having sex with Wynn.

"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," non-executive director of the board Boone Wayson said in a statement. "Steve Wynn is an industry giant. 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. 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."

The board has appointed Matt Maddox, currently the company's president, to be the CEO, the statement said.

In a statement provided by the company, the former CEO did not admit to any wrongdoing, but instead pointed to the "environment" created by the allegations themselves:

"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," he said.

—CNBC's Chloe Aiello contributed to this report.

This is a breaking news story. Check back for updates.

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