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Casino mogul Steve Wynn resigns amid sex misconduct claims

By: The Associated Press
February 6, 2018 Updated: February 6, 2018 at 8:19 pm
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photo - FILE - This March 15, 2016, file photo, shows casino mogul Steve Wynn at a news conference in Medford, Mass. The University of Pennsylvania has announced plans to distance itself from casino mogul Wynn and comedian Bill Cosby in the wake of sexual misconduct allegations against both men.  The college on Thursday, Feb. 1, 2018, said it will revoke Wynn’s honorary degree and remove his name from both an outdoor plaza and a scholarship fund. The school will also rescind Cosby’s honorary degree. The school says it has been a century since it took away an honorary degree but that “credible” allegations against the men warranted the action.  (AP Photo/Charles Krupa, File)
FILE - This March 15, 2016, file photo, shows casino mogul Steve Wynn at a news conference in Medford, Mass. The University of Pennsylvania has announced plans to distance itself from casino mogul Wynn and comedian Bill Cosby in the wake of sexual misconduct allegations against both men. The college on Thursday, Feb. 1, 2018, said it will revoke Wynn’s honorary degree and remove his name from both an outdoor plaza and a scholarship fund. The school will also rescind Cosby’s honorary degree. The school says it has been a century since it took away an honorary degree but that “credible” allegations against the men warranted the action. (AP Photo/Charles Krupa, File) 

LAS VEGAS — Casino mogul Steve Wynn resigned Tuesday as chairman and CEO of Wynn Resorts amid sexual misconduct allegations.

"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," Wynn said in a written statement Tuesday. "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 Wall Street Journal reported Jan. 26 that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement.

The Las Vegas billionaire has vehemently denied the allegations, which he attributes to a campaign led by his ex-wife.

Last month, Wynn resigned as finance chairman of the Republican National Committee.

Since 2013, Wynn has contributed nearly $2.4 million to GOP candidates and party organizations around the country, including Nevada Gov. Brian Sandoval and 2017 special election winners. Some Republicans in Congress, including Nevada's Dean Heller, have already announced they are donating contributions they received from Wynn to charity.

Wynn also faces investigations by gambling regulators in two states.

The board of directors for Wynn Resorts has appointed Matt Maddox, currently president of the company, as its CEO effective immediately.

Details of Wynn's separation agreement were not immediately disclosed.

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