Steve Wynn Resigns as CEO of Wynn Resorts

2/6/2018 7:04 PM PST

Steve Wynn Resigns as CEO of Wynn Resorts Amid Sexual Misconduct Allegations

Breaking News

Steve Wynn is out as CEO of the company he founded, announcing he's stepping down amid allegations of sexual misconduct against him ... TMZ has learned.

The casino magnate resigned Tuesday as CEO and Chairman of the Board of Directors. Wynn says ... "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 board has appointed current President, Matt Maddox, as its new CEO, and Boone Wayson as Non-Executive Chairman of the Board of Directors, effective immediately.

Various women have made claims of sexual misconduct against Wynn, according to the Wall Street Journal. He's vehemently denied the allegations.