BREAKING: Steve Wynn resigns as chairman and CEO of Wynn Resorts

Wynn Resorts founder Steve Wynn has resigned from his position as CEO and chairman of the company, effective immediately.

The departure of the gaming veteran comes amidst an investigation into his alleged sexual misconduct with employees during his role at the helm of the company.

“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,” said non-executive director of the board Boone Wayson.  “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.”

“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” said Wynn in a company announcement.

“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.  Therefore, effective immediately, I have decided to step down as CEO and Chairman of the Board of Wynn Resorts, a company I founded and that I love.”

Replacing Wynn as CEO is Matt Maddox, who is currently president of the company. Boone Wayson will become the non-executive chairman of the Board of Directors, both effective immediately.

“The succession plan laid out by the Board of Directors and which I wholeheartedly endorse now places Matt Maddox in the CEO seat. With Matt, Wynn Resorts is in good hands. He and his team are well positioned to carry on the plans and vision for the company I created.

Details of Mr. Wynn’s separation agreement will be disclosed when they are finalized.