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Wynn Resorts CEO Steve Wynn steps down after sexual misconduct allegations

Casino magnate Steve Wynn stepped down from his position as CEO and chairman of the board for Wynn Resorts on Tuesday in the wake of multiple allegations of sexual harassment.

The allegations came to light in a January story in the Wall Street Journal that said dozens of people accused the billionaire of sexual misconduct. Wynn has denied any wrongdoing, calling the allegations "preposterous."

In a statement Tuesday, Wynn said that he decided to step down after "an avalanche of negative publicity," adding "I have reached the conclusion I cannot continue to be effective in my current roles."

The board said Tuesday that it had appointed Matt Maddox, currently president, as its CEO.

Wynn built and operated several of the most prominent and well known casinos on the Las Vegas Strip, including the Mirage, Treasure Island and the Bellagio.

He also served as the finance chairman on the Republican National Committee but stepped down in January following the allegations.

"The unbelievable success we have achieved must continue." Wynn, a close ally of President Donald Trump, said at the time. "The work we are doing to make America a better place is too important to be impaired by this distraction. "

The Wall Street Journal's report said that "dozens of people" who worked at his casinos detailed Wynn's behavior, showing what "would amount to a decades-long pattern of sexual misconduct." This behavior allegedly included using his powerful position to pressure employees into sexual acts.