Casino mogul Steve Wynn has resigned as chairman and CEO at Wynn Resorts amid sexual misconduct allegations.
Wynn Resorts says Tuesday the resignation is effective immediately.
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.
He 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.
BREAKING: Steve Wynn steps down as CEO and Chairman of the Board of Wynn Resorts. pic.twitter.com/uDobVX2eiM— NBC News (@NBCNews) February 7, 2018