US casino mogul Steve Wynn has stepped down as chairman and CEO of his Wynn Resorts company amid sexual misconduct allegations.
A Wall Street Journal report alleged that the 76-year-old billionaire harassed massage therapists and forced one staff member to have sex with him.
Mr Wynn denied any misconduct and called the story “preposterous”.
Last month Mr Wynn also resigned as finance chair of the Republican National Committee (RNC).
“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” Mr Wynn said in a statement on 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,” he said.
Wynn Resorts owns and operates several casino complexes including Wynn Macau, Wynn and Encore Las Vegas, and Wynn Palace Cotai.
Wynn Macau’s shares were suspended from trading in Hong Kong following the firm’s announcement on Tuesday.
Who is Steve Wynn?
- The son of an East Coast bingo parlour operator, he is now worth an estimated $3.5bn, according to Forbes magazine
- He made his fortune in the construction and operation of major Las Vegas casinos, including the Golden Nugget, The Mirage, Treasure Island and the Bellagio, all of which he later sold to MGM Grand Inc
- He has been locked in legal battles with his ex-wife, Elaine Wynn, for more than seven years. The pair co-founded Wynn Resorts
- He famously accidentally elbowed a hole in the middle of his Picasso painting when preparing to sell it for a record $139m (£74m) in 2006