American casino mogul Steve Wynn has resigned as chairman and CEO of his Wynn Resorts company amid sexual misconduct allegations.
In a statement released Tuesday, Wynn, 76, who has denied the accusations, said he found himself "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," Wynn said.
The board of directors appointed Matt Maddox as CEO of Wynn Resorts and Boone Wayson as chairman, the company said.
The allegations against Wynn surfaced at the end of January in a Wall Street Journal investigation that included claims by female employees that Wynn forced them to have sex with him.
The shares of Wynn Resorts on Nasdaq plummeted after the news broke, falling from $200.60 on Jan. 25 to $163.22 on Tuesday.
Wynn Resorts owns several hotels in Las Vegas, United States, and Macao, China including the iconic Mirage, Bellagio and Treasure Island.
"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," Wynn Resorts said in a statement.
The sexual misconduct allegations have already led to Wynn's resignation from his position as finance chairman for the Republican National Committee.
Wynn has dismissed the allegations as "ridiculous" and accused his ex-wife Elaine Wynn, with whom he has for years been locked in a legal battle, of being behind the scandal.