Steve Wynn steps down as Wynn Resorts Chairman, CEO

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Wynn continues to deny the allegations, but said in a statement that he is stepping down from his company because of the "avalanche of negative publicity".

The previous experience of Maddox - working in corporate finance in Caesars Entertainment and as a banker for Bank of America Securities - may come in handy while planning the company's future.

Nita Chaudhary, Co-Founder of UltraViolet said: "Wynn is a predator who abused his position of power to sexually coerce his female staff with impunity".

26 that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement. A few days later, the University of Pennsylvania revoked his honorary degree and removed his name from a campus plaza and scholarship.

Shares in Wynn Resorts, which owns the Wynn, Encore Las Vegas casinos and Wynn Macau unit, have declined almost 20 percent since the newspaper report on Jan 26.

Late last month, the Wall Street Journal reported on allegations that Wynn was engaged in serious sexual misconduct at his casinos for decades.

Replacing Wynn on the company's Board of Directors is Boone Wayson. He is a philanthropist and a beloved leader and visionary.

Wynn is a titan in Sin City and played a major role in the revitalization of the Las Vegas Strip in the 1990s. He drove up standards in hotels, dining and shopping.

The fallout from the claims against Wynn has reverberated from Macau to Las Vegas.

Wynn first entered the world of gambling when he took over his father's bingo parlors in Maryland. He called out the numbers while she counted the cash.

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But his rising stature in Las Vegas in the 1980s resulted in frequent regulatory inquiries and investigations into possible ties to organized crime.

The complaint claims that "a majority of the board members are beholden to Mr. Wynn or have a close personal relationship with Mr. Wynn and have a history of acquiescence to Mr. Wynn's".

Most of the new developments didn't come from Las Vegas Wednesday, but rather from MA. Married when they were teenagers - she was 18 and he was 19 - they divorced, remarried and divorced again in 2010. Maddox previously served as president since 2013 and has been with the casino resort since its founding 16 years ago.

And the executive may also be able to argue that he has good reason to resign due to a change in control, especially if the Wynn Resorts board sought to scale back his responsibilities due to the accusations.

The company declined to comment.

The suit was filed in District Court in Clark County, Nevada on behalf of the Norfolk County Retirement System, a current stockholder of Wynn Resorts.

Wynn started in Las Vegas casinos in the 1960s but was forced to sell his multi-billion dollar operation Mirage Resorts to tycoon Kirk Kerkorian in a hostile takeover in 2000.

We don't know if Steve Wynn will be able to keep his stake in the company, which would mean he'd need to keep a gaming license, but in the next few weeks we'll get details of arrangements surrounding his departure.

Dozens of current and former employees at Wynn's gambling establishments told the Journal they had experienced or witnessed chronic abuse by the billionaire.

Matthew Goldstein and Tiffany Hsu contributed reporting.

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