Trump rival-turned-friend Steve Wynn suddenly resigns from company

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Casino mogul Steve Wynn has announced he will be stepping down as chairman and chief executive officer of Wynn Resorts, the company he founded, after a slew of sexual misconduct allegations.

The board has appointed Matt Maddox, now president of the company, as its new CEO.

Morningstar Research analyst Dan Wasiolek wrote that Wynn Resorts' "design quality is unlikely to be affected" by the resignation, in part because its executive bench included 42-year-old President Matthew Maddox, who joined the company in 2002 and was named CEO on Tuesday night.

Wynn, who developed The Mirage, Treasure Island (now TI) and the Bellagio before launching Wynn Resorts, built the Wynn Las Vegas and Encore through his namesake company.

The resignation comes after a report from the Wall Street Journal claimed that the billionaire has for decades sexually harassed his female staff and coerced them into sex.

Last month, Wynn also resigned as the Republican National Committee's finance chairman.

Now, the Associated Press is reporting that Wynn is under investigation by gambling regulators in Nevada and MA, where the company is building a roughly $2.4 billion casino just outside Boston.

Asked to comment on how, or whether, the departure could affect its projects, Wynn Resorts spokeswoman Deanna Pettit-Irestone emailed a section of the resignation announcement.

Wynn's company, Wynn Resorts, is responsible for resorts such as Wynn Las Vegas and Encore.

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Matt Madox is the new Wynn Resorts CEO.

The $2.4 billion Everett casino is set to be completed in 2019.

Wynn explained that the accusations have created an atmosphere of distrust at the company in which "a rush to judgment takes precedence over everything else, including the facts".

"If Steve Wynn is considered not suitable, according to the law he should give up his shares", Wang said.

Wynn is one of a number of high-profile men who have had sexual misconduct and abuse accusations leveled against them in industries ranging from entertainment and media to politics and philanthropy in the wake of allegations against movie producer Harvey Weinstein that first surfaced in October.

If he maintains enough stock in the company that bears his name, Wynn could still have an impact on the suitability review underway of Wynn Resorts' casino license. Wynn responded by blaming the allegations on his ex-wife.

However, the shoes of Steve Wynn will not be easy to fill.

The commission's Investigations and Enforcement Bureau Director Karen Wells told commission members last week that counsel for the casino company told her the settlement was withheld from regulators on advice of counsel, and that the settlement was entered into privately "to keep it from the public domain".

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