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Steve Wynn, the CEO of Wynn Resorts, has resigned from the casino entertainment business that has carried his name for more than 15 years, less than two weeks after the Wall Street Journal accused the mogul of widespread sexual misconduct.

In a statement the Wynn Resorts’ non-executive director of the board Boone Wayson said: “It is with a collective heavy heart, that the board of directors of Wynn Resorts [has] accepted the resignation of our founder, CEO and friend.

“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.”

Citing what he called “an avalanche of negativity,” Steve Wynn added: “As I have reflected upon the environment this has created – one in which a rush to judgement takes precedence over everything else, including the facts – I have reached the conclusion I cannot continue to be effective in my current roles.

“Therefore, effective immediately, I have decided to step down as CEO and chairman of the board of Wynn Resorts, a company I founded and that I love.”

Wynn continues to deny the accusations, asserting that any suggestion he would assault a woman is “preposterous” and claiming his former wife Elaine is the source of the allegations as part of what he called a “terrible and nasty lawsuit.”

Wynn Resorts has appointed Matt Maddox, currently president of the company, to the position of CEO, effective immediately.