Steve Wynn to Step Down as Wynn Resorts CEO

Steve Wynn,

the billionaire casino visionary considered to be the architect of modern Las Vegas, resigned Tuesday as chairman and chief executive of his company in the wake of sexual misconduct allegations detailed in a Wall Street Journal investigation last month.

Mr. Wynn, 76, who founded

Wynn Resorts

WYNN -1.37%

in 2002, said in a statement Tuesday evening he “reached the conclusion I cannot continue to be effective in my current roles” after becoming focus of “an avalanche of negative publicity.”

Matt Maddox,

currently the company’s president, will take over as CEO, according to a statement from the company.

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