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Wynn Resorts rallies as founder and boss Steve Wynn is buried under "an avalanche of negative publicity"

Steve Wynn has quit as the boss of the casino company he founded as reports circulate of more damaging allegations against him

Resignation in chess
On your way, son ...

Steve Wynn, the under-fire boss of Wynn Resorts Limited (NASDAQ:WYNN) has stepped down as chief executive and chairman of the board.

The board has appointed Matt Maddox, previously president of the company, as its chief executive officer, and Boone Wayson as non-executive chairman of the board of directors, effective immediately.

READ: Wynn Resorts could soon be in a no-Wynn situation

"It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn," said Wayson of the man who has been accused of sexual misconduct. 

According to the Wall Street Journal, more than 150 people have spoken out against Wynn’s behaviour.

"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. He also assembled a world-class team of executives that will continue to meet the high standards of excellence that Steve Wynn created and the Wynn brand has come to represent," Wayson continued.

Wynn said he opted to step down after “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. 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 said.

Shares in Wynn Resorts were up 8.2% at US$176.60 in pre-market trading.

Quick facts: Wynn Resorts

Price: 103.94 USD

Market: NASDAQ
Market Cap: $11.22 billion

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