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Casino mogul Stephen Wynn’s sexual misconduct scandal appears to be getting the best of him and his business. On Tuesday, he resigned as chairman and CEO of his company Wynn Resorts. In the wake of dozens of allegations against him, the mogul had already resigned from his position as Republican National Committee Finance Chair. Wynn Resorts also suffered some devastating financial losses, with Wynn himself losing some $412 million in net worth.
Wynn isn’t staying silent on the matter, however. He attributes his resignation to “an avalanche of negative publicity,” that fostered an environment “in which a rush to judgment takes precedence over everything else, including the facts.” Mhmmm. “Negative publicity” is perhaps putting it lightly. In January, the Wall Street Journal published an investigation that found Wynn had harassed 76 female employees for years. According the report, he even coerced some of them into sex.
The accusations detailed in the investigation are disturbingly Weinstein-esque. Wynn allegedly demanded that women massage him naked or masturbate in front of him. Wynn was also found to have paid a manicurist $7.5 million in a legal settlement after he pressured her to undress, lie on a massage table, and have sex.
Wynn, while polarizing (even pre-sex scandal), is widely considered a pioneer in the Las Vegas business community. As the New York Times notes, “Mr. Wynn’s mark on Las Vegas is indelible. From the Mirage, which he opened in 1989, to the Bellagio and the soaring Wynn Hotel and Encore towers, he introduced the idea that visitors to the Strip were not just there to gamble. He also offered them top-of-the-line staterooms, fine dining, and Rodeo Drive-level shopping.” His exit from Wynn Resorts stands to affect a number of projects the company had in the works and the industry as a whole. Wynn will be replaced by Matt Maddox, company president since 2013.