(Feb 7): Wynn Resorts founder Steve Wynn stepped down as chief executive officer and chairman after reports that the casino magnate had engaged in multiple instances of sexual harassment.

The board said in a statement issued in the US late Tuesday it has appointed Matt Maddox, currently president, as its CEO, effective immediately.

“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” Wynn said in the statement. “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.”

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