By Solange Reyner From Newsmax

Las Vegas casino magnate Steve Wynn, who is battling allegations he sexually harassed and assaulted a number of women, on Tuesday resigned as CEO and chairman of Wynn Resorts according to CNBC.

“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,” non-executive director of the board Boone Wayson said in a statement. “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.”

Matt Maddox, currently the company’s president, has been appointed the new CEO.

Wynn, who played a major role in the revitalization of Las Vegas Strip in the 1990s, two weeks ago stepped down as Finance Chairman of the Republican National Committee after The Wall Street Journal reported that Wynn, 76, paid $7.5 million to settle claims brought by a former manicurist at his resort who said he pressured her to have sex with him. The report also contained numerous other allegations of coercion and harassment by other women over many years.

Wynn, founder of Wynn Resorts Ltd., called the accusations “preposterous,” but said he couldn’t continue to be effective in his role.

“In the last couple of weeks, I have found myself the focus of 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,” Wynn said in a statement.

IMAGE:(Mark Wilson/Getty Images)

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