(CNN) - Steve Wynn has stepped down as the CEO of Wynn Resorts after allegations of sexual misconduct piled pressure on the billionaire casino mogul and sent the company's stock tumbling.
"The Board of Directors of Wynn Resorts reluctantly announced today that it accepted the resignation of Steve Wynn as CEO and Chairman of the Board of Directors," Wynn Resorts said in a statement late Tuesday.
Wynn has denied the accusations of misconduct, which drew widespread attention last month after an investigative report by The Wall Street Journal detailed numerous allegations against him.
"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," Wynn said in a separate 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."
Wynn Resorts said it has appointed Matt Maddox, who currently serves as the company's president, as its new CEO effective immediately.