EVERETT, MA (WBZ-AM) – Casino mogul Steve Wynn is no longer as CEO and chairman of his company, Wynn Resorts.
The move follows a recent "Wall Street Journal" article that detailed numerous accusations of sexual misconduct against the 76-year-old. Wynn said an "avalanche of negative publicity" created a situation in which he couldn't continue to lead the company.
He has denied the allegations against him. The company's current president, Matt Maddox, is being appointed to the position of CEO.
The 42-year-old Maddox is one of Wynn Resorts longest-serving executives, joining the company in 2002.
He rose through the ranks to become chief financial officer and ultimately president, a role he had held since late 2013.
Meanwhile in Everett, MA, construction continues along the banks of the Mystic River on the $2.4 Billion Dollar hotel and casino set to open in 2019.
However, when the allegations surfaced last month against Steve Wynn Governor Charlie Baker called on the gaming commission to look into the license awarded to when the allegations.
The Commission is set to review Wynn Resorts during a meeting on Wednesday.
Everett City Councilor Michael Marchese says he doesn’t believe the allegation and Wynn stepping down will have an impact on the project.
“I see this as just business as usual…[they] have built hotels all over the world so I don’t think they will miss a step.” Marchese said.
WBZ NewsRadio1030’s Ben Parker reports.