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Feb. 6 (UPI) — Casino and hotel magnate Steve Wynn stepped down as CEO of Wynn Resorts Tuesday, following recent allegations of sexual misconduct.

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

The Wynn Resorts board appointed Matt Maddox, the company’s president, to replace Wynn effective immediately.

“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,” Wynn Resorts Chairman 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.”

Wynn came under fire after last month after the Wall Street Journal investigation published allegations from “dozens” of former Wynn employees who accused him of sexual misconduct.

Wynn denied the allegations but resigned as the Republican National Committee finance chairman the next morning.

Days later, the Nevada Gaming Control Board announced it opened a sexual misconduct investigation in to Wynn. That investigation puts Wynn’s state gaming license at risk if any misconduct was found.