Steve Wynn Resigns From Republican National Committee Post

LAS VEGAS, NV -- Las Vegas casino mogul Steve Wynn announced Saturday he will resign from his post as finance chair for the Republican National Committee, one day after he was accused of sexual misconduct by multiple people.

Wynn, 76, was personally selected for the RNC post by President Donald Trump after donating more than $800,000 to the party during the 2016 presidential election.

In a statement to the media, Wynn called the accusations a "distraction."

"Effective today I am resigning as Finance Chairman of the RNC," Wynn said. "The unbelievable success we have achieved must continue. The work we are doing to make America a better place is too important to be impaired by this distraction. I thank the President for the opportunity to serve and wish him continued success."

RNC Chair Ronna Romney McDaniel said she accepted Wynn's resignation but did not mention the sexual misconduct claims.

The Wall Street Journal published a blistering report Friday detailing allegations from dozens of people accusing Wynn of sexual misconduct.

In response to the report, Wynn said "The idea that I ever assaulted any woman is preposterous." In statements, Wynn and Wynn Resorts said the allegations are the "continued work" of his ex-wife, Elaine Wynn.

Wynn has a deep history in Las Vegas and is credited with creating The Strip most tourists see today.

"Wynn developed the Mirage, Treasure Island and Bellagio hotels with his first major casino venture, Mirage Resorts," Forbes reported. "In 2000, the Wynn's sold Mirage Resorts and bought up the Desert Inn, eventually using the land to co-found Wynn Resorts, operator of Las Vegas' most upscale hotels and casinos.
Wynn Las Vegas opened in 2005 and sister hotel, Wynn Encore, opened in 2008."

Forbes estimated Wynn's net worth at $3.5 billion, but said his company "saw its market cap drop over $2 billion" on Friday following the Journal's report.

The allegations come in the beginning phase of a major expansion for Wynn Resorts. The company is transforming its golf course near the Las Vegas Strip into "Paradise Park," and purchased land in December for $336 million to build another hotel on the Strip. As of 11:50 a.m., Wynn's stock was down over 10 percent Friday.

--Patch reporter Lucas Thomas contributed to this report;Image via Vincent Yu/Associated Press