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Billionaire casino magnate Steve Wynn stepped down as CEO of Wynn Resorts, the company said Tuesday.

Wynn, who has donated millions to the Republican Party, was accused of sexual misconduct by several people who have worked at his Las Vegas casinos, according to a report in The Wall Street Journal in late January. The article detailed a pattern of behavior that spans decades and included accusations by employees that they were coerced by him to perform sex acts.

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"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," Boone Wayson, non-executive director of the board of directors, said in a statement.

Wynn has denied the allegations in the Journal report but he said in the statement from the board:

"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. Therefore, effective immediately, I have decided to step down as CEO and Chairman of the Board of Wynn Resorts, a company I founded and that I love."

Related: Nevada gaming officials investigating allegations against Steve Wynn

Wynn had already stepped down as finance chair of the Republican National Committee.

Wynn Resorts said details of Wynn's separation agreement will be disclosed when they are finalized.

The president of Wynn Resorts, Matt Maddox, was appointed as the CEO, the board said. Wynn said in the statement that he endorses the decision and that "with Matt, Wynn Resorts is in good hands."