Multiple accusations of sexual assault were not enough to persuade the University of Pennsylvania to revoke Bill Cosby’s honorary degree.

For that, it took Steve Wynn.

Two years after declining to rescind Mr. Cosby’s honor, the university changed its mind on Thursday, but only after deciding to strip the casino mogul Steve Wynn’s name from an prominent campus plaza and a scholarship, and to take back his own honorary degree.

The university announced the decisions a week after reports emerged that Mr. Wynn, a Penn alumnus and former trustee, had frequently demanded naked massages from female employees, sometimes pressuring them for sex, in one case leading to a $7.5 million legal settlement.

Mr. Cosby and Mr. Wynn are among a string of well-known men accused of sexual assault or harassment, forcing colleges to reconsider tributes like honorary degrees, which are often bestowed on celebrities and business leaders with the hope of spurring major donations.