Casino mogul Steve Wynn has announced he will be stepping down as chairman and chief executive officer of Wynn Resorts, the company he founded, after a slew of sexual misconduct allegations.

In a statement issued on the company’s website, the businessman said that he had, in the last couple of weeks, found himself “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,” he said.

“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.”

The board of directors said it had accepted his resignation and appointed Matt Maddox, currently president of the company, as its new CEO, and Boone Wayson as non-executive chairman of the board of directors – effective immediately.

“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,” the board said.

“He also assembled a world-class team of executives that will continue to meet the high standards of excellence that Steve Wynn created and the Wynn brand has come to represent.”

Last month, The Wall Street Journal published an extensive investigation into Mr Wynn, alleging he had harassed female employees for years.

Mr Wynn reportedly denied all of the allegations. “The idea that I ever assaulted any woman is preposterous,” Mr Wynn said in a written statement emailed to The Independent at the time.

“We find ourselves in a world where people can make allegations, regardless of the truth, and a person is left with the choice of weathering insulting publicity or engaging in multi-year lawsuits.”

In the wake of the investigation, Mr Wynn, a former business rival to Donald Trump, resigned as finance chairman of the Republican National Committee.