Shares of Wynn Resorts soared as much as 8% on Wednesday morning after the embattled billionaire casino mogul Steve Wynn stepped down from his role as CEO and chairman of the company.
The announcement was made "reluctantly" by Wynn's board of directors on Tuesday. The board appointed Matt Maddox, the president of Wynn Resorts, as its new CEO, and Boone Wayson, as its non-executive chairman.
The news came after Wynn, who is also the founder of Wynn Resorts, was accused last month of decades of sexual misconduct, including regularly pressuring his employees at Las Vegas casinos into performing sex acts.
Wynn has repeatedly denied the allegations.
A few weeks ago, Wynn resigned from his role as finance chairman at the Republican National Committee.
Wynn's stock was trading at $176.50 a share and was up 7.6% for the year.