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LAS VEGAS (CBSMiami) – One of the most polarizing figures in the gambling industry has resigned.

Tuesday night, Steve Wynn, 76, stepped down as CEO of the company that he founded – Wynn Resorts.

Described as an industry giant and visionary, Wynn was a key player in transforming Las Vegas into the entertainment destination it is today. He had more plans but that all came to a sudden halt after several allegations of sexual misconduct.

Following what he described as an avalanche of bad publicity, multiple allegations of sexual misconduct sent the company’s stock tumbling. The pressure mounted.

Last week, The Wynn Resorts board of directors said it would form a special committee to look into sexual misconduct allegations. Also last week, Wynn resigned as the Republican National Committee finance chair.

Tuesday night, Wynn released a statement which read in part, “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.”

“I think it was right for him because he’s supposed to be a pillar of this community and to have those allegations happen, I mean, that’s not very good to be that big figure in Vegas and have that hanging over you like that. So, if it is true then I think that was a good idea,” said Heather Dunn who was visiting Las Vegas.

Wynn Resorts has appointed Matt Maddox, its president since 2013, as chief executive. Shares of Wynn Resorts, worth around $17 billion, tumbled nearly 20 percent since the Wall Street Journal report in which several women said Wynn harassed female employees for decades and coerced them into sex.

Wynn has previously denied these claims, calling them an effort by his ex-wife to tarnish his reputation.

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