Steve Wynn steps down from RNC finance chair role amid misconduct allegations

Key Points
  • Steve Wynn stepped down on Saturday as the RNC's finance chief, after a Wall Street Journal article detailed a litany of sexual harassment allegations against him.
  • The claims span a number of years, according to The Journal, and at least one resulted in a large settlement of over $7 million.
  • Wynn was a prodigious fundraiser, and is a personal friend of President Donald Trump.
Wynn Resorts Chairman and CEO Steve Wynn
Ethan Miller | Getty Images

Casino magnate Steve Wynn resigned Saturday from his post as the Republican National Committee's finance chief, with the billionaire grappling with claims of sexual misconduct that sent his company's stock reeling.

In a terse statement, RNC Chair Ronna Romney-McDaniel confirmed that Wynn — a prominent supporter of President Donald Trump — had stepped aside in the wake of detailed and numerous allegations against him. McDaniel, however, made no mention of the claims swirling around the billionaire.

"Today I accepted Steve Wynn's resignation as Republican National Committee Finance Chair," McDaniel said on Saturday. Wynn was a prolific fundraiser for the RNC, and donated thousands of dollars to Trump's inauguration effort, as well as an assortment of GOP candidates.

Wynn also presided over a record-setting cash haul for the RNC, which is projected to have raised more than $130 million in 2017, and routinely outraised its Democratic counterpart last year.

His resignation comes as the party gears up for what polls suggest will be a hard-fought midterm election, with Democrats seemingly poised to wrest at least one chamber of Congress from Republican control. The opposition party currently leads on the generic ballot by an average of nearly 8 points, according to Real Clear Politics.

Steve Wynn shows off the plans for a planned casino during a press conference on March 15, 2016.
Jessica Rinaldi | The Boston Globe | Getty Images

Meanwhile, the mogul's empire may also take a financial hit. On Friday, Wynn Resorts stock plunged more than 10 percent after The Wall Street Journal reported allegations that its billionaire CEO engaged in sexual misconduct over a course of years.

Dozens of people familiar with the allegations described Wynn as having engaged in a pattern of harassment over a lengthy period of time, resulting in financial settlements. Wynn responded to the publication by saying the suggestion of his having acted improperly with women was "preposterous."

The allegations surrounding Wynn put the RNC and Trump in a delicate spot. After movie mogul Harvey Weinstein was battered by allegations, numerous Republicans called on Democrats to return the donations given to the party and its candidates — and some political observers are already calling on the GOP to do the same.


--CNBC's Michael Sheetz contributed to this article.