Following reports of sexual misconduct, Wynn will resign from his position at Wynn Resorts

Steve Wynn announced Tuesday that he is resigning from his position as CEO and chairman of the Wynn Resorts board, citing an “avalanche of negative publicity” amid allegations of sexual misconduct.

Wynn, a 1963 College graduate, was accused of a pattern of sexual misconduct spanning over decades in a report by the Wall Street Journal that was released in late January. The casino mogul denied the reports and told the Wall Street Journal that the allegations were “preposterous.”

The resignation comes five days after Penn announced it would revoke Wynn’s honorary degree and removed his name from the area outside of Houston Hall. 

In an announcement to the Penn community, the University also announced it would be removing Wynn's name from his scholarship, as well as revoking the honorary degree of Bill Cosby, who has also been accused of sexual misconduct.

The University has already replaced Wynn's name from "Wynn Commons," which is located in the common area outside Houston Hall. Wynn Commons was defaced with black paint a couple days prior to the installation of bricks in its place, and was later covered with a board.