LAS VEGAS (CBSNewYork/CBS News/AP) — Casino mogul Steve Wynn on Saturday resigned as finance chair of the Republican National Committee in the wake of recent allegations of sexual misconduct.

Wynn has been a prolific Republican donor and led the RNC’s fundraising efforts during President Donald Trump’s first year.

RNC chairwoman Ronna McDaniel said in a statement Saturday that she accepted Wynn’s resignation.

The resignation comes after dozens of female employees told the Wall Street Journal that Wynn pressured them into sex acts.

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One manicurist told the Journal Wynn demanded she have sex with him. She later complained to human resources and collected more than $7 million.

Wynn is the first CEO and founder of a major, publicly held company to face such allegations.

Stock in Wynn Resorts dropped about 10 percent Friday after news of the accusations broke.

Wynn initially addressed the allegations in a statement on Friday.

“The idea that I ever assaulted any woman is preposterous. We find ourselves in a world where people make allegations, regardless of the truth, and a person is left with the choice of weathering insulting publicity, or engaging in multi-year lawsuits. It is deplorable for anyone to find themselves in this situation,” he said.

The casino business is tightly regulated. It’s not clear how the allegations will affect Wynn’s ability to hold various licenses.

Wynn Resorts said it has a sexual harassment hotline for employees, but not one complaint was made about Steve Wynn.

Wynn’s resignation was first reported by Politico, which cited three senior Republicans.

Stick with CBSNewYork for more on this developing story.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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