In the wake of allegations of sexual harassment and assault, casino magnate Steve Wynn resigned as finance chairman of Republican National Committee (RNC) on Saturday. The 76-year-old billionaire said the “distraction” caused by the controversy was the reason for his resignation.

“Effective today I am resigning as Finance Chairman of the RNC,” he said in a statement, which was first reported by Politico. “The unbelievable success we have achieved must continue. The work we are doing to make America a better place is too important to be impaired by this distraction. I thank the President for the opportunity to serve and wish him continued success.”

"Today I accepted Steve Wynn’s resignation as Republican National Committee finance chair," RNC chairwoman Ronna Romney McDaniel said Saturday. She also discussed the matter with President Donald Trump after he returned Friday from the World Economic Forum in Davos, Switzerland.

Steve Wynn Steve Wynn, CEO of Wynn Resorts, is acknowledged at a news conference held by President Donald Trump at the White House in Washington, D.C., July 26, 2017. Photo: Mark Wilson/Getty Images

The decision followed a report in the Wall Street Journal on Friday that alleged Wynn sexually harassed women who worked at his casinos over several decades.

According to the report, Wynn allegedly pressurized employees of his resorts and casinos to perform sex acts. It specifically spoke about an incident with a manicurist, who reportedly claimed in 2005 that Wynn forced her to have sex with him after she gave him a manicure in his office.

She alleged that Wynn forced her to remove her clothes and lie on a massage table in his office suite, and when she said she was not willing to have sex, he persisted with his demands until she complied. After telling others, including a supervisor, about the incident, the woman was paid a $7.5 million settlement. The report said several other former employees also claimed they faced unwanted sexual advances from him.

Responding to the allegations, Wynn had earlier said, "The idea that I ever assaulted any woman is preposterous. We find ourselves in a world where people can 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 also said the "instigation of these accusations is the continued work of my ex-wife Elaine Wynn, with whom I am involved in a terrible and nasty lawsuit in which she is seeking a revised divorce settlement."

Wynn was chosen to head the RNC finance committee by the president himself, who has described the Las Vegas mogul as a “great friend.” He donated about $2.4 million to Republican Party candidates and party organizations since 2013. Wynn also helped the RNC collect over $130 million in donations while leading the committee’s fundraising efforts during Trump’s first year in office. On Jan. 20, he hosted a fundraiser at Trump's Mar-a-Lago resort in Florida to mark POTUS' first year in office.

Wynn is the CEO of Wynn Resorts and former owner of the Mirage, Treasure Island and Bellagio resorts in Las Vegas.