Steve Wynn resigns as RNC finance chair after sexual misconduct allegations
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Republican National Committee (RNC) finance chairman Steve Wynn is stepping down from his post following sexual misconduct allegations, according to a Republican source familiar with the matter.

"Today I accepted Steve Wynn’s resignation as Republican National Committee finance chair," RNC Chairwoman Ronna Romney McDaniel said in a statement obtained by The Hill.

The RNC's statement Saturday, first reported by Politico, was its first response since allegations of sexual misconduct involving the casino mogul broke the previous day.

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Wynn issued a statement on Saturday, saying he was resigning in light of the "distraction" created by the allegations. 

"Effective today I am resigning as Finance Chairman of the RNC. 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," Wynn said. 

GOP officials came under pressure to respond after The Wall Street Journal reported Friday on the allegations against Wynn, which span decades, from employees at his properties.

The Journal reported that Wynn reached a $7.5 million settlement with a manicurist who worked at his Wynn Las Vegas property who said he forced her to have sex with him. Other women reported multiple other instances of inappropriate touching or comments.

Wynn denied misconduct allegations in a statement to the newspaper. 

“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,” Wynn said.

The casino mogul claimed that “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.” Elaine Wynn's attorney denied the claim. 

News of the allegations sent Wynn Resorts's stocks plummeting on Friday, with the company's board of directors launching an investigation "comprised solely of independent directors" to look into the allegations.

It also fueled political attacks, with the Democratic National Committee (DNC) hammering its Republican counterpart for two consecutive days, accusing party officials of having a double standard when it came to handling allegations of sexual misconduct.

Democrats noted that Republicans were quick to call out Democratic lawmakers and say that the party should return donations from filmmaker Harvey Weinstein when a wave of sexual misconduct allegations against him emerged in the fall.

"In the exact words of RNC Chairwoman Ronna McDanielRonna Romney McDanielRNC reports record .5 million fundraising haul for August Trump targets Debra Messing after actress calls for exposing Hollywood donors Stacey Abrams responds to RNC chairwoman: 'Concession means to say that the process was fair' MORE, ‘If you stand for treating women well and you stand for the respect of women, you shouldn't take money from somebody who treated women with the absolute highest level of disrespect,’ ” DNC deputy communications director Sabrina Singh said in a statement Friday that the party recirculated on Saturday.

The DNC was criticized from right-leaning political groups after the committee donated the money it received last cycle from Weinstein to three liberal political groups.

Wynn was tapped to serve as the GOP's finance chairman following President TrumpDonald John TrumpTrump conversation with foreign leader part of complaint that led to standoff between intel chief, Congress: report Pelosi: Lewandowski should have been held in contempt 'right then and there' Trump to withdraw FEMA chief nominee: report MORE's inauguration last year. He previously called Trump a "great friend" in 2016 and served as a vice chairman on Trump's inaugural committee.

The businessman has donated to an array of political organizations as well both Republican and Democratic politicians.

He gave around $450,000 to the RNC and over $761,000 to the National Republican Senatorial Committee.

Party officials have not indicated yet what they will do with Wynn's donations. 

Wynn donated $729,217 to Trump's inauguration and has made major contributions to Sens. Dean HellerDean Arthur HellerThis week: Barr back in hot seat over Mueller report Trump suggests Heller lost reelection bid because he was 'hostile' during 2016 presidential campaign Trump picks ex-oil lobbyist David Bernhardt for Interior secretary MORE (D-Nev.), John McCainJohn Sidney McCainCan the presidential candidates please talk about our debt crisis? Michelle Malkin knocks Cokie Roberts shortly after her death: 'One of the first guilty culprits of fake news' Arizona Democratic Party will hold vote to censure Sinema MORE (R-Ariz.) and former Rep. Joe HeckJoseph (Joe) John HeckAnti-Trump Republicans better look out — voters might send you packing How endangered GOP Sen. Dean Heller is seeking to hang on Bottom line MORE (R-Nev.). 

The mogul has also made smaller donations to various lawmakers, including Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellLawmakers run into major speed bumps on spending bills Budowsky: Donald, Boris, Bibi — The right in retreat Hillicon Valley: Zuckerberg to meet with lawmakers | Big tech defends efforts against online extremism | Trump attends secretive Silicon Valley fundraiser | Omar urges Twitter to take action against Trump tweet MORE (R-Ky.) and Sens. Marco RubioMarco Antonio RubioTrump faces difficult balancing act with reelection campaign Republicans wary of US action on Iran California poll: Biden, Sanders lead Democratic field; Harris takes fifth MORE (R-Fla.), Jeff FlakeJeffrey (Jeff) Lane FlakeFlake donates to Democratic sheriff being challenged by Arpaio in Arizona The Hill's Morning Report - Trump says US-China trade talks to resume, hails potential trade with Japan, UK Joe Arpaio to run for Maricopa County sheriff in 2020  MORE (R-Ariz.), Tim ScottTimothy (Tim) Eugene ScottTo boost minority serving institutions, bipartisan Future Act needs immediate action Cruz to oppose Trump appeals court pick The Hill's Morning Report — The wall problem confronting Dems and the latest on Dorian MORE (R-S.C.), Orrin HatchOrrin Grant HatchTrump to award racing legend Roger Penske with Presidential Medal of Freedom Trump awards Presidential Medal of Freedom to economist, former Reagan adviser Arthur Laffer Second ex-Senate staffer charged in aiding doxxing of GOP senators MORE (R-Utah) and Bob CorkerRobert (Bob) Phillips CorkerTrump announces, endorses ambassador to Japan's Tennessee Senate bid Meet the key Senate player in GOP fight over Saudi Arabia Trump says he's 'very happy' some GOP senators have 'gone on to greener pastures' MORE (R-Tenn.).

Wynn has also made donations to Democrats, giving over $31,000 to former Sen. Harry ReidHarry Mason ReidBarr fails to persuade Cruz on expanded background checks Harry Reid warns Trump 'can be reelected' Homeland Security Republican accuses Navy of withholding UFO info MORE (D-Nev.) and smaller donations to former Vice President Joe BidenJoe BidenBiden lead shrinks, Sanders and Warren close gap: poll Biden allies: Warren is taking a bite out of his electability argument Budowsky: Donald, Boris, Bibi — The right in retreat MORE and former Democratic presidential nominee Hillary ClintonHillary Diane Rodham ClintonQueer Marine veteran launches House bid after incumbent California Rep. Susan Davis announces retirement Poll: Trump neck and neck with top 2020 Democrats in Florida Former immigration judge fined, temporarily banned from federal service for promoting Clinton policies MORE.

Josh Delk contributed to this report, which was updated at 3:30 p.m.