Nevada Gaming Control Board To Investigate Steve Wynn

NEVADA - The Nevada Gaming Control Board is investigating Wynn Resorts CEO Steve Wynn, The Nevada Independent reported Tuesday. The announcement comes days after gaming regulators in Massachusetts, where the company is building a hotel and casino, announced their own investigation.

Gaming Control Board chair Becky Harris announced the decision on Tuesday after a Wall Street Journal news piece published last week alleged Wynn displayed a "decades-long" pattern of sexual misconduct towards female employees.

“After completing our review the Nevada Gaming Control Board is conducting an investigation with regard to the allegations of sexual misconduct involving Steve Wynn. The Nevada Gaming Control Board will conduct its investigation in a thorough and judicious manner," Harris said in a statement.

Wynn denied the allegations listed in the report, which includes details of an apparent $7.5 million settlement paid to one woman. He said the allegations are an attempt by his ex-wife Elaine Wynn to gain a more favorable divorce settlement.

Stock in Wynn Resorts took a steep plunge downward in the hours after the report was published on Friday, Jan. 26. The company's stock price opened at 201.99 on Friday and ended at 180.29. By the time the stock exchange opened on Monday prices were down to 171.04. They continued to plummet through Monday, but began trending upwards again Tuesday, ending at 171.45.

Image via Charles Krupa/Associated Press