Jan. 30 (UPI) -- The Nevada Gaming Control Board announced Tuesday it has opened a sexual misconduct investigation into casino and hotel magnate Steve Wynn.
"After completing our review, the Nevada Gaming Control Board is conducting an investigation with regard to the allegations of sexual misconduct involving Steve Wynn," NGCB Chairwoman Becky Harris said in a statement.
The Las Vegas Review-Journal reported the NGCB's investigation is expected to focus on whether any alleged sexual misconduct was a detriment to the gaming industry or hurt the reputation of the state of Nevada.
If misconduct is found, Wynn could potentially lose his gaming license.
The billionaire could also face a seven-figure fine.
The NGCB investigation follows a Wall Street Journal report published last week that contained several accusations from former employees who said Wynn pressured workers into performing sex acts.
Wynn denied the sexual misconduct allegations against him.
"The idea that I ever assaulted any woman is preposterous," he said in a statement. "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."
The NGCB is the latest fallout from the sexual misconduct allegations against Wynn.
On Friday, the Wynn Resorts' board announced it formed a special committee to investigate the allegations against Wynn, who serves as the company's chairman and chief executive officer.
Wynn also served as the finance chairman of the Republican National Committee but resigned from that position after the Wynn Resorts' board announcement.