The Nevada Gaming Control Board has opened an investigation into Steve Wynn, CEO of Wynn Resorts and former Republican National Committee finance chief, it said Tuesday, in the wake of a Wall Steet Journal report alleging decades of sexual misconduct.

"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," the board's chair, Becky Harris, said in a statement.

The allegations, which were first reported Friday, detailed accounts from dozens of current and former employees that would amount to "a decades-long pattern of sexual misconduct," as well as a $7.5 million financial settlement paid to a manicurist who alleged she was pressured into having sex with Wynn.

Wynn has denied the allegations.

Shares of Wynn Resorts have plunged since the report was published Friday, as attention has turned to how the company's board leadership will manage what could amount to a civil liability.

Wynn Resorts on Friday said its board of directors had formed a committee to look into the allegations, although Wynn will continue to act as CEO for the duration of the investigation.

RNC Chair Ronna Romney-McDaniel confirmed that Wynn resigned on Saturday from his post as the RNC's finance chief.

Chicago Cubs co-owner and Republican donor Todd Ricketts is expected to succeed Wynn as RNC finance chair.

This story is developing. Please check back for updates.