As part of the process of granting Mr. Wynn a license to operate a casino, the Massachusetts commission conducted an extensive review of Mr. Wynn and his corporate empire. Investigators, who usually focus on an individual’s criminal history and potential ties to organized crime, did not report that Mr. Wynn had been the subject of any sexual misconduct allegations and determined that he met the state’s “suitability” standard.

The chief question before the commission on Wednesday was how its investigators could have overlooked the allegations against Mr. Wynn, which had been confirmed to The Journal by dozens of people. Wynn Resorts told The Journal in a statement that the application process did not ask for disclosure of that type of information.

The director of the commission’s investigations and enforcement bureau, Karen Wells, told the commissioners that lawyers for Wynn Resorts had confirmed to her the existence of the $7.5 million settlement reported by The Journal and that it had not been disclosed to anyone or mentioned in court documents.

“This was a private agreement and steps were taken to keep it from the public domain,” Ms. Wells said.

She said her team would conduct a further review — including a look at Mr. Wynn’s suitability and who knew what, when, and what they did about it. Ms. Wells said she could not speculate about how long her investigation might take, but the commissioners urged her to conduct it quickly while maintaining fairness and transparency.

No representatives from Wynn Resorts spoke at the meeting. In a statement, the company said it would fully cooperate with the commission’s investigation. “Our construction is on schedule for a 2019 opening and continues to create more than 4,000 local union trade jobs,” the company said.

Steve Crosby, the commission chairman, told reporters that the commission had already begun a review of its investigative procedure, but added that he had “enormous confidence” in the commission’s investigators.

He said the purpose of the meeting on Wednesday, which lasted less than an hour, was to determine the significance “of these appalling accusations on the suitability status of Mr. Wynn” and other principals in the Wynn organization, and to “ensure public confidence in the integrity of the gaming licensing process.”

Pressed by reporters as to whether the commission might revoke Mr. Wynn’s license or shut down the project just north of Boston in Everett, Mr. Crosby said: “We have unlimited authority to do virtually anything that we want, once we know what the facts are.”

He said he did not want to speculate about what might happen. “But for the time being, everybody who’s got jobs in Everett should go about their business and feel fine,” he said. “This is not the first time that there have been allegations of misconduct against major players in the casino business.”