Nevada Rep. Susie Lee Discloses Husband Purchased Wynn Resorts Shares

Posted on: February 8, 2022, 10:54h. 

Last updated on: February 8, 2022, 11:34h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Rep. Susie Lee (D-NV) revealed her soon-to-be former husband, Dan Lee, recently purchased shares of Wynn Resorts (NASDAQ:WYNN).

Susie Lee
Rep. Susie Lee (D-NV) at a Democratic party event last yea in Las Vegas. Her soon-to-be ex-husband bought shares of Wynn. (Image: Las Vegas Review-Journal)

In a periodic transaction report with the clerk of the House of Representatives, Lee, who represents Nevada’s third congressional district, disclosed that her husband bought Wynn stock between Jan. 27 and Feb. 1 in two transactions each valued at between $15,001 and $50,000.

These trades were executed by her husband, Dan Lee, from whom she is separated and from whom Congresswoman Lee has filed for divorce. Congresswoman Lee did not learn about these trades until after they were made, and she is not involved in any trading decisions,” said spokesperson Zoe Parker in a statement provided to Casino.org.

One of Dan Lee’s purchases of Wynn equity was directed to a Fidelity subtrust account, while another was made in an individual brokerage account, also held at Fidelity. Shares of the Encore operator are up 3.59 percent year-to-date.

Interesting Timing

To recap: Lee wasn’t aware of her husband’s buys of Wynn stock, the transactions were properly disclosed, and the couple is ending their marriage. However, Dan Lee’s trades arrive at an interesting time regarding public perception of members of Congress owning individual stocks.

There’s growing, bipartisan momentum to limit how members of Congress participate in the stock market. That’s following news that some Republican senators dumped stocks in early 2020 prior to the general public knowing the severity of the coronavirus pandemic. There is also consistent news flow surrounding Speaker of the House Nancy Pelosi’s (D-CA) husband’s trades.

Rep. Chip Roy (R-TX) and Rep. Abigail Spanberger (D-VA) recently voiced support for the “Ban Congressional Stock Trading Act,” which was introduced by Sen. Jon Ossofff (D-GA). Sen. Josh Hawley (R-MO) rolled out a similar bill known as the “Banning Insider Trading in Congress Act.”

A decade ago, Congress passed the STOCK Act, aimed at keeping members of Congress from “using congressional knowledge to their advantage in stock trading.” Recent analysis indicates members of both parties violated the STOCK Act hundreds of times since 2020.

More Interesting Tidbits

Dan Lee is the chief executive officer of Full House Resorts (NASDAQ:FLL). That Nevada-based company currently runs five casinos in four states, though that number is poised to soon expand.

In October 2019, Full House inked mobile sports betting deals with Wynn’s interactive unit in Colorado and Indiana. It’s not immediately clear if Lee’s purchase of the shares has anything to do with his company’s relationship with Wynn.

As of last May, Lee owns more than one million Full House shares, making him by far the largest holder of the stock among company insiders. Shares of the regional gaming operator are down 31.13 percent year-to-date.