Rep. Crenshaw's Wynn Stock Purchase Preceded Fertitta's Public Investment Announcement
Rep. Dan Crenshaw (R-TX) purchased Wynn Resorts stock worth between $1,001 and $15,000 on October 25, 2022, just days before Tilman Fertitta's significant stake in the company became public knowledge.
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Fertitta acquired 6.91 million shares (6.1% of outstanding shares) on October 19, 2022. When this purchase became public through an SEC filing on October 31, Wynn's stock surged 10% intraday, making Crenshaw's investment immediately profitable.
While Fertitta is known for supporting Republican candidates, including Trump and Texas Governor Greg Abbott, no direct political contributions from Fertitta to Crenshaw have been documented since 2018. Though Crenshaw's district neighbors Fertitta's Houston area, there are no clear connections between the two.
Among Congress members, Wynn stock ownership is relatively rare. Recent notable purchases include Rep. Susie Lee's (D-NV) ex-husband in early 2022 and Rep. Ro Khanna's (D-CA) investment of $1,001-$15,000 in September.
Crenshaw has maintained his position in Wynn for over two years, benefiting from a 56% increase in share value since his initial purchase. The stock received another boost when Fertitta increased his stake to nearly 10% in late 2023.
This trading activity comes amid growing public concern about congressional stock trading, with bipartisan voter support for legislation that would ban members of Congress from trading individual stocks.
