Daniel Lee
About Daniel R. Lee
Daniel R. Lee (age 68) has served as an independent director of Associated Capital Group, Inc. since the spin-off from GAMCO was completed on November 30, 2015. He is currently Chief Executive Officer, President, and a director of Full House Resorts, Inc. (Las Vegas, NV), roles he has held since December 2014; he previously was CFO/Treasurer/SVP–Finance at Mirage Resorts, Inc., and CEO/Chair at Pinnacle Entertainment, Inc. He is a Chartered Financial Analyst and has held senior executive and financial positions across gaming and capital markets, providing seasoned financial and operating oversight .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Pinnacle Entertainment, Inc. | Chair & CEO | 2002–2009 | Led NYSE-listed gaming operator; executive management of multi-asset portfolio |
| Mirage Resorts, Inc. | CFO, Treasurer, SVP–Finance | 1992–1999 | Senior financial leadership during growth phase |
| F.P. Holdings, LP (The Palms Casino Resort) | Chair & CEO | Sep 2013–Jul 2014 | Oversight of operations and strategic initiatives |
| Creative Casinos, LLC | Managing Partner | Prior to sale (dates not specified) | Developed/operated casinos; entrepreneurial execution |
| Major brokerage firm | Managing Director | Prior to 1992 | Capital markets leadership; CFA designation |
External Roles
| Organization | Role | Tenure | Type |
|---|---|---|---|
| Full House Resorts, Inc. | CEO, President, Director | Dec 2014–present | Public company – gaming developer/manager |
| LICT Corporation | Director | 2000–2005; Jan 2010–Jul 2013 | Public company; Mario J. Gabelli serves as Chair/CEO |
| ICTC | Director | Jun 2015–Dec 2016 | Public company board service |
| Myers Industries, Inc. (NYSE: MYE) | Director | May 2013–May 2015; May 2016–May 2018 | Public company – diversified manufacturing |
Board Governance
- Independence: The Board evaluated Daniel Lee’s relationships (including occasional nominations to public company boards by GAMCO affiliates and prior service on GCIA’s board) and determined he is independent under NYSE standards; he has no material relationship impairing independent judgment .
- Committee assignments (2024): Governance Committee (Member), Compensation Committee (Member); not on Audit or Nominating .
- Attendance: All directors attended at least 75% of Board and committee meetings in 2024; the Board met five times. Compensation Committee met once; Governance Committee met once; Audit Committee met five times .
- Controlled company context: AC is a controlled company under NYSE rules (GGCP >50% voting power), exempting it from certain independence requirements; nonetheless, AC’s Board has a majority of independent directors. Frederic V. Salerno serves as Lead Independent Director .
| Governance Item | Detail |
|---|---|
| Independence status | Independent director (Board conclusion) |
| Committees | Governance (Member) ; Compensation (Member) |
| Attendance (2024) | ≥75% of applicable meetings |
| Years of service | Director since Nov 30, 2015 |
Fixed Compensation
- Director cash fees: In 2024, Daniel R. Lee earned $80,000 in cash fees; no stock or option awards were granted to non-executive directors in 2024 .
- Effective January 1, 2025, the annual cash retainer for Board members increased to $100,000; meeting fees and chair retainers unchanged (Lee is not listed as a chair) .
| Component | 2024 ($) | 2025 ($) |
|---|---|---|
| Annual Board retainer | 60,000 | 100,000 |
| Attendance per Board meeting | 5,000 | 5,000 |
| Attendance per Audit Committee meeting | 4,000 | 4,000 |
| Attendance per Compensation/Governance meeting | 3,000 | 3,000 |
| Committee chair fees (Audit/Comp/Gov) | 20,000 / 12,000 / 12,000 (if chair) | 20,000 / 12,000 / 12,000 (if chair) |
| Director | Fees Earned/Paid in Cash 2024 ($) | Stock Awards ($) | Option Awards ($) | Total ($) |
|---|---|---|---|---|
| Daniel R. Lee | 80,000 | 0 | 0 | 80,000 |
Performance Compensation
- No performance-linked director compensation disclosed for 2024 (no stock awards, options, or performance metrics tied to director pay). Equity awards for non-executive directors outstanding at year-end were also reported as none .
| Performance-linked component | 2024 disclosure |
|---|---|
| Stock awards (RSUs/PSUs) | None disclosed |
| Option awards | None disclosed |
| Performance metrics tied to director pay | None disclosed |
Other Directorships & Interlocks
| Company | Relationship to AC ecosystem | Potential interlock signal |
|---|---|---|
| LICT Corporation | Mario J. Gabelli serves as Chair & CEO of LICT; Lee previously served as LICT director | Historical association within Gabelli affiliate network; Board still deemed Lee independent |
| ICTC, Myers Industries | External public boards; no disclosed related-party ties to AC | No specific conflicts disclosed |
Expertise & Qualifications
- Financial executive expertise as CFO/Treasurer/SVP–Finance at Mirage Resorts; CEO experience at Pinnacle, F.P. Holdings, and Full House Resorts .
- Chartered Financial Analyst; capital markets background as Managing Director at a major brokerage firm .
- Board and committee experience across multiple public companies .
Equity Ownership
- Beneficial ownership: Daniel R. Lee reported no Class A shares; directors marked “**” represent beneficial ownership of less than 1% of the applicable class .
- No non-executive director equity awards outstanding at December 31, 2024; hedging by directors is prohibited under company policy .
| Holder | Class A Shares | Percent of Class A | Class B Shares | Percent of Class B |
|---|---|---|---|---|
| Daniel R. Lee | 0 | Less than 1% (“**”) | — | — |
Governance Assessment
- Strengths: Independent status affirmed despite historical affiliations; active roles on Governance and Compensation Committees; Board maintains majority independent composition even under controlled-company exemptions; Lead Independent Director framework in place .
- Alignment concerns: Zero reported share ownership and absence of director equity grants may signal limited “skin-in-the-game” alignment for Lee versus equity-based director pay models commonly used to align interests; however, AC’s policy and disclosures show no director equity awards in 2024 and no pledging/hedging by directors is permitted (hedging prohibited) .
- Engagement signals: Board met five times in 2024, with all directors meeting at least 75% attendance; Compensation and Governance Committees met only once each, which may indicate light cadence in committee engagement for the period .
- Conflicts: AC’s charter contains robust related-party transaction approval/“entire fairness” standards; no related-party transactions were disclosed involving Lee, and the Board specifically considered his prior GCIA board service and GAMCO affiliates’ nominations in reaching an independence conclusion .
RED FLAGS to monitor:
- Controlled company structure and non-independent membership on the Nominating Committee (Mario J. Gabelli and Elisa M. Wilson) warrant continued oversight of director selection processes .
- Limited equity ownership by Lee and absence of director equity awards reduce direct alignment with public shareholders; continued review advisable if compensation structure remains predominantly cash-based .