Tom Reeg, CEO of Caesars Entertainment, has bought 10,000 shares of Caesars stock, spending more than $710,000 to increase his ownership stake to nearly 235,000 shares.
According to a Securities and Exchange Commission filing, Reeg bought the stock in multiple transactions at prices ranging from $71.26 to $71.40 per share.
The purchase came a day after Reeg spoke at the J.P. Morgan investor conference in Las Vegas, where he told attendees declines in the stock prices of much of the gaming sector were “completely opposite” of current business trends.
Following the SEC filing, shares of Caesars were up as much as 12 percent. Shares in the company ended last week at $74.81 per share.
In a research note, Jeffries gaming analyst David Katz said Caesars is poised to ride an accelerated recovery for gaming operators following the pandemic. “We believe the fundamental environment for Las Vegas and regional casinos is expected to sustain its recent strength in demand, pricing and profitability,” Katz wrote in the note.