Well, that's one way to prop up a faltering stock.
Caesars Entertainment Corp. (CZR) CEO Mark P. Frissora has purchased $954,820 worth of stock in his own company, according to a filing with the U.S. Securities & Exchange Commission.
Frissora acquired 100,000 shares at an average price of $9.55 on August 3, increasing the number of shares directly owned by the executive by 5.1% to 2.05 million.
Frissora's vote of confidence in his company is resonating on Wall Street Monday, sending the stock soaring 5.2% after dropping 13% over the past month and 27% over the past six months since the stock reached a 52-week high of $14.50.
Las Vegas stocks were routed last week, especially those with exposure in the Chinese gaming enclave in Macau, following weaker-than-expected gaming revenue numbers out of China.
In a sign that the run on casino stocks last week may have been overdone, fellow gaming companies were also rising Monday.