{"id":327342,"date":"2024-08-07T16:24:34","date_gmt":"2024-08-07T21:24:34","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=327342"},"modified":"2024-08-07T16:24:34","modified_gmt":"2024-08-07T21:24:34","slug":"mgm-red-rock-insiders-buy-stocks-amid-slumps","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-red-rock-insiders-buy-stocks-amid-slumps\/","title":{"rendered":"MGM, Red Rock Insiders Buy Stocks Amid Slumps"},"content":{"rendered":"

High-ranking executives at MGM Resorts International (NYSE: MGM) and Red Rock Resorts (NASDAQ: RRR) are buying shares in their companies as the stocks slump.<\/p>\n

\"MGM
MGM Resorts International CEO Bill Hornbuckle during an interview with The Nevada Independent<\/em> on June 30, 2023. He recently bought 58,900 shares of MGM stock. (Image: The Nevada Independent<\/em>)<\/figcaption><\/figure>\n

New filings with the Securities and Exchange Commission (SEC) indicate at least three high-level MGM executives recently added to their stakes in the casino operator. Chairman Paul Salem scooped up 147,500 shares while CEO Bill Hornbuckle purchased 58,900 shares. CFO Jonathan Halkyard bought 10,000 shares. Combined, the trio\u2019s buying amounted to $8.5 million.<\/strong><\/p>\n

\n

The average purchase prices for those three MGM executives were $33.465 to $34.00. With the beleaguered stock closing at $36.44 today, those buys are already profitable. Insider buying at MGM arrived as the stock, along with the broader casino gaming complex, has been tumbling in recent weeks amid fears of a slowing global economy<\/a> and deteriorating US employment data.<\/p>\n<\/div>\n

As of the close of US markets today, shares of MGM resided 24.47% below the 52-week high. A decline of 20% from the most recent high is considered a bear market. The stock is also lower by 15.20% over the past week and down 18.44% year-to-date.<\/p>\n

Fertitta Brothers Buy 200K Shares of Red Rock<\/h2>\n

MGM isn\u2019t the only gaming company in which insiders have recently been gobbling up shares. Recent SEC filings indicate Red Rock Resorts CEO Frank Fertitta bought 134,000 shares while his brother Lorenzo bought 66,000 shares. Lorenzo is also vice president and a director at the gaming company. Red Rock isn\u2019t as badly battered as some other gaming stocks as the shares are off 5.74% over the past week and 3.74% over the past month.<\/p>\n

Following those buys, Lorenzo owns 47.51 million shares of Red Rock while his brother Frank owns 45.98 million, according to Form 4 filings with the SEC<\/strong>.<\/p>\n

The insider buying at MGM and Red Rock is encouraging because for most of this year, there\u2019s been little of it across the gaming industry. Earlier this year, there was modest buying by some insiders at Caesars Entertainment<\/a> (NASDAQ: CZR), but not much else to speak in terms of related activity across the gaming equity spectrum.<\/p>\n

However, there has been evidence of insider selling at some gaming companies. In a three-week stretch spanning late February into March, insiders at Boyd Gaming<\/a> (NYSE: BYD), including members of the Boyd family, sold approximately $53.4 million worth of the Orleans operator\u2019s shares. Those sales were made in advance of the company\u2019s first-quarter earnings report \u2013 one that sent the stock tumbling.<\/p>\n

MGM, Red Rock Insider Buying Could Be Positive Sign<\/h2>\n

While corporate insiders sell shares of their employer\u2019s stock for a variety of reasons, not all of which are negative, insider buying is usually viewed as a bullish signal.<\/p>\n

Purchases of a company\u2019s shares by board members and executives is both legal and viewed as a positive sign by analysts and investors.<\/p>\n

High-ranking execs and directors buy stock for one reason: because they believe the shares will increase in value. Wall Street views legal insider trading as a positive sign because the analyst and investor communities like knowing C-level executives and directors have \u201cskin in the game.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

High-ranking executives at MGM Resorts International (NYSE: MGM) and Red Rock Resorts (NASDAQ: RRR) are buying shares in their companies as the stocks slump. New filings with the Securities and Exchange Commission (SEC) indicate at least three high-level MGM executives recently added to their stakes in the casino operator. Chairman Paul Salem scooped up 147,500 […]<\/p>\n","protected":false},"author":46,"featured_media":289645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886],"tags":[81897,81903,23],"acf":[],"yoast_head":"\nMGM, Red Rock Insiders Buy Stocks Amid Slumps<\/title>\n<meta name=\"description\" content=\"MGM, Red Rock Insiders Buy Stocks Amid Slumps.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mgm-red-rock-insiders-buy-stocks-amid-slumps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM, Red Rock Insiders Buy Stocks Amid Slumps\" \/>\n<meta property=\"og:description\" content=\"MGM, Red Rock Insiders Buy Stocks Amid Slumps.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-red-rock-insiders-buy-stocks-amid-slumps\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-07T21:24:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/840e812c-bill-hornbuckle-062923-1-1200x797-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"797\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-red-rock-insiders-buy-stocks-amid-slumps\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-red-rock-insiders-buy-stocks-amid-slumps\/\",\"name\":\"MGM, Red Rock Insiders Buy Stocks Amid Slumps\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-red-rock-insiders-buy-stocks-amid-slumps\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-red-rock-insiders-buy-stocks-amid-slumps\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/840e812c-bill-hornbuckle-062923-1-1200x797-1.jpg\",\"datePublished\":\"2024-08-07T21:24:34+00:00\",\"dateModified\":\"2024-08-07T21:24:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MGM, Red Rock Insiders Buy Stocks Amid Slumps.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-red-rock-insiders-buy-stocks-amid-slumps\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-red-rock-insiders-buy-stocks-amid-slumps\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-red-rock-insiders-buy-stocks-amid-slumps\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/840e812c-bill-hornbuckle-062923-1-1200x797-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/840e812c-bill-hornbuckle-062923-1-1200x797-1.jpg\",\"width\":1200,\"height\":797,\"caption\":\"MGM Resorts International CEO Bill Hornbuckle during an interview with The Nevada Independent on June 30, 2023. 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