Jay Snowden, the CEO of gambling and entertainment operator Penn Entertainment, has bought company shares worth $1 million, according to a filing with the Securities and Exchange Commission.

Snowden bought 54,200 company shares on Sept. 3 at prices ranging between $18.15 and $18.76 per share, bringing the purchase price to $1 million.

The recent purchase brings Snowden’s stake in his employer’s equity to 853,045 shares. While his latest investment in Penn Entertainment’s stock can be seen by the market as a vote of confidence in the company, the CEO didn’t make any official comments to that effect.

Some analysts believe that the timing of the purchase coincides with the kick-off of the NFL regular season, which will be a crucial test for ESPN Bet, Penn’s online sports betting app.

Penn Entertainment’s stock price peaked in March 2021 at more than $130 per share. However, it has been in decline since, priced at $17.50 per share. In June, the company was approached by Boyd Gaming, who expressed interest in acquiring Penn Entertainment for a market value of more than $ billion but the deal did not materialize.

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