Since its IPO, DraftKings stock has rocketed 264% upward. That has prompted some profit-taking on the part of both DraftKings itself and New England Patriots owner Robert Kraft. (Maybe Kraft’s windfall will soften the pain of last night’s drubbing at the hands of the Kansas City Chiefs.) DraftKings is unloading 16 million shares while Kraft is among a group of investors selling another 16 million. (The stock currently trades at $60/share.) While the selloff depressed share prices by three dollars, it will be a nice pay packet for DraftKings, which only said the money would go to “general corporate purposes.”
As for the individual sellers, Kraft isn’t even the biggest one. That’d be Israeli billionaire Shalom Meckenzie, who’s putting a whopping 8.5 million shares on the market. He stands to make a half-billion dollars but will still retain a strong position within DKNG. Reports Bloomberg, “The company’s offerings have prompted sell-side analysts to leapfrog one another, slapping on fresh price targets that are each higher than the one before.” Meanwhile, rival FanDuel is fighting back with heavy ad buys, including the only good sports-betting commercial we’ve seen:
How did Harrah’s Atlantic City get on anyone’s best list? Half the casino hasn’t been touched in decades, except for some new slot machines. Last (and only) time my work association group had a meeting there, I had to ask a Security Guard to call and find out where a particular hotel tower meeting rooms were located, as no employees knew where it was. Adding an expensive Gordon Ramsey Steak House doesn’t make the casino any better. Hope this “panel of experts” wasn’t influenced by the Casino Player Rag Mag “best of” casinos list.