Tom Reeg

Tom Reeg has made a name for himself. From starting off on Wall Street, as a high-yield research analyst covering various sectors, Reeg saw an opportunity in the industry that led to the "reverse merger" of Eldorado and Caesars Entertainment. 

From Wall Street to the Vegas strip 

After graduating with a Bachelor of Business Administration in Finance from the illustrious University of Notre Dame, Indiana, Reeg began his career in financial services at Bank One Capital Markets as a senior high-yield research analyst. 

Subsequently, from 2002 and 2005, Reeg served as a Managing Director and portfolio manager at AIG Global Investment Corporation in New York. Here, he managed high-yield investment positions in gaming and hospitality companies.  

His background in finance, managing casino companies' debt loads and cash generation characteristics, opened his eyes to the hidden value these companies could unlock through operational improvements.  

In 2007, Reeg brought this idea to Eldorado Resorts, when he joined the Board of Managers. Through his business strategy, he was instrumental in negotiating, structuring and financing the company's growth strategy. 

In 2014, Reeg was appointed to the Eldorado's Board of Directors and, in 2016, became the CFO. 

Under his leadership, the company acquired Eldorado Shreveport, the Grand Victoria Casino in Elgin, Illinois, Tropicana Entertainment and merged with MTR Resorts.  

Perhaps his most notable achievement, however, is the acquisition and "reverse merger" with Caesars Entertainment which he spearheaded in 2019. 

Conquering Caesars 

In January 2019, Reeg became the CEO of Eldorado Resorts. Not six months later, Reeg began the ambitious plan of acquiring Caesars Entertainment. The deal can be seen as a "reverse merger" as Eldorado was much smaller and less well-known. However, the $17.3bn deal proved to be a success. 

Reeg applied the same strategy he had used to grow Eldorado to the iconic brand portfolio of Caesars and pushed its stock to surge above $119 in 2021. 

Reeg's vision for Caesars was always rooted in protecting the brand identity of the iconic Las Vegas casino. In 2025, when online operators like FanDuel and DraftKings struck deals with prediction markets, Reeg said in a statement: "We will not put any of our licenses at risk. We believe what's happening in prediction markets is sports gambling." 

He continued by saying: "We consistently review current practices in relation to disability inclusion and continue to work toward progress for our Team Members, our guests and our communities." 

The Fertitta acquisition 

Although Reeg had some success with the Caesars brand, the company's 2015 bankruptcy left it in a precarious position. Caesars' modern structure is a direct result of that time and left the Vegas staple with significant long-term lease obligations. 

Despite having generated $11.5bn, the net losses from 2025 widened to $502m and Caesars' shares fell roughly 40% by 2026. This combination of factors created the right conditions to trigger another sale. 

In May 2026, Fertitta Entertainment made a bid to acquire Caesars. Owned by Texas businessman Tilman Fertitta, the $18bn deal will include the assumption of approximately $11.9bn of debt. 

Through Landry's, the Golden Nugget Hotel & Casino and numerous restaurant chains, Fertitta Entertainment already owns more than 600 hospitality venues worldwide. Fertitta's strategy of combining his portfolio managed to grow the Golden Nugget beyond Las Vegas and now promises to do the same with Caesars, but on a wider scale. 

The merger with Fertitta Entertainment was approved in September 2026 with 65% of shareholders voting in favor. Although it is still pending regulatory clearance, it is expected that the acquisition will be finalized by June 2027. 

However, Reeg is expected to continue serving as CEO of Caesars and continue bringing his strategic financial perspective to the newly formed company.