CEO
Caesars
Thomas R. Reeg is the Chief Executive Officer of Caesars Entertainment, one of the largest casino-entertainment companies in the United States. He masterminded the historic $17.3 billion merger between Eldorado Resorts and Caesars Entertainment in 2020. Known for his “Eldorado Way” management philosophy, which emphasizes decentralization, operational efficiency, and high margins, Tom has successfully guided the company through a massive digital transformation and significant debt reduction.
Tom Reeg was the main name behind the largest merger in U.S. gaming history, where the regional operator Eldorado Resorts acquired the famous Caesars Entertainment for $17.3 billion. The complex “reverse merger” created a domestic giant with over 50 properties, while combining Eldorado’s operational discipline with Caesars’ global brand recognition and loyalty program.
After the acquisition, Tom launched an aggressive expansion into online sports betting and iGaming. Despite initial heavy losses from marketing spend, he successfully pivoted the division to profitability by 2023. This way, he positioned Caesars Digital as a top-tier operator in the U.S. market, achieving record EBITDA contributions in 2025.
Tom also executed a disciplined strategy of selling non-core assets to offset the massive debt load from the merger. This included the acquisition of William Hill for £2.9 billion in 2021 and subsequently divesting its non-U.S. assets to 888 Holdings for approximately. £2 billion. Additionally, he led the divestiture of the Rio All-Suite Hotel & Casino, allowing the company to significantly reduce leverage while upgrading its core Las Vegas Strip properties.
Most recently, Caesars under Tom Reeg’s leadership won Customer Loyalty Program of the Year (for Caesars Rewards) at the Global Gaming Awards Americas 2025.
Tom’s efforts have led Caesars Entertainment to receive the Corporate Social Responsibility Award from the National Council on Problem Gambling in 2024 for implementing the industry’s most expansive universal self-exclusion policy.
His management team was also recognized with the award for Best Investor Relations by a Senior Management Team (Small to Mid-cap) at the IR Magazine Awards – US in 2022.
Unlike many casino executives who started on the gaming floor, Tom began as a high-yield bond analyst at Bank One Capital Markets, where he covered the casino, lodging, and leisure sectors. A background in finance proved crucial for viewing properties through the lens of free cash flow and ROI, a perspective that disrupted the traditional “amenity-heavy” Las Vegas model.
From 2002 to 2005, Tom worked at AIG Global Investment Group as Managing Director and portfolio manager. In 2005, he moved on to become a founding partner and director of Newport Global Advisors, which was an indirect stockholder of Eldorado Resorts.
Tom Reeg joined the board of managers of Eldorado Resorts in 2007 and became its President in 2014. He was chosen as CEO of Eldorado Resorts in 2019. Besides the merger with Caesars, his leadership at Eldorado Resorts was also marked by the merger with MTR Resorts in 2014, the 2017 acquisition of Isle of Capri Casinos, Inc., the acquisition of Grand Victoria Casino in Elgin, Illinois, and the acquisition of Tropicana Entertainment in 2018.
Tom was a key proponent of bringing Formula 1 to the Las Vegas Strip, leveraging Caesars’ center-strip properties to drive record-breaking revenue during the race weekends.
In August 2024, Tom executed the sale of the WSOP brand intellectual property to NSUS Group (operators of GGPoker) for $500 million. He negotiated a deal that allowed Caesars to retain the rights to host the live flagship tournament series on the Las Vegas Strip for the next 20 years.
A: Tom Reeg is the Chief Executive Officer of Caesars Entertainment. He assumed this role in 2020 after orchestrating the historic $17.3 billion merger between Eldorado Resorts and Caesars.
A: Tom Reeg became CEO through the acquisition of Caesars Entertainment by Eldorado Resorts in July 2020. Although Caesars was the larger brand, Eldorado was the acquiring company. Reeg, who was the CEO of Eldorado, took the helm of the combined entity.
A: Tom Reeg is known for the “Eldorado Way,” a decentralized management philosophy that empowers local general managers with autonomy while rigorously cutting corporate overhead to maximize efficiency. His business strategy is defined by strict financial discipline, prioritizing free cash flow and ROI over the traditional industry focus on loss-leading amenities.
A: He holds a Bachelor of Business Administration (B.B.A.) in Finance from the University of Notre Dame in Indiana.
A: Tom Reeg joined Eldorado Resorts in 2007 and climbed through the ranks to become the CEO of the company. Before that, his background was in finance.
