Tom Reeg is Chief Executive Officer of Caesars Entertainment, one of the largest casino and sports betting companies in the United States. He got his start on Wall Street, not on a casino floor. Reeg spent his early career analyzing casino and leisure companies as a bond analyst, then joined Eldorado Resorts in 2007. He rose through the company as an executive and became its CEO in 2019. A year later, he led Eldorado’s $17.3 billion merger with Caesars Entertainment, one of the biggest deals in U.S. gaming history. Since then, Reeg has cut billions in company debt, streamlined the property portfolio, and pushed Caesars Digital toward its first fully profitable year.
Caesars Entertainment operates dozens of casinos and hotels across the United States, including some of the most recognized names on the Las Vegas Strip. Reeg runs the company under what insiders call the Eldorado Way. It is a lean, numbers-first approach that gives local general managers more control while keeping corporate costs low.
Career
| Title | Company | Years |
| Chief Executive Officer | Caesars Entertainment, Inc. | 2020 – Present |
| President, Chief Financial Officer, Chief Executive Officer | Eldorado Resorts, Inc. | 2007 – 2020 (CEO from Jan. 2019) |
| Managing Director / Portfolio Manager | AIG Global Investment Group | 2002 – 2005 |
| Senior High-Yield Research Analyst | Bank One Capital Markets | Prior to 2002 |
Reeg built his career in finance before moving into gaming. He worked as a senior high-yield research analyst at Bank One Capital Markets, where he covered casino, lodging, and leisure companies. From 2002 to 2005, he was a managing director and portfolio manager at AIG Global Investment Group. He then became a founding partner and senior managing director at Newport Global Advisors. He joined the board of managers of Eldorado Resorts in 2007 and later became Senior Vice President of Strategic Development. Eldorado named him President in 2014 and Chief Financial Officer in 2016. He took over as CEO in January 2019. When Eldorado acquired Caesars Entertainment in July 2020, Reeg became CEO of the newly combined company, a role he still holds today.
Education
Reeg earned a Bachelor of Business Administration in Finance from the University of Notre Dame.
Major Achievements
Reeg’s biggest deal is still the 2020 merger between Eldorado Resorts and Caesars Entertainment. Eldorado was the smaller, regional operator, but it acquired Caesars for $17.3 billion and kept the more famous Caesars name for the combined company. The deal created a coast-to-coast operator with dozens of properties and one of the largest customer loyalty databases in the industry.
Reeg then turned his attention to online betting. Caesars Digital lost money for years while the company spent heavily to win new customers. That changed in 2025, when the digital division posted record annual revenue of $1.41 billion and adjusted EBITDA of $236 million, more than double the year before.
He has also worked to cut debt from the merger. In 2021, Caesars bought British bookmaker William Hill for roughly £2.9 billion, then sold its non-U.S. operations to 888 Holdings for about £2.2 billion. Caesars also sold the Rio All-Suite Hotel & Casino and, in August 2024, sold the World Series of Poker brand to NSUS Group for $500 million, keeping the rights to host the live tournament in Las Vegas for 20 more years.
Reeg was also a driving force behind bringing the Formula 1 Las Vegas Grand Prix to the Strip, a race that runs directly past several Caesars properties.
Awards and Recognition
Caesars Rewards won Customer Loyalty Program of the Year at the 2025 Global Gaming Awards Americas, an honor voted on by industry peers.
Caesars won the Corporate Social Responsibility Award from the National Council on Problem Gambling in 2024, recognizing its universal self-exclusion policy and 21+ gaming rules introduced in 2023.
Reeg and CFO Bret Yunker won Best IR by a Senior Management Team (small to mid-cap) at the IR Magazine Awards – US, both in 2022 and again in 2023.
Career Highlights
Reeg’s finance background shapes how he runs Caesars. Instead of chasing flashy amenities, he looks at every property through the lens of free cash flow. That mindset helped him lead several major acquisitions at Eldorado before the Caesars deal, including the 2014 merger with MTR Gaming, the 2017 purchase of Isle of Capri Casinos , and the 2018 acquisition of Tropicana Entertainment.
More recently, Reeg has focused on turning Caesars Digital into a steady profit engine rather than a marketing-driven loss leader. In the first quarter of 2026, the division posted record results even as the total sports betting handle declined, a sign his team is squeezing more profit from fewer, higher-value bets. Leadership has said it is targeting $500 million or more in digital adjusted EBITDA over time.
Reeg has also pushed back on the idea that Las Vegas is struggling. On recent earnings calls, he has pointed to strong group bookings and called the city’s slower visitation a normal, temporary cycle rather than a lasting decline.
Frequently Asked Questions
Who is Tom Reeg?
Tom Reeg is the Chief Executive Officer of Caesars Entertainment. He took the role in 2020 after leading Eldorado Resorts through its $17.3 billion acquisition of Caesars, one of the largest deals in U.S. gaming history.
How did Tom Reeg become CEO of Caesars Entertainment?
Reeg was CEO of Eldorado Resorts when it acquired Caesars in 2020. Eldorado was the smaller company, but it bought Caesars and kept the Caesars name. As the acquiring company’s CEO, Reeg took charge of the combined business.
What is Tom Reeg’s leadership style?
Reeg follows what insiders call the Eldorado Way. It focuses on cutting corporate overhead, giving property managers more control, and judging every decision by its effect on free cash flow rather than surface-level amenities.
How is Caesars Digital performing under Tom Reeg?
Caesars Digital lost money for years after launch. Under Reeg, it turned a corner in 2025, posting record annual revenue of $1.41 billion and adjusted EBITDA of $236 million, and it kept growing into 2026.
What is Tom Reeg’s educational background?
Reeg holds a Bachelor of Business Administration in Finance from the University of Notre Dame. He began his career as a high-yield bond analyst covering the casino and leisure sector before moving into gaming management.