New York-listed casino operator Eldorado Resorts has made a number of senior executive management changes to position the company for its next phase of growth.
Eldorado, which recently agreed a landmark partnership with William Hill US, will transition to a new senior management structure effective January 1st.
This will see president and chief financial officer Thomas Reeg assume the role of chief executive, replacing Gary Carano who moves to the new role of executive chairman.
Reeg has been with the company since 2007 and has been instrumental in negotiating, structuring and financing the company’s growth strategy, including its merger with MTR Resorts in 2014 and the pending acquisition of Tropicana Entertainment, which is expected to complete by December.
He was also instrumental in forging recent strategic agreements with The Cordish Companies to develop a new entertainment and hospitality destination in Pompano, Florida, as well as the tie-up with William Hill that sees the bookmaker serve as Eldorado’s exclusive sports betting operator for a period of 25 years.
“I am honored to take over as chief executive officer given Eldorado’s prospects for continued growth and our solid financial position,” said Reeg. “Gary led a significant expansion of our property portfolio while maintaining true to the Carano family’s legacy of providing our guests with exceptional gaming, dining and entertainment experiences as well as the family-style service for which the company is renowned.
“I look forward to working closely with Anthony to continue this legacy and continuing to work with Gary in his executive chairman role to pursue additional strategic growth opportunities that leverage his knowledge of Eldorado and the gaming industry."
In his new role, Carano will assist the company’s board and CEO on a wide variety of strategic matters, including long-term initiatives to maximize customer facing amenities and additional acquisition opportunities.
“Having worked with Tom for more than ten years, I have the greatest level of confidence in his leadership abilities, his industry innovation, drive to succeed and his capacity for extending Eldorado’s record of phenomenal growth,” said Carano.
“I also know that he shares the Carano family commitment to providing our guests with unmatched services and market-leading amenities. By putting this management change in place now, we will ensure a seamless transition and better position Eldorado to continue to execute on our growth strategies and further build value for our shareholders.”
Eldorado Resorts has also announced that Anthony Carano will assume the role of president and remain as chief operating officer, while the company has commenced a search for a new CFO as Reeg transitions out of that role.
Shares in Eldorado Resorts Inc (NSQ:ERI) closed in New York Thursday up 1.46 per cent at $48.60 per share, just off their 52-week high of $50.00 per share set on August 27th.