Eldorado Resorts has made changes at board level which, said the company, will position it for its next phase of growth and the continued creation of shareholder value. Effective January 1, 2019, Thomas R. Reeg, who currently serves as president and CFO, will assume the role of CEO. Reeg takes the role as Gary L. Carano, current chairman and CEO, has been appointed executive chairman.
Among other things, Carano will assist the board and CEO with regard to a wide variety of strategic matters, including the firm’s long-term initiatives to maximize its customer facing amenities and pursue additional acquisition opportunities. Carano will assume the role of president and remain COO. The company has commenced a search for a new CFO.
Carano has held senior management positions at Eldorado since 1980. He was appointed chairman CEO in September 2014, having previously served as president and COO. Reeg has served as president since September 2014, at which time he was also appointed to the board. He has also served as CFO since March 2016.
“Having worked with Tom for more than 10 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.”
Reeg noted: “I am honored to take over as CEO given Eldorado’s prospects for continued growth and our solid financial position. 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.”