One of the biggest hustlers in the casino world, Tom Reeg has a background in this industry for more than twenty years. Reeg is the Chief Executive Officer of Caesars Entertainment, an American hotel and casino organization with revenues exceeding $10.8 billion last year.
Caesars Entertainment operates some of the biggest and best-known casino resorts in the world, such as Caesars Palace in Paradise, Nevada, Caesars Atlantic City in New Jersey and Circus Circus Reno in Reno, Nevada. The casino industry is known for being a tough, fast paced industry but has the potential for huge returns on investment.
But how did Tom become as successful as he is? We take a look at the background of Tom Reeg, who he is and how he became CEO of Caesars Entertainment.
Where it began for Tom Reeg
Mr. Reeg graduated from the University of Notre Dame in 1997 with a bachelor’s degree in Business Administration. He began his career in the casino gaming industry as a High Yield Research Analyst at Bank One Capital Markets, his sectors of focus included the casino, lodging and leisure sectors.
With some experience under his belt, Tom Reeg became the Managing Director and portfolio manager at AIG Global Investment Group (AIG) between the years 2002 to 2005. This then led on to the opportunity to become a founding partner and the director of Newport Global Advisors.
Newport Global Advisors indirectly held stock in El Dorado Resorts, which later became Caesars Entertainment. Tom served on the board of managers for El Dorado Resorts from 2007 before progressing into the role of President in 2014 and finally CEO in 2019.
El Dorado Resorts officially changed its name to Caesars Entertainment in 2020 following its acquisition. =
Tom has forged partnerships with big names in the entertainment industry.
One reason that Tom Reeg has been so successful in his career so far is because of his ability to build connections with the right people, in the right places. New York is a big opportunity for Caesars Entertainment, where bettors can already enjoy Caesars Sportsbook NY, and in December 2022 a partnership with billionaire Jay-Z was announced in the state.
Reeg describes Times Square as being the heartbeat of American Entertainment and this new deal could see Jay-Z’s company Roc Nation managing a casino in Times Square in partnership with Caesars Entertainment and SL Green, one of the largest owners of office properties in the state.
The proposed Caesars Palace in Times Square could have a 250,000 square foot casino floor, would be spread across eight floors, and include restaurants, entertainment venues and an 800-room hotel. A hugely profitable project for Tom Reeg and all involved.
Other notable achievements
Tom has been central to a number of very significant acquisitions and purchases. In 2014, Reeg led the merger with the MTR Resorts and a year later he spearheaded the purchase of Circus Circus Reno. Then in 2017, he was responsible for the company’s acquisition of Isle of Capri Casinos.
One of Tom’s abilities is to be able to make levelheaded and difficult decisions in the face of financial uncertainty. That is why he was able to lead in the acquisition of Caesar Entertainment after the organization went officially bankrupt in 2020, a particularly difficult time in the world of entertainment and hospitality.
His company is looking ahead and taking advantage of market changes. As more states in the US look to legalize online casino gaming and sports betting, the company set about launching Caesars Sportsbook in 2021.
What is Tom Reeg’s estimated net worth and salary at Caesars Entertainment?
In 2021, it was estimated that Tom Reeg had a significant net worth of at least $8.66 million dollars. This excludes any investments that he is likely to own.
The total compensation package that Tom Reeg received from Caesar Entertainment in 2021 was $22,576,517.00. This included a $2 million dollar salary and $5 million dollar bonus, he also received more than $7 million in stock awards and $8 million dollars in non-equity compensation.
Tom Reeg has a trustworthy team of colleagues and advisors behind him, his ability to work well with others and understand the changing and developing needs of his customers are all part of his career success.