Eldorado Resorts Inc has announced an executive management transition, as the company aims to transition and position itself for its “next phase of growth and the continued creation of shareholder value”.
Set to become effective as of the first of January next year, Anthony Carano is the first to see his position within the company rejigged, as he assumes the roles of president whilst also remaining COO.
Previously an attorney at the Nevada law firm McDonald Carano Wilson, from which the practice specialised in transactional, gaming and regulatory law, Carano first joined Eldorado in September 2014 as executive vice president, general counsel and secretary, before being elevated to COO in May 2017.
Current chairman of the board and CEO Gary Carano is to now occupy the role of executive chairman of the board of directors, building upon his almost four decades with the firm, which has seen Eldorado transform from a single property in its Reno home, to 26 casino resorts and annual revenue of in excess of $2.7bn.
In the new role, Carano is to assist the board of directors and CEO regarding a variety of strategic matters, including long-term initiatives to maximise its customer facing amenities, as well as pursuing additional acquisition opportunities.
Finally, Thomas Reeg is to vacate his current duties of president and CFO, to take up the position of CEO, after being instrumental in a number of acquisitions and mergers, in addition to the deal with William Hill PLC, which will see its US entity serve as Eldorado’s exclusive sports betting operator for an initial 25 years.
Regarding the appointment of Reeg, Carano explained: “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.
“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.”
The organisation is now commencing a search for a new CFO, with all three individuals extending their terms of employment through to January 2022.
Reeg added: “I am honoured to take over as chief executive officer 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.”