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With the demeanor of an accountant more than that of a casino boss, Reeg has built a reputation for cutting costs and boosting profits. He consolidated functions at resorts the company acquired and cut back on the promotions that often lead to vicious competition in small markets. Eldorado also boosted results at its properties by adding hotel and dining options, such as the Row, a food court in Reno, and a hotel near its property in Columbus, Ohio.
Reeg has proved himself a shrewd negotiator outside of acquisitions, cutting deals with William Hill and the Stars Group in the emerging market of sports betting. Still, Reeg will have his work cut out for him with Caesars, which is competing with newer resorts in places such as Atlantic City, N. Apollo Global Management and TPG, the two private equity giants in the leveraged buyout of Caesars, took a bath on the company before exiting the investment several months ago.
Their departure allowed Icahn to swoop in.
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Caesars casinos are likely to contend with even steeper competition in states such as Illinois, which recently authorized six new casinos, including one in downtown Chicago. About Us. Brand Publishing. Times News Platforms. Real Estate.
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