Tom Reeg to lead Landry's and Golden Nugget after Caesars acquisition
Caesars CEO Tom Reeg will oversee Fertitta's gaming, leisure and lodging portfolio following the $17.6 billion acquisition expected to close mid-2027.
Leadership transition planned
Caesars Entertainment CEO Tom Reeg is expected to lead Landry’s suite of business, including Golden Nugget casinos, after Tilman Fertitta’s Fertitta Entertainment Inc. closes its $17.6 billion acquisition of Caesars, according to the company. The acquisition is expected to close by mid-2027.
Reeg will be in charge of Fertitta’s extensive portfolio of gaming, leisure and lodging interests, but will not be involved with the Fertitta Automotive Group, the Houston Rockets or Fertitta’s commercial real estate holdings in the Houston area. Landry’s has a 600-plus restaurant empire, which includes the Bubba Gump’s, Chart House, Del Frisco’s, Mastro’s and Morton’s brands.
Stock performance and quarterly results
Since Eldorado Resorts closed its acquisition of old Caesars on July 20, 2020, shares of new Caesars have lost 24.2% while shares of rival MGM Resorts International rose nearly 75%.
Caesars delivered third-quarter results showing a loss of 61 cents a share on sales of $2.94 billion, while Wall Street expected a loss of 11 cents a share on slightly higher revenue. The company noted revenue at its regional casinos climbed nearly 6% during the September quarter.
Due to the pending acquisition, Caesars is not holding a conference call to discuss the third-quarter results.
Sources
- Casino.org News · Industry media · primary source ·
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