Chief Executive Officer & Director, Caesars Entertainment
Search every verified Thomas Reeg interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. On the company's second-quarter 2025 earnings call, Reeg described the summer in Las Vegas as "soft," attributing the weakness to a contraction in booking windows and a market that "started leaking at the end of May." He said the period of softness when the market is leisure-dominated had extended into the quarter, but characterized it as "normal seasonality that we haven't seen in a while." Reeg expressed confidence in the business after the third quarter, citing the group calendar, and said his confidence in the digital segment increases each quarter due to its momentum and scaling. He stated that the company remains on track to deliver over $500 million of EBITDA from digital in 2026. Reeg has emphasized the company's focus on profitability over market share in its digital business. He stated that Caesars' promotional spend is a third to a half of what DraftKings and FanDuel spend, and that the digital business is approaching or will soon exceed 20% EBITDA margins. Reeg has also discussed the company's capital allocation priorities, noting that debt reduction remains the primary focus but that he finds the company's stock "particularly attractive" given its trading level and the momentum in digital. He mentioned that the company expects a step down in gross capital expenditure in 2025 of more than $500 millionhol.
“Vegas for us was, as Anthony talked about, softer than last year — booking windows contracted and the market started leaking at the end of May. I would expect third quarter to be soft, but we think this is a temporary phenomenon in Vegas; make no mistake, the summer is soft in Vegas.”
“Regionals were negatively impacted by roughly $30 million of one-time items — the biggest was construction at Lake Tahoe (Caesars Republic/former Harvey's) which cost us room nights, and we also lost weeks in Metropolis to flooding and had a significant lawsuit settlement in Baltimore of almost $2 million.”
“Digital had a fantastic quarter and we remain on track to deliver half a billion plus of EBITDA in 2026.”
“Through the end of 2027 we've got north of $70 million of partnership expenses that are currently in the business that will roll off — more than half of those will be gone in the first four months of 2026 and all of that flows straight to EBITDA.”
“The tax bill reduced our cash taxes — the reduction this year should offset the EBITDA shortfall in Vegas for Q2 and Q3, so free cash flow is not materially impacted for 2025–2027; think something like $80 to $100 million less in cash taxes than we were anticipating before the bill.”
“This quarter the focus was taking out our highest‑coupon debt; you should expect a balance of share repurchase and debt repayment going forward. Given where the shares are trading and the momentum in digital, I think our stock is particularly attractive and I'd like to own more of it.”
“Job one is to deliver on the numbers we've laid out; there's internal plumbing required to separate the business, and we would absolutely pursue a separation if it would drive significant value — we expect to be in position on our targets sometime in the first half of 2026.”
“The rollout of a single wallet in Nevada is a wonderful customer‑acquisition tool — customers who come to our properties in Nevada and open a Caesars Sports account no longer have to open separate accounts when they go home, and that will be powerful outside Nevada as well.”
“We have a couple of tribal/management contracts progressing — when up and operating we’d expect roughly $20 million of annual management fees between the two, and with Windsor and other deals combined you’re looking at roughly $50 million of incremental EBITDA flowing through asset‑light arrangements.”
“We put the company together for diversification — right now I feel great about Vegas after Q3 given the group calendar, regional remains on track, and my confidence in digital increases every 90 days because the momentum and scaling are extraordinary and underappreciated.”
“You know, a billion and a half plus. I know last year was a little shy of that — I'd expect it to be another record for us and the business.”
“This was the culmination of a five‑year project that actually started before we closed on the Caesars acquisition, and we knew that opening, if we could reach opening at the end of last year, we were ahead of the Super Bowl coming.”
“When we launched sports betting in '21, we signed a deal with the Saints that was all‑encompassing — it so happened those naming rights had come up at the same time.”
“We think it does wonders for our brand, and we do get a lot of people that come and see this and maybe they've got a dated view of what Caesars used to be even in New Orleans — they see this and go back and are impressed.”
“The Superdome is host to a lot of huge sporting events — we started with the Final Four, we've had the NCAA football playoff game, and now we've got the Super Bowl.”
07/29/2025 Q&A: 18:44 Caesars Entertainment, Inc. operates as a gaming and hospitality company. The company owns, leases, ...
CNBC's Contessa Brewer with Thomas Reeg, Caesars Entertainment CEO, join 'Closing Bell' to discuss the Super Bowl, For ...
If you wanna have it on Spotify: https://open.spotify.com/episode/1XjSYyISjQUQo3mQYspJWx?si=T6FCTWDqSz-EpEc7gtUJ9A ...
Caesars Entertainment CEO Tom Reeg on Tuesday discussed the business' recent launch of its new online casino app, ...
Tom Reeg, Caesars Entertainment CEO, joins CNBC's 'Squawk Box' to discuss the company's recent stock buyback, the state of ...
04/30/2024 Q&A: 25:21 Caesars Entertainment, Inc. operates as a gaming and hospitality company. The company owns, leases, or manages domestic properties in 18 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker. It also operates and conducts retail and online sports wagering across 31 jurisdictions in North America and operates iGaming in five jurisdictions in North America; sports betting from our retail and online sportsbooks; and other games, such as keno. In addition, the company operates dining venues, bars, nightclubs,…
Tom Reeg, Caesars Entertainment CEO, joins ‘Money Movers’ to discuss how this weekend compares to a typical weekend in Las Vegas, if there’s a lasting legacy for hosting the Super Bowl in Vegas, and what’s coming in sports gambling.
Tom Reeg, Caesars Entertainment CEO, joins 'Money Movers' to discuss how this weekend compares to a typical weekend in Las Vegas, if there's a lasting legacy for hosting the Super Bowl in Vegas, and what's coming in sports gambling. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/42d859g » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Conn…
Tom Reeg, CEO of Caesars Entertainment, joins 'Last Call' to talk Caesars' quarterly earnings report, the state of travel in the U.S., ...
Caesars Entertainment CEO Tom Reeg joins 'Squawk Box' to discuss what's coming next in Vegas, what Formula 1 in Vegas will ...
Sign in to search the full transcript archive, filter by topic, and access every quote from Thomas Reeg.
The summary and quote tags on this profile are produced with AI assistance from verified, first-person interview transcripts, then checked by our team to confirm the speaker's identity and the accuracy of every quote. See how we verify →