Regional casino operator Eldorado Resorts named a longtime Wall Street investment banker as chief financial officer Monday, signaling to at least one analyst that the gaming company isn’t finished with its expansion phase.
Reno-based Eldorado said Bret Yunker will take over as CFO on May 2. He replaces CEO Thomas Reeg in the role. Reeg was elevated to his current position on Jan. 1 and has also been serving as Eldorado’s interim CFO.
Yunker was most recently managing director of J.P. Morgan with primary responsibility for the gaming industry. He worked with clients across several gaming industry sectors, including casino operators, gaming equipment suppliers, real estate investment trusts, lottery providers and online gaming companies.
Eldorado has grown through several acquisitions over the last two years and is now the third largest regional casino company, with 27 casinos and properties in 13 states. The company acquired Isle of Capri Casinos in 2017 and the operations of Tropicana Entertainment last year, in partnership with Gaming and Leisure Properties, in a $1.8 billion deal.
Reeg said Yunker’s background “will be an invaluable asset” to the company.
“Bret brings deep perspectives on our industry and company, proven financial expertise and extensive industry relationships to the CFO position,” Reeg said.
Jefferies gaming analyst David Katz told investors Yunker’s hiring “signals that further corporate activity” is part of Eldorado’s long-term plan. In a separate research note, Katz said Eldorado was the most likely casino company to explore different regional gaming acquisitions.
“Given the importance of continuing the roll-up strategy in the story, we consider a transaction-oriented CFO a positive,” Katz said.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgamingreports.com. Follow @howardstutz on Twitter.
