Caesars Pays $7.75M Bonus To Execs For $100M Cost Cuts
LAS VEGAS (AP) — The world’s largest casino company, Caesars Entertainment Corp., has paid top executives and other employees $7.75 million in bonuses as reward for cutting company costs by $100 million.
The privately held Las Vegas company said in a regulatory filing that the payments made this week included $1 million to CEO Gary Loveman and $300,000 to Western Division President Tom Jenkin.
The payments are based on a plan launched at the end of last year, rewarding officials for finding savings throughout the company that runs casinos in 10 U.S. states and several countries. The plan calls for bonuses at milestones of $100 million, $200 million, $300 million and $400 million in savings.
Caesars makes regulatory filings because it has significant debt traded publicly. It narrowed its first-quarter loss to $147.5 million.
Copyright 2011 The Associated Press.