Caesars pays out $7.75 million in executive bonuses

1 August 2011

By Howard Stutz

LAS VEGAS, Nevada -- Caesars Entertainment Corp. paid out $7.75 million in bonuses to key executives for their efforts in slicing more than $100 million in company costs.

The largest payment was $1 million to Caesars Chairman and Chief Executive Officer Gary Loveman.

In a Thursday filing with the U.S. Securities and Exchange Commission, the company, which operates more than 50 casinos nationwide, including 10 on the Strip, said the cost-saving initiatives were implemented as part of comprehensive program to streamline operations.

The cost-cutting plan includes four savings milestones in the amounts of $100 million, $200 million, $300 million and $400 million with the results flowing directly into the company's cash flow.

In addition to Loveman, Caesars paid bonuses of $300,000 to Thomas Jenkin, president of the Western Division; $265,250 to John Payne, president of the Central Division; and $157,500 to Chief Financial Officer Jonathan Halkyard.

In the SEC filing, Caesars said the bonuses were awarded after the $100 million in savings had been achieved for at least three straight months.

Caesars pays out $7.75 million in executive bonuses is republished from Online.CasinoCity.com.