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Caesars pays $7.75 million in executive bonuses
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LAS VEGAS REVIEW-JOURNAL
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.
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Here's two things everyone is over looking. These bonuses are only the beginning. They have a goal of 400 million for the year. Every quarter they can keep the 100 mil in savings earns the whole bunch another bonus.
And for everyone that refers to this group as a bunch of republican business men, think again. Loveman, Jenkins, and most of the top dogs at Caesars Palace are democratic supporters! Yes, every time Obama, Biden, Clinton, or Reid come to town they stay at Caesars. Obama has been staying at Caesars even before he was the Prez.
Dear Mr. Loveman:
Let’s call cost cutting what it is. How many people did you have to lay off to get your executives their 7.75 million in bonuses? How many people could still be employed with that 7.75 million? How can you sleep at night knowing people are losing their houses, going without heath care and struggling to pay for their basic needs? Really Gary, do you need that extra million, did you even notice that amount in your bank account?
This is exactly what is wrong with Corporate America. Big bucks for no real results.
I work for Caesars properties and they have chopped and slashed all things that relate to customer service and cleanliness. They have cut our departments hourly wage by 25% and tell us that these are "tough times". Yes, tough times for the workers who have supported these properties and worked through holidays and missed family gatherings, all for the greater good.
Now, to have the execs brag about the "100 million savings for 3 straight months" is a hard pill to swallow.
As a line employee, I see the masses of people coming in the property. After 30 years, I know when it is crowded. The "needed cutbacks" were merely put in place to line the fat cats pockets.
Oh but geez we can't put a $1.50 room tax add on to save the state. Heaven forbid
Gary you took 1 million more , you just got yours , like they say pigs eat. take the snacks and fruit from the employes lounge out , keep your propertys dirty, Take from the people who got us hear, You want to do lunch this wk?
What's wrong with this picture?
These executives pay little to nothing (%-wise) when it comes to personal income taxes. The tax burden on this country is on the backs of the people they laid off...!!! Sooner or later this is all going to explode in the faces of the rich, when the tax infrastructure of this country is completely bankrupt because there is no longer an income tax base to pay the government debts!
Oh...wait, that's happening now! The rich republicans are effectively destroying the country - which they fail to realize will come back to bite them on their bit fat bonus a$$e$ when the rest of the world calls in the notes we owe them. Shouldn't we all be learning Chinese or Arabic soon?
Instead of bonus's, I think all of they need to take a 10% pay cut, Pay for all of their meals. Since there are less staff, it's time to see how many Vice President's they can do without.
Because if you dont pay them bonus's, they will get other jobs and leave. Wouldnt have anything to do with them being in control of company finances, would it ?
I can believe the amount of their savings by my stay at Paris Las Vegas in May. I could not believe that this resort is still considered a 4 1/2 resort. Truly disappointed in the quality of the place. Plus, at other properties of theirs, I felt like I needed a shower after gambling in them. I guess when you cut the quality of cleaning and upkeep of your properties, you lose customers like me. That will offset any savings they may claim.