Caesars executives net multi-million-dollar payday
Key board members sign new employment contracts with triple-digit performance related pay incentives
Caesars Entertainment’s top executives will take home more than $6.7m in base salaries in 2022, according to latest salary documents filed with the Securities and Exchange Commission (SEC).
CEO Tom Reeg tops the list of pay at Caesars renegotiating a new contract entitling him to a base salary of $2m which became effective on 1 January and will last for three years.
Reeg is also in line to potentially receive an annual incentive bonus of 200% of his base salary subject to 2022 performance targets being met and a long-term incentive award of a whopping 450% of base salary.
The Caesars CEO also receives a $5m signing bonus for the new employment agreement. Each executive agreement is subject to a one-year rolling renewal upon expiry.
In the event of a so-called “change in control” of the business occurring during the term of the agreement, terms will be extended for an additional two years from the date of change.
Caesars chairman Gary Carano and his son, COO and president Anthony Carano will take home base salaries of $750,000 and $1.35m respectively, with additional triple-digit percentage performance related incentives also being paid.
Anthony Carano stands to net a $1.5m signing bonus, the same as Caesars CFO Bret Yunker, with Yunker’s annual pay rising to $1.15m and a similar triple-digit performance related salary incentive.
Caesars chief legal officer Ed Quatmann and chief administrative and accounting officer Stephanie Lepori, who have both inked their first executive agreements with the US casino operator will take home annual salaries of $775,000 and $700,000 respectively.
In line with other Caesars executives, Quatmann and Lepori will receive annual performance related bonuses of up to 100% of base salary, rising to 200% on a longer-term assessment basis.
The duo will receive $1m a piece in the form of signing bonuses.
Caesars has been on something of a high over the last year, with revenue rebounding following the impact of Covid-19 on the firm’s land-based casino estate.
In its last set of financial results, the firm reported an 89% year on year rise in overall group revenue for Q3 2021 to $2.7bn.
Financially Caesars received a boost from the sale of its William Hill International business to 888 for $3m in September, a deal which is scheduled to complete in Q2 2022.