Caesars Compensation Committee has approved raises for five employees at executive level.
US.- A document sent to the Securities and Exchange Commission has named three Caesars executives in line for pay raises. Those named are CEO Tom Reeg, Chairman Gary Carano, COO Anthony Carano, CFO Bret Yunker and Chief Legal Officer Ed Quatmann.
The announcement has been received as bad timing considering the furloughs and lay-offs occurring across the industry due to the pandemic.
The company recently confirmed that job losses are imminent following the merger with Eldorado. It is just this merger which is the cause of the raises, with the company saying the executives will have increased responsibilities as the newly combined company manages 52 properties across 16 states.
The statement read: “The compensation Committee approved these adjustments based on the advice and recommendation of its independent compensation consultant after taking into account the market competitiveness of the named executive officers’ compensation packages following the merger.”