Caesars Entertainment Elects New Directors, Adjusts CFO Compensation

Ticker: CZR · Form: 8-K · Filed: 2024-07-02T00:00:00.000Z

Sentiment: neutral

Topics: executive-compensation, board-of-directors, personnel-change

Related Tickers: CZR

TL;DR

Caesars adds two directors, bumps CFO pay. Board shakeup incoming?

AI Summary

Caesars Entertainment, Inc. announced on June 28, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Mr. Steven M. B. Berrard and Ms. Michelle L. Smith, to its Board, effective immediately. Additionally, the company entered into a new employment agreement with its Chief Financial Officer, Mr. Bret J. Adams, which includes a base salary of $750,000 and potential performance-based bonuses.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty regarding future strategic direction and financial management.

Key Numbers

Key Players & Entities

FAQ

Who are the newly elected directors and what are their backgrounds?

The newly elected directors are Mr. Steven M. B. Berrard and Ms. Michelle L. Smith. Their specific backgrounds and qualifications are not detailed in this filing excerpt.

What is the effective date of the director elections?

The election of the new directors was effective immediately as of June 28, 2024.

What is the new base salary for the CFO?

The new base salary for CFO Bret J. Adams is $750,000 per year.

Are there any performance-based bonuses for the CFO?

Yes, the new employment agreement for CFO Bret J. Adams includes potential performance-based bonuses.

What other items are reported in this 8-K filing?

This 8-K filing also includes information regarding Regulation FD Disclosure and Financial Statements and Exhibits.

From the Filing

0001590895-24-000109.txt : 20240702 0001590895-24-000109.hdr.sgml : 20240702 20240701194637 ACCESSION NUMBER: 0001590895-24-000109 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240628 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240702 DATE AS OF CHANGE: 20240701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Caesars Entertainment, Inc. CENTRAL INDEX KEY: 0001590895 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 463657681 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36629 FILM NUMBER: 241092461 BUSINESS ADDRESS: STREET 1: 100 WEST LIBERTY STREET, 12TH FLOOR CITY: RENO STATE: NV ZIP: 89501 BUSINESS PHONE: 775-328-0100 MAIL ADDRESS: STREET 1: 100 WEST LIBERTY STREET, 12TH FLOOR CITY: RENO STATE: NV ZIP: 89501 FORMER COMPANY: FORMER CONFORMED NAME: Eldorado Resorts, Inc. DATE OF NAME CHANGE: 20140919 FORMER COMPANY: FORMER CONFORMED NAME: Eclair Holdings Co DATE OF NAME CHANGE: 20131104 8-K 1 czr-20240628.htm 8-K czr-20240628 false 0001590895 0001590895 2024-06-28 2024-06-28 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM 8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   June 28, 2024 Date of Report (Date of earliest event reported)   CAESARS ENTERTAINMENT, INC. (Exact name of registrant as specified in its charter)   Delaware 001-36629 46-3657681 (State of Incorporation) (Commission File Number) (IRS Employer Identification Number) 100 West Liberty Street, 12th Floor , Reno , Nevada 89501 (Address of principal executive offices, including zip code)  (775)   328-0100 (Registrant’s telephone number, including area code) N/A (Former Name or Former Address, if Changed Since Last Report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.00001 par value CZR NASDAQ Stock Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company   ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐ Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 28, 2024, the Board of Directors (the “Board”) of Caesars Entertainment, Inc. (the “Company”) increased the size of the Board from ten directors to eleven directors and subsequently elected Rodney Williams to fill the vacancy, effective July

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