{"id":29119,"date":"2015-05-26T12:57:28","date_gmt":"2015-05-26T19:57:28","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=29119"},"modified":"2015-05-26T13:12:41","modified_gmt":"2015-05-26T20:12:41","slug":"caesars-entertainment-resumes-deferred-compensation","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-entertainment-resumes-deferred-compensation\/","title":{"rendered":"Caesars Entertainment to Resume Some Deferred Compensation Following Bankruptcy Scandal"},"content":{"rendered":"
\"Caesars
Caesars Entertainment will reportedly resume payments to some deferred compensation plans. (Image: coinflip.com)<\/figcaption><\/figure>\n

Caesars Entertainment Corp.<\/a> is still working its way through bankruptcy, and it is unlikely that everyone owed money by the company will be happy with the final results.<\/p>\n

But at least some employees who believed they were owed pay for their work will now start receiving that money from the company.<\/p>\n

Caesars announced via a statement on Friday that it would be resuming payments to some workers who were part of deferred compensation plans.<\/p>\n

According to spokesperson Steven Cohen of Teneo Strategy, Caesars will continue paying workers who are in two of the five compensation plans that were tied up in the bankruptcy proceedings.<\/p>\n

\u201cBased on a review of plans and related documents, we determined Caesars Entertainment is likely to be jointly liable with CEOC for certain deferred compensation liabilities,\u201d Cohen stated. \u201cAs a result, we recorded and disclosed the liability and resumed the related payments that had been discontinued.\u201d<\/p>\n

It was unclear just how many employees would see their payments resumed because of the review.<\/p>\n

Many Benefits Tied Up in Bankruptcy<\/h2>\n

Throughout the proceedings, Caesars employees have at times been shocked to find that their retirement plans, supplemental incomes, deferred payments, and other forms of compensation that were being held by the company might not be safe.<\/p>\n

Earlier this year, the company revealed that pension payments to 63 former employees had been stopped, as a retirement fund was considered as part of the unsecured debt in the bankruptcy filing.<\/p>\n

In April, participants in several supplemental plans were told that they would need to file their claims quickly in bankruptcy court if they wished to collect a portion of the money owed to them. For some in that group of 63, the monthly checks they received from their retirement plan was now their primary source of income.<\/p>\n

Issues such as those have left some wondering exactly how some of the deferred compensation plans could be reinstated, while others, such as those who lost their pensions, are still unable to collect.<\/p>\n

\n
\n

\u201cHow can they discriminate against 63 if they can reinstate [the others],\u201d Nicole Houng, daughter of former Caesars Palace host Kenneth Houng<\/a>, told the Las Vegas Review-Journal<\/em> in an email. \u201cThis bankruptcy is such a mess.\u201d<\/p>\n<\/div>\n<\/blockquote>\n

No Investigation, Spokesman Says<\/h2>\n

The confusing situation has led to many contradictory reports about exactly how and why the deferred compensation plans were being funded. In Friday\u2019s statement, Cohen disputed reports that the US attorney for New Jersey was looking into the situation, and that a private equity owner was funding the payments.<\/p>\n

\u201cCaesars did not transfer assets supporting the deferred compensation to CEOC and we are not aware of any government investigation into our deferred compensation program,\u201d he stated.<\/p><\/blockquote>\n

Several notable employees are owed money as part of the deferred compensation plans, including Chairman Gary Loveman and Chief Financial Officer Eric Hession. One of the most significant sums belongs to former Harrah\u2019s Entertainment Chairman and CEO Phil Satre, who court documents say is owed nearly $6.7 million.<\/p>\n

According to lawyers for Caesars, the company is hamstrung by bankruptcy law, which requires them to separate supplemental retirement plans with other unsecured creditors.<\/p>\n

Through the bankruptcy, the gaming giant is hoping to convert its operating unit into a publicly traded real estate investment trust. By doing so, it hopes to restructure its debt, bringing the $18.4 billion owed to creditors down to a more manageable $8.6 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Caesars Entertainment Corp. is still working its way through bankruptcy, and it is unlikely that everyone owed money by the company will be happy with the final results. But at least some employees who believed they were owed pay for their work will now start receiving that money from the company. Caesars announced via a […]<\/p>\n","protected":false},"author":42,"featured_media":29127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,10,13,18],"tags":[],"acf":[],"yoast_head":"\nCaesars Entertainment to Resume Some Deferred Compensation Following Bankruptcy Scandal<\/title>\n<meta name=\"description\" content=\"Caesars Entertainment will resume payments to some deferred compensation plans, though it is unclear just how many employees will benefits from the decision.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars Entertainment to Resume Some Deferred Compensation Following Bankruptcy Scandal\" \/>\n<meta property=\"og:description\" content=\"Caesars Entertainment will resume payments to some deferred compensation plans, though it is unclear just how many employees will benefits from the decision.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/caesars-entertainment-resumes-deferred-compensation\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2015-05-26T19:57:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-05-26T20:12:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/05\/Caesars-Entertainment-deferred-compensation-resumes.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-entertainment-resumes-deferred-compensation\/\",\"url\":\"https:\/\/www.casino.org\/news\/caesars-entertainment-resumes-deferred-compensation\/\",\"name\":\"Caesars Entertainment to Resume Some Deferred Compensation Following Bankruptcy Scandal\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-entertainment-resumes-deferred-compensation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-entertainment-resumes-deferred-compensation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/05\/Caesars-Entertainment-deferred-compensation-resumes.jpg\",\"datePublished\":\"2015-05-26T19:57:28+00:00\",\"dateModified\":\"2015-05-26T20:12:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Caesars Entertainment will resume payments to some deferred compensation plans, though it is unclear just how many employees will benefits from the decision.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-entertainment-resumes-deferred-compensation\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/caesars-entertainment-resumes-deferred-compensation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-entertainment-resumes-deferred-compensation\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/05\/Caesars-Entertainment-deferred-compensation-resumes.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/05\/Caesars-Entertainment-deferred-compensation-resumes.jpg\",\"width\":500,\"height\":376,\"caption\":\"Caesars Entertainment will reportedly resume payments to some deferred compensation plans. 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