American casino operator Penn National Gaming Incorporated has reportedly announced that its top three executives have had their full salaries restored following the earlier implementation of coronavirus-linked cuts.
According to a report from CDC Gaming Reports, the Wyomissing-headquartered firm used an official Friday filing to detail that its Chief Executive Officer, Jay Snowden, agreed to a 25% pay cut from the first day of April as the pandemic forced it to temporarily shutter every one of its 41 venues and place some 26,000 staff on furlough. The company purportedly detailed that this had been followed by its Chief Financial Officer, David Williams, and General Counsel, Carl Sottosanti, consenting to salary reductions of 20% alongside a commitment that it would continue to cover all of its employees’ health benefits through to the end of June.
The source reported that the move from Penn National Gaming Incorporated means that Snowden’s salary has now returned to $1.4 million a year with Williams and Sottosanti again being annually compensated to the tune of $650,000 and $695,250 respectively.
Reportedly read the operator’s filing…
“As a result of virtually all the company’s properties being open for several months and a substantially improved liquidity position, the company entered into amendments to the employment agreements with the executive officers to restore the salaries.”
CDC Gaming Reports furthermore explained that the 1,467-room Tropicana Las Vegas last month became the final major Penn National Gaming Incorporated venue to re-open following an almost 27-week coronavirus-induced shutdown. However, the source pronounced that April saw the Pennsylvania-based operator offload the deed for the Las Vegas Strip property to its Gaming and Leisure Properties Incorporated real estate investment trust in exchange for $307.5 million in rental credits that were subsequently applied to its existing lease for May, June, July, August, October and a portion of November.