The majority owner and top executive at the financially troubled Black Gaming just gave himself a raise.
Randy Black Sr. signed a new employment agreement on Jan. 8 that will see his 2009 base salary increase nearly 3.8 percent from last year’s amount and 5 percent every year moving forward, according to a morning filing with the Securities and Exchange Commission.
Black has sole authority to set the amount of his salary, according to the company’s annual report released in March.
The new contract comes after the Mesquite casino operator shut down its Oasis casino, some amenities and part of the hotel in December, cutting 340 jobs.
The company is struggling financially and has defaulted on a portion of its $188.7 million debt load.
The company also owns the CasaBlanca and the Virgin River in the rural town 80 miles north east of Las Vegas
Black will receive a base salary of $577,500 per year with annual increases taking effect each Jan. 1. Black will also receive a management fee equal to 5 percent of the company’s cash flow.
Black’s contract also provides him a $19,200 car allowance per year, and various food, spa, hotel rooms and related services not to exceed $2,000 per month.