Pay drops for Harrah’s CEO

THE ASSOCIATED PRESS

May 25, 2010 - 11:35 am

The chief executive of casino operator Harrah's Entertainment Inc. was paid $5.97 million in 2009, less than one-sixth as much as the $39.6 million he made in 2008.

An Associated Press calculation based on a Securities and Exchange Commission filing Monday shows that privately held Harrah's CEO, Gary Loveman, received salary of $1.9 million, a $3 million cash bonus and just over $1 million in perks in 2009.

He got no stock or options, which made up more than $36 million of his pay in 2008.

The AP calculation aims to isolate the value company boards place on CEOs' total compensation. It includes salary, bonus, incentives, perks and the estimated value of stock options and awards at the time they are granted.

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