The Planet Hollywood Resort recently announced hiring casino veteran Thomas McCartney as the new president and chief executive officer of the Strip resort.
McCartney, who was hired away from MGM Mirage, is replacing Michael Mecca.
What the press release doesn’t reveal was the financial details. For that, we had to wait for an 8-K filing made Thursday with the Securities and Exchange Commission.
McCartney, 56, signed a three-year employment agreement that will see him collect a yearly salary of $500,000 and two separate bonuses of 50 percent of his salary based on achieving certain cash flow goals.
And he gets a $700 per month car allowance.
Mecca, who had held the position since March 2003, received a $348,168 parting gift in the form of a “one time severance payment.”
Speculation is that Mecca is a front runner for the top position at Cannery Casino Resorts when Australia-based Crown Ltd. takes over the locals casino company.
He has more than 30 years of experience in the U.S. gaming industry including a two-year stint as general manager beginning in 2001. He also has a history with Crown having managed the development of Crown Casino in Melbourne from March 1994 until December 1997.
Crown CEO Rowen Craigie declined to discuss Mecca or reveal if he was in the mix following a hearing Thursday where regulators approved the Cannery deal.