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November 24, 2009

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Satre received big raise in 1999

Friday, April 7, 2000 | 10:41 a.m.

Harrah's Entertainment Inc. paid Chairman and Chief Executive Phil Satre $2.17 million in 1999, a 75 percent increase over his 1998 pay.

Satre received $903,000 in salary, an increase of about $75,000 over 1998. Satre's $1.08 million bonus in 1999, however, was triple the amount he received in 1998. Additional compensation totaled $182,000 in 1999.

Executive bonuses were increased in 1999 because the company exceeded earnings per share goals, Harrah's said in its annual proxy statement.

Satre also received 350,000 stock options in 1999. The 10-year options, exerciseable at $16.03 per share, would be worth $8.94 million if Harrah's stock rises 10 percent a year over the next 10 years.

Harrah's also awarded a sizable block of options to Chief Operating Officer Gary Loveman. Loveman received 325,000 stock options, carrying the same terms as those awarded to Satre. These options would be worth $8.3 million, assuming a 10 percent annual appreciation rate through 2009.

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