Wednesday, March 31, 2004 | 11:06 a.m.
CEO receives a raise
Caesars Entertainment Inc., the largest U.S. casino company, increased Chief Executive Wallace Barr's salary and bonus by 36 percent last year after the company posted a profit in 2003.
Barr, 58, received salary and other compensation of $1.05 million and a bonus of $1.23 million, the Las Vegas-based company said in a Securities and Exchange Commission filing Tuesday. He also received options to buy stock that may be worth as much as $18.1 million.
Vegas firm announces dividend
Las Vegas-based Ameristar Casinos Inc. this morning declared the company will pay its first cash dividend to shareholders.
The company will pay the 12.5 cents per-share dividend on April 30 to shareholders of record on April 14, the company announced.
"As a result of the continued improvement in our operating results, we are generating significant free cash flow and are pleased to be able to return a portion of our earnings to our stockholders," Ameristar Chief Executive Craig Neilsen said in a statement. "During the first 10 years of the company's history, we used our cash flow to invest in growth opportunities and pay down debt incurred to grow the Company. Due to the success of our expansion strategies and the strength of our operations, we now believe we can concurrently invest to grow the Company, reduce debt and pay dividends."
Ameristar operates no casinos in Southern Nevada, but does own and operate two near the Idaho border in Jackpot. The company also operates two Missouri riverboat casinos, its prime moneymakers, as well as properties in Council Bluffs, Iowa, and Vicksburg, Miss.
Ameristar shares traded up 56 cents, or 1.7 percent, at $33.90 today.
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