New Caesars CEO to make $1.8 million base salary, bonuses

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LAS VEGAS (AP) — Caesars Entertainment Corp. says its new CEO Mark Frissora is being paid a $1.8 million base salary and bonuses after succeeding Gary Loveman.

Caesars Entertainment said in a financial filing Thursday that Frissora's employment agreement is for a four year term beginning Wednesday that can be renewed annually automatically. Frissora was most recently the chairman and CEO of rental-car company Hertz before stepping down in September.

Loveman is leaving his CEO role July 1 but remaining the company's chairman. Loveman was paid an annual salary of $1.9 million. In 2013 his salary plus bonuses earned him $7.6 million.

The company announced Loveman's departure after 12 years as CEO on Wednesday. The company's operating division filed for bankruptcy three weeks ago to shed some of its $18.4 billion in debt.

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