UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On April 8, 2020, Eldorado Resorts, Inc. (the “Company”) entered into an agreement with each of Messrs. Thomas Reeg, Gary Carano, Anthony Carano, Bret Yunker and Edmund L. Quatmann Jr. reflecting their agreement to reduce each of their base salaries until such time as the Chief Executive Officer, in consultation with the Lead Director, determine otherwise. This temporary reduction in base salary becomes effective April 11, 2020, and will not impact any other aspect of the executive officers’ compensation.
| Item 7.01 | Regulation FD Disclosure. |
As previously announced, all Company properties nationwide are temporarily closed to the public as mandated by state officials in connection with efforts to prevent the spread of COVID-19. Accordingly, effective April 11, 2020, each of the Company’s properties is temporarily moving to the minimum workforce needed to maintain basic operations and furloughing the remainder of its employees. The furloughs are expected to impact over 90% of each property’s employees as well as its corporate staff. Those individuals who are furloughed remain employees throughout the furlough period. For furloughed employees enrolled in Company-sponsored medical, dental and vision plans, the Company is paying 100% of the applicable insurance premiums through June 30, 2020, or their return to work, whichever occurs first.
On March 15, 2020, the Company issued two separate press releases announcing a fourteen-day temporary suspension of casino operations in Illinois and Indiana. Both states have subsequently extended the casino closures beyond the initial fourteen-day period. Due to the fluid nature of state and local closures related to COVID-19, the Company will provide future updates on property closures on the home page of its website, www.eldoradoresorts.com.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ELDORADO RESORTS, INC., a Nevada corporation | ||||||
| Date: April 9, 2020 |
By: |
/s/ Thomas R. Reeg | ||||
| Name: |
Thomas R. Reeg | |||||
| Title: |
Chief Executive Officer | |||||