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Bonuses for execs

28 Jul 2008

By Arnold M. Knightly

LAS VEGAS, Nevada -- Tropicana Entertainment executives still collected bonuses in 2007 while the company began to run into financial and regulatory trouble around the country.

The company was being investigated in various jurisdictions, including Nevada, and lost operations of two of the company's three largest casinos. However, four of the five officers listed in federal filings are no longer executives in the company.

Owner Bill Yung III, who ran the company in 2007 as its sole director and top executive, did not take a bonus or any shareholder payouts. Yung collected a salary of $312,000 as president and CEO, both positions he relinquished this year. He also is no longer a director.

However, four other officers received bonuses:

•• Theodore Mitchel, former senior vice president and CFO, received a base salary of $212,000 with a bonus of $100,000.

•• Kevin Preston, senior vice president of casino operations, had a base salary of $113,000 with a bonus of $50,000.

•• Donna More, former vice president and general counsel, earned a base salary of $228,000 with a bonus of $100,000.

•• Howard Reinhardt, former senior vice president of casino operations, received a base salary of $135,000 with a bonus of $120,000.

Mitchel joined the company in November 2007, but resigned in May. More resigned her position in March and remains with the company. Preston replaced Reinhardt, who resigned in June 2007.

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