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Gaming & Lodging

Caesars Entertainment Executive Compensation (FY25)

CZR · Las Vegas, NV · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): June 12, 2026
369 figures on this page: 359 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
Thomas Reeg, Chief Executive Officer and member of the Board, received $17,199,029 in total compensation for fiscal 2025, and Reeg's total moved 6.4% lower from the $18,371,934 reported for fiscal 2024. For fiscal 2025, the company reported a chief executive pay ratio of 297:1, against median employee compensation of $57,879. For fiscal 2025, shareholders backed the say-on-pay proposal with 85.7% of votes cast for or against in favor at the meeting held June 9, 2026. Companies named in the disclosed peer group include Boyd Gaming Corporation, Carnival Corporation, Hilton Worldwide Holdings, Hyatt Hotels Corporation and Las Vegas Sands, among others.
Chief executive, fiscal 2025
◇
Thomas Reeg
Latest say-on-pay support
=
June 9, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Thomas Reeg: $18,371,934 → $17,199,029 (6.4% lower)
Say-on-pay support: 66.5% → 85.7% (19.2 points higher)
CEO pay ratio: 419:1 → 297:1 (29.1% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Caesars Entertainment's chief executive and what were they paid?
Thomas Reeg, Chief Executive Officer and member of the Board, received $17,199,029 in total compensation for fiscal 2025. Reeg's total moved 6.4% lower from the $18,371,934 reported for fiscal 2024.
What was Caesars Entertainment's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 85.7% of votes cast for or against in favor at the meeting held June 9, 2026.
Which companies are in Caesars Entertainment's peer group?
Companies named in the disclosed peer group include Boyd Gaming Corporation, Carnival Corporation, Hilton Worldwide Holdings, Hyatt Hotels Corporation and Las Vegas Sands, among others.
What is Caesars Entertainment's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 297:1, against median employee compensation of $57,879.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thomas Reeg
Chief Executive Officer
◇—◇—◇—◇◇
Anthony Carano
President and Chief Operating Officer
◇◇◇—◇—◇◇
Bret Yunker
Chief Financial Officer
◇◇◇—◇—◇◇
Edmund Quatmann
Chief Legal Officer
◇◇◇—◇—◇◇
Stephanie Lepori
Chief Administrative and Accounting Officer
◇◇◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thomas Reeg
Chief Executive Officer and member of the Board
◇—◇—◇—◇◇
Anthony Carano
President and Chief Operating Officer
◇—◇—◇—◇◇
Bret Yunker
Chief Financial Officer
◇—◇—◇—◇◇
Edmund Quatmann
Chief Legal Officer
◇—◇—◇—◇◇
Stephanie Lepori
Chief Accounting, Human Resources, and Administrative Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thomas Reeg
Chief Executive Officer and member of the Board
◇—◇—◇—◇◇
Anthony Carano
President and Chief Operating Officer
◇—◇—◇—◇◇
Bret Yunker
Chief Financial Officer
◇—◇—◇—◇◇
Edmund Quatmann
Chief Legal Officer
◇—◇—◇—◇◇
Stephanie Lepori
Chief Accounting, Human Resources, and Administrative Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thomas Reeg
Chief Executive Officer and member of the Board
◇—◇—◇—◇◇
Anthony Carano
President and Chief Operating Officer
◇—◇—◇—◇◇
Bret Yunker
Chief Financial Officer
◇—◇—◇—◇◇
Edmund Quatmann
Chief Legal Officer
◇—◇—◇—◇◇
Stephanie Lepori
Chief Accounting, Human Resources, and Administrative Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Anthony L. CaranoRSU◇——◇——◇
Anthony L. CaranoRSU◇——◇——◇
Anthony L. CaranoPSU◇◇◇—◇—◇
Anthony L. CaranoPSU◇◇◇—◇—◇
Bret YunkerRSU◇——◇——◇
Bret YunkerPSU◇◇◇—◇—◇
Bret YunkerPSU◇◇◇—◇—◇
Bret YunkerRSU◇——◇——◇
Edmund L. Quatmann JrRSU◇——◇——◇
Edmund L. Quatmann JrRSU◇——◇——◇
Edmund L. Quatmann JrPSU◇◇◇—◇—◇
Edmund L. Quatmann JrPSU◇◇◇—◇—◇
Stephanie LeporiPSU◇◇◇—◇—◇
Stephanie LeporiRSU◇——◇——◇
Stephanie LeporiRSU◇——◇——◇
Stephanie LeporiPSU◇◇◇—◇—◇
Thomas R. ReegRSU◇——◇——◇
Thomas R. ReegRSU◇——◇——◇
Thomas R. ReegPSU◇◇◇—◇—◇
Thomas R. ReegPSU◇◇◇—◇—◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Stephanie LeporiPSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Anthony CaranoRSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Bret YunkerPSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Thomas ReegRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Edmund QuatmannPSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Don R. Kornstein
◇◇———◇◇
David P. Tomick
Lead independent director
◇◇————◇
Jan Jones Blackhurst
◇◇———◇◇
Courtney R. Mather
◇◇————◇
Kim Harris Jones
◇◇————◇
Frank J. Fahrenkopf
◇◇————◇
Bonnie S. Biumi
◇◇————◇
Michael E. Pegram
◇◇————◇
Ted Papapostolou
◇◇————◇
Jesse Lynn
◇◇————◇
Gary L. Carano and Thomas R. Reeg served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual cash-based retainer fee

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Boyd Gaming Corporation BYD
  • Carnival Corporation CCL
  • Hilton Worldwide Holdings HLT
  • Hyatt Hotels Corporation H
  • Las Vegas Sands LVS
  • Marriott International MAR
  • MGM Resorts International MGM
  • Norwegian Cruise Line Holdings NCLH
  • Penn Entertainment, Inc. PENN
  • Royal Caribbean Cruises RCL
  • Wynn Resorts WYNN

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 9, 2026=◇◇◇
2024June 10, 2025=◇◇◇
2023June 11, 2024=◇◇◇
2022June 13, 2023=◇◇◇
2021June 14, 2022=◇◇◇
2020June 15, 2021=◇◇◇
2019June 29, 2020=◇◇◇
2017June 20, 2018=◇◇◇
2016June 14, 2017=◇◇◇
2015June 15, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Caesars Entertainment disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Caesars Entertainment sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
369 figures on this page: 359 cited to the filing that reported them, 10 calculated from figures it prints.
359 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001590895-26-000022
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-174058
    CEO Pay Ratio · DIRECTOR COMPENSATION · Director Compensation · Grants of Plan-Based Awards · and 2 more sections
  3. 0001590895-25-000118
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-093716
    Summary Compensation Table
  5. 0001590895-24-000106
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001193125-24-122698
    Executive Compensation Tables · Summary Compensation Table
  7. 0001193125-23-169019
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-23-124567
    Summary Compensation Table
  9. 0001590895-22-000116
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001193125-21-193391
  11. 0001193125-20-186260
  12. 0001564590-18-015929
  13. 0001564590-17-012564
  14. 0001104659-16-128336
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This page is free to cite. Attribution we ask for:
Velarion, “Caesars Entertainment executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CZR (accessed 2026).
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Gaming & Lodging rankings

Chief executive pay — Gaming & LodgingCEO pay ratio — Gaming & LodgingSay-on-pay support — Gaming & Lodging

Peers Caesars Entertainment discloses

The companies named in CZR's own disclosed peer group.

Boyd Gaming CorporationCarnival CorporationHilton Worldwide HoldingsHyatt Hotels CorporationLas Vegas SandsMarriott InternationalMGM Resorts InternationalNorwegian Cruise Line HoldingsPenn Entertainment, Inc.Royal Caribbean CruisesWynn Resorts

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy