Caesars Holdings layoffs, on the record
Every job cut, severance charge and restructuring Caesars Holdings reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 65,000 to approximately 64,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 65,000 | — |
| 10-K for 2019 | approximately 64,000 | — |
Job cuts, severance and restructuring
Our summaryThe filing reports restructuring and support expenses tied to the CEOC reorganization, recorded across 2015 through 2017, with the obligations settled upon CEOC's emergence from bankruptcy on the Effective Date.
Word for word“Restructuring and support expenses recorded in the Statements of Operations for the years ended December 31, 2017 , 2016 , and 2015 totaled $2.0 billion , $5.7 billion , and $1.0 billion , respectively.” 10-K for 2017
Our summaryThe filing describes accrued restructuring and support expenses settled on the Effective Date with a combination of cash, CEC common stock, and CEC convertible notes, which is a restructuring rather than a workforce action.
Word for word“These obligations were settled for total consideration of $8.6 billion on the Effective Date with a combination of primarily cash, CEC common stock, and CEC convertible notes.” 10-K for 2017
Our summaryThe filing notes exit cost accruals, including severance, tied to the permanent closure of three international properties (Alea Leeds, Golden Nugget and Southend).
Word for word“In addition, CEOC had other accruals related to non-cancellable contract costs, severance and other exit costs related to the permanent closure of three international properties, Alea Leeds, Golden Nugget and Southend.” 10-K for 2017
Our summaryThe company started a Voluntary Severance Program in 2019 for non-property, US-based corporate employees in management roles, to improve operational efficiency.
Word for word“During 2019, in an effort towards achieving greater operational efficiency, the Company initiated a Voluntary Severance Program (“VSP”).” 10-K for 2019
Our summaryThe company recorded severance and stock-based compensation charges for the Voluntary Severance Program in 2019.
Word for word“For the year ended December 31, 2019 , the Company recognized severance and stock-based compensation charges related to this VSP program totaling approximately $ 17 million .” 10-K for 2019
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $5.73 billion |
| 2017-12-31 | $2.03 billion |
| 2018-12-31 | $0 |
| 2019-12-31 | $0 |
Caesars Holdings has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Caesars Holdings’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2020-02-25. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.