Red Rock Resorts, Inc. (NASDAQ:RRR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On May 15, 2017, Red Rock Resorts, Inc. and Station Casinos LLC (together, the “Company’”) announced that Daniel J. Roy resigned as Executive Vice President and Chief Operating Officer of the Company effective immediately. Mr. Roy will continue to provide consulting services to the Company for a period of six months and, in consideration for providing such services and a release of claims, will receive compensation in an amount equal to continued payments of his base salary of $50,000 per month for a period of six months and reimbursement for COBRA coverage for a period of six months.
(c) In addition, the Company announced that Joseph J. Hasson was appointed Executive Vice President of Operations on May 15, 2017. Mr. Hasson has served as Senior Vice President of Operations of Station Casinos LLC since March 2017 and as Vice President and General Manager of Graton Resort & Casino from October 2012 to March 2017. From August 2011 to September 2012, Hasson was employed as a General Manager with Penn National Gaming, Inc. From 2003 to 2011, Mr. Hasson served as Vice President and General Manager of various properties owned by Station Casinos, Inc., a predecessor to the Company. From 1981 to 2003, Mr. Hasson was employed by Harrah’s Entertainment and its predecessor and related companies in various roles, including, without limitation, Vice President, General Manager and Senior Vice President.
Mr. Hasson is party to an employment agreement with Station Casinos LLC dated March 1, 2017 that provides for a fixed five-year term, unless the agreement is otherwise terminated to its terms, with automatic extensions for successive one year periods if neither party has advised the other that the term of employment shall not be extended for such additional one year period. The employment agreement provides that Mr. Hasson shall be entitled to an annual base salary of not less than $500,000 and a discretionary bonus with a target of 50% of his base salary, with the actual amount to be based on achievement of mutually agreed goals and objectives and overall performance of the Company. In the event of termination of employment for any reason, Mr. Hasson will be entitled to accrued and unpaid obligations under his employment agreement, such as unpaid salary, any annual bonus awarded but not yet paid, and reimbursement for previously-incurred expenses. Mr. Hasson will not be entitled to any additional payments or benefits if his employment is terminated by the Company for “cause.” If Mr. Hasson’s employment is terminated by the Company without “cause” he will be entitled to receive additional payments consisting of a pro-rated annual bonus for the year of termination and a cash payment equal to the annual base salary in effect at the time of termination (paid in 12 equal monthly installments) and continuation of group health and long-term disability insurance coverage for 12 months (or a cash payment is made in lieu of continued coverage). Receipt of the additional payments is subject to the execution of a release of claims against the Company and compliance with the restrictive covenants contained in the employment agreement, including indefinite confidentiality obligations and noncompetition and non-solicitation restrictions through the first anniversary of the termination with respect to a defined “Restricted Area.” Mr. Hasson was also entitled to reimbursement for actual relocation expenses incurred in connection with his move to Las Vegas from California, including reimbursement for selling expenses and realtors’ sales commissions associated with the sale of his home.
2
About Red Rock Resorts, Inc. (NASDAQ:RRR)
Red Rock Resorts, Inc. is a gaming, development and management company. The Company’s segments include Las Vegas operations, Native American management, and Corporate and other. The Las Vegas operations segment includes all of its Las Vegas area casino properties and the Native American management segment includes its Native American management arrangements. It provides gaming and entertainment for residents of the Las Vegas regional market and visitors. Its Las Vegas portfolio includes approximately 10 gaming and entertainment facilities and over 10 smaller casinos, offering approximately 20,300 slot machines, over 350 table games and approximately 4,750 hotel rooms. The Company offers a range of gaming and non-gaming entertainment options. It also controls over seven gaming-entitled development sites consisting of approximately 398 acres in Las Vegas and Reno, Nevada. The Company manages and owns interest in Station Casinos LLC, which is the provider of gaming and entertainment. Red Rock Resorts, Inc. (NASDAQ:RRR) Recent Trading Information
Red Rock Resorts, Inc. (NASDAQ:RRR) closed its last trading session down -0.02 at 24.01 with 556,590 shares trading hands.