Isle of Capri Casinos' execs take pay cut

Nov 11, 2008 5:05 PM

by Ray Poirier | There have been few announcements from publicly traded gaming companies indicating that the top executives had taken a pay cut during the recent downturn in the economy. So, that made the announcement from Isle of Capri Casinos Inc. (ISLE), stand out.

ISLE notified the Securities & Exchange Commission that its four top executives would take a 25% base pay cut for the next year due to the tough economic climate.

The filing indicated that the pay cuts were being taken voluntarily during a period when the company is losing money.

Affected were: Chief executive James Perry, Chief Operating Officer Virginia McDowell, Chairman Bernard Goldstein and Vice-Chairman Robert Goldstein.