LAS VEGAS (AP) — Nevada gambling regulators are calling the bankruptcy of Caesars Entertainment Corp.'s debt-heavy subsidiary an embarrassment and lamenting the company's inability to pay 63 former executives some $33 million in promised pension payments.
The Nevada Gaming Commission pressed Caesars executives Thursday about the pension payments that aren't guaranteed in the case of a bankruptcy.
Kenneth Ng-Houng says he was promised a fully-funded pension after working at the company for 32 years, guaranteeing him an annual salary of $71,000 after he retired.
He says he relies on social security since the January bankruptcy filing.
Caesars' general counsel apologized to Houng at the meeting but explained the company can't make the payments without bankruptcy court permission and Caesars didn't plan to seek it because it would have little chance of approval.