Caesars partners with Unite Here to facilitate corporate governance reform
The agreement stems from a notice Unite Here provided to Caesars after it acquired Eldorado Resorts.
Caesars Entertainment has teamed up with Unite Here to implement changes to the company’s voting standards for its Board of Directors. The catalyst for the partnership was a notice Unite Here issued to Caesars’ board that called for a revote regarding its motion to independently solicit proxies for a majority vote shareholder proposal.
The board had previously voted in favor of a majority vote standard in 2019 during the annual meeting by 70%. At that time, the company was known as Eldorado Resorts, Inc. before its acquisition of Caesars Entertainment Corporation in 2020.
Unite Here had made five non-binding proposals while working with Eldorado Resorts. Those agreements included a recommendation to adopt a majority vote standard.
Unite Here works with various companies by offering support in governance improvements.
Unite Here Senior Research Analyst L. Tchernyshyov commented: “We appreciate Caesars Entertainment’s decision to move to a majority vote standard for uncontested director elections. This reform will create a more meaningful voice for shareholders in selecting directors. As a relatively new S&P 500 company and as a leader in the gaming industry, Caesars Entertainment should be responsive to its shareholders and a role model for best corporate governance practices.
“We believe that board responsiveness is critical to upholding shareholder rights and maximizing long-term shareholder value.”
Caesars Entertainment was founded in 1937. It originated in Reno, Nevada and has expanded over the years to include facilities that operate under the Caesars, Harrah’s, Horseshoe and Eldorado brand names.
The company recently released its Caesars Sportsbook mobile app in Illinois. Caesars has had a foothold in Illinois for a while through the Harrah’s Joliet, Harrah’s Metropolis, and Grand Victoria Casino Elgin locations. The debut of its mobile app is an added layer to Caesars’ continuing plans for brand expansion.
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