Prairie Meadows' CEO, already a millionaire, poised to get another raise
Prairie Meadows Racetrack and Casino made CEO Gary Palmer a millionaire — and he stands to get even wealthier next year.
After a record year of gambling at the nonprofit casino, Prairie Meadows' executive committee plans to present its recommendation Wednesday for another raise for Palmer next year.
Board members also will discuss incentives, to be paid next year, that could bring Palmer a more than $900,000 bonus. However, Palmer would not release details of that plan or the size of his 2023 pay bump despite requests before Wednesday's meeting.
Palmer, who has received generous bonuses and raises annually after more than two decades in his post, received an $800,000 bonus this year in addition to his $641,000 base salary, for a total of $1.41 million. His bonus this year came after last year's record-breaking revenues.
The 75-year-old again delayed retiring this year and renewed his current contract through 2026.
In a brief interview Monday, Palmer contended his compensation is much less than for-profit casino CEOs.
"I wish we were a for-profit so I could make $3 or $4 million a year," he said.
He also contended he made less than nonprofit CEOs with similar revenues and employees, such as hospitals or universities.
But according to a 2022 compensation report by Candid, a nonprofit that tracks executive compensation for other nonprofits nationally, there are no CEOs nationally at like-sized sports or recreational nonprofits to which Palmer's compensation can be compared.
Outside of Iowa, there are no nonprofit racetrack-casinos.
Historically, Palmer's pay has been far more than most top nonprofit CEOs in the metro, except huge healthcare networks such as Mercy Health and the Iowa Hospital Association, according to Candid.
The county-owned casino and racetrack is on track this year to make a record $230 million or more in gambling revenue. Bonuses for employees are paid in the spring after the racetrack-casino's books are settled, Palmer said.
Though Prairie Meadows got its start as a nonprofit to bolster Iowa's horse industry, its racetrack has long taken a backseat to casino gambling: About 88 cents of every dollar spent at the complex comes from the casino. The facility has about 1,100 employees.
At Wednesday’s board meeting, the board also will be welcoming new voting board members, including Dr. Ian Lin, an orthopedic surgeon; Jeff Wangsness, president JMT Trucking; and former Polk County supervisor John Mauro, whose recent appointment caused controversy when it was approved in November by the Polk County Board of Supervisors.
Mauro, a friend of Palmer’s who some employees complained fostered a good-old-boy patronage in county government, was chosen to fill the county's open seat on the Prairie Meadows board.
More:Is it still who you know that gets you a job in Polk County government?
Mauro, 82, never formally applied to be on the board. Instead, he reportedly “reached out” to several of the supervisors, expressing a desire "to continue to be of service," according to supervisors' spokesman Jon Cahill.
Through grants from gambling proceeds, Prairie Meadows supports Iowa nonprofit organizations that support arts and culture, education, economic development and human services.
Last year, the nonprofit gave $93.1 million in community betterment and larger “legacy” grants. It also gives about $27 million annually to Polk County, which it uses to provide other grants in the community.
Lee Rood's Reader's Watchdog column helps Iowans get answers and accountability from public officials, the justice system, businesses and nonprofits. Reach her at lrood@registermedia.com, at 515-284-8549, on Twitter at @leerood or on Facebook at Facebook.com/readerswatchdog.
This article originally appeared on Des Moines Register: Prairie Meadows CEO, already a millionaire, likely to see pay rise again
