Mar 15, 2022 - News

Iowa nonprofit casino CEO gets $800,000 bonus

Jason Clayworth

A photo of Gary Palmer. — Gary Palmer, president and CEO of Prairie Meadows, in June 2020. Photo: Zach Boyden-Holmes/The Des Moines Register via Imagn Content Services

Prairie Meadows CEO Gary Palmer received an $800,000 bonus last week, according to minutes of a special casino board meeting obtained by Axios.

That's in addition to his $641,000 base salary.

Why it matters: The casino — one of the very few in the nation that operates as a nonprofit — provides tens of millions of dollars annually to charities and local governments.

Catch up fast: Prairie Meadows began as a horse track in 1989 with a $40 million loan from Polk County. Taxpayers took on more debt after it filed for bankruptcy protection two years later.

Slot machines were added in 1995, allowing it to quickly repay about $90 million in debt.
The casino has directed more than $2 billion to central Iowa governments and philanthropies in its history.

Flashback: Prairie Meadows' executive salaries have faced scrutiny in the past.

Five years ago, a federal audit threatened to strip the casino of its tax-exempt status.

What they're saying: Palmer told Axios his bonus is largely based on his performance, and noted that last year was the casino's best yet, exceeding its revenue projections by $40 million.

Palmer said the casino's charitable giving will reach a record level in 2022.

Of note: Palmer has worked more than 20 years for the casino. He told Axios he plans to retire at the end of 2023.

Add Axios on Google

Iowa nonprofit casino CEO gets $800,000 bonus

More Des Moines stories