CEO of Prairie Meadows in Altoona gets bonus
by KIX101.1 /1230 KFJB News Department
posted Jan 24 2014 10:04AM
~ ALTOONA, Iowa (AP) - The board of the nonprofit Prairie Meadows Racetrack and Casino in Altoona has approved a bonus of more than $150,000 for its chief executive officer, and some are questioning if there's a better use for the money.
The decision Wednesday also gives CEO Gary Palmer a 3 percent raise. It's slightly more than the bonus he received last January.
Palmer's total compensation for 2012 - the last year that records are available - was more than $650,000.
The board on Wednesday approved $1.6 million in bonus payments to about 280 employees, including Palmer.
Advocates for charities wonder if the bonuses and salaries diminish the casino's mission of helping nonprofit groups. The board says salary studies show Palmer and other executives are underpaid.