The Kentucky Derby is still more than a month away, but Churchill Downs Inc. executives are already celebrating a big payday.
A lot of money passes through CDI. The Louisville-based gaming company owns five horse race tracks, six casinos and the nation’s top online wagering site, TwinSpires.com.
Last year it took in $2.5 billion in bets, which led to $779 million in revenue and an 11 percent gain in the measure of profit used to calculate executive bonuses. Shareholders loved it, driving up the stock price by 35 percent last year, to $89.65.
Last week, a federal filing showed how Churchill Downs executives were rewarded. The company’s top five officers received $27.9 million between them for 2013. Most of the money -- $23.3 million -- came in the form of company stock that they will receive over the next four years.
Here's who got what:
William Carstanjen, president and COO, made $9.9 million in 2013
$8.8 million of his compensation came via stock awards
William Mudd, executive vice president and CFO, made $8.3 million in 2013
$7.4 million of his compensation came via stock awards
James Gay, senior vice president, made $4.6 million in 2013
$4 million of his compensation came via stock awards
Alan Tse, executive vice president and general counsel, made $3.6 million in 2013
$3 million of his compensation came via stock awards
Here’s the compensation breakout from the company’s filing last week with the U.S. Securities and Exchange Commission: