Churchill Downs Inc. Preps For Big Race, and Executives Win Big With Bonuses

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 racetracks, 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.

On Monday, a federal filing showed how Churchill Downs execs 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. Now that’s a walk to the winner’s circle.

Here’s who got what:

William Carstanjen, president, made $9.9 million in 2013

William Mudd, chief financial officer, made $8.3 million in 2013

James Gay, senior vice president, made $4.6 million in 2013

Alan Tse, general counsel, made $3.6 million in 2013

And here’s the compensation breakout from the company’s filing Monday with the U.S. Securities and Exchange Commission:

This story was reported by the Kentucky Center for Investigative Reporting, part of Louisville Public Media. You can find out more and see more stories at the KyCIR website.

James McNair

James McNair is a veteran investigative reporter who specializes in business and finance issues.

@JMacNews

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