NEWS
Evans, Brodsky rank among most underpaid gaming executives
Posted: Wednesday, November 18, 2009 11:40 AM
by Ed DeRosa
The two executives that recently reached a deal to allow Churchill Downs Inc. to acquire Youbet.com Inc. are among the six most underpaid gaming industry executives according to Casino Journal magazine.
Youbet.com Chief Executive Michael Brodsky and Churchill Chief Executive Bob Evans both made the list based on the magazine’s index that compares an executive’s actual compensation with an estimate as to what each should have received based on stock performance, earnings before interest, taxes, depreciation, and amortization (EBITDA), and market growth.
In assessing an executive’s compensation, the magazine considered salary, short-term incentives, long-term incentives, and bonuses. The list was limited to executives at publicly traded companies.
Evans made $4,189,000 during last year’s reporting period, but Casino Journal says he was worth $5.1-million during that period. Brodsky earned $647,000, but could have fairly earned $959,000. Brodsky will be a director of Churchill once the Youbet.com deal is complete.
Casino Journal also credited Churchill with being one of only three gaming companies to realize an increase in stock price during the reported period. Bally Technologies and WMS Industries were the others.
The highest compensated gaming industry executive was Lorne Weil of Scientific Games Corp. Weil is not a chairman of that company and no longer its chief executive, but when he was, he earned $10,046,000. Other highly compensated racing industry executives include Peter Carlino of Penn National Gaming Inc. at $7,244,000 and Ted Arneault, formerly of MTR Gaming Group Inc., at $2,157,000.
Ed DeRosa is news editor of Thoroughbred Times
