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churchill downs general counsel

    churchill downs general counsel

    William Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating So when we think about the land-based product on the casino side coming online in the coming months, is that 48% margin sustainable or something we should think about kind of throughout the rest of the year? Now that you've had some time owning the P2E assets, curious what you see as the upside case and how that maybe compares to when you initially underwrote the deal? The press release and Form 10-Q are available on our website at churchilldownsincorporated.com. WebChief Executive Officer. WebBrad Blackwell is Exec VP/General Counsel at Churchill Downs Incorporated. This concludes today's conference call. A lobbying group affiliated with Pace-O-Matic spent a record amount on lobbying expenses, $483,324, in the three months of this past session lobbying against the gray machine ban bill that passed, House Bill 594. It's an area of significant strategic focus for us to think about how to improve the floors and what product is out there of various types that would help us shape the floor. Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! Plaintiff's motion for contempt does not meet any of the three prongs enunciated supra. The Court has no reason to believe that the website has changed significantly in its use of the Marks "Kentucky Derby" and "Churchill Downs" since January 6, 2003. They were not fully understood because they were no reporting on them. It's been quite a while for the people of Vigo County for this casino to get off the ground.". See EEOC v. Local 638, Local 28 of Sheet Metal Workers' Int'l Ass'n, 753 F.2d 1172, 1178 (2d Cir. Churchill Downs Incorporated Promotes Brad Blackwell to Senior Vice President and General Counsel. We expect to see our B2B business accelerate in the second quarter with the Kentucky Derby. Certainly, there is competition coming online. That letter made one objection to the content of a previous Web site maintained by Defendants, but did not object to the use of the name "Kentucky Derby" elsewhere on the same page. With that, I'll turn the call back over to Bill so that he can open the call for questions. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. Sure, Sean. TERRE HAUTE, Ind. I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. We will look to go live in our retail locations once regulators have promulgated all of the required regulations and operational standards. Pace-O-Matic continues to be in the unfair position of defending its legal business against entities like Churchill Downs Inc., and others, that have enormous political capital in the state. LOUISVILLE, Kentucky (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: We haven't achieved that yet. Thanks, Barry. During this call, we will present both GAAP and non-GAAP financial measures. Thanks, Phil. And our next question comes from the line of David Katz with Jefferies. The Court begins with the Consent Decree itself. The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. Regarding project capital, we spent $123 million in the first quarter and continue to expect to spend between $575 million to $675 million in total for the year. One of our thesis in investing to acquire P2E was that these properties were still on the early stages of their development and haven't reached maturity and in general, we see that. Good morning, everyone. Just kind of how to think about that relationship? Executives with Churchill Downs say elected officials, citizens, and other stakeholders urged them to build on the east end. But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. 9|4O?K*YhDV}R%4>q}_?hz:$-9OoJ>gs|LtE}pl#<27eUmx+1C~3=^M*VjC^V UN6UVzcD2Ne} GG-5z=j;G=p On April 5, 2007, Churchill Downs sent a letter to Defendants, stating that Churchill Downs was aware of the use of these Marks on the www.derbybox.com Web site, that Defendants could not use the Marks without permission, and that Defendants were violating the Consent Decree. wQ+4Fejh{col!DkD- G@m>];i3YxZ^. But I would also say that already we've achieved a quality product, but our goal is always to be as good as any of our competition has, and we always are going to have that extra step that we're HRM. There was a problem saving your notification. And so it's a really good thing. They say they listened and made the proposal to move based on community feedback, Sauer says the company is ready to deliver on a long-awaited project, "Suffice to say, we are extremely excited about entering the Indiana gaming market, but not just entering the market - it's how we are doing it. Some markets are better than others, but across a portfolio that is as broad and as diverse as ours, I don't have any yellow or red flags to raise with you at this time. Marcia? For most of that time, that Web site was replete with references to the "Kentucky Derby" and "Churchill Downs." Prior to the Consent Decree, counsel for Churchill Downs sent a letter to Defendants' former counsel dated April 17, 2002. Apply to Senior Counsel, Counsel, Associate Attorney and more! And the thesis that we have here is that many of our customers will enjoy a bet on the Kentucky Derby or on horse racing, but we never managed to reach those customers with our TwinSpires offering. And on the subject of HRM facilities, one of the issues that comes up regularly with investors is the degree to which those HRM facilities can perform, right, whether an HRM machine, how it compares with the traditional regular slot machine, whether there's any noticeable difference in consumer spend or behaviors or any of those sorts of things? This is a one-of-a-kind entertainment venue that is itself the size of a small stadium with 5,300 covered stadium seats and an additional 2,000 reserved indoor dining seats with exclusive views of the horses and the racetrack from the rail on the first turn. Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. So for everyone else on the call, during the first quarter, the Kentucky legislature passed new legislation that was signed by the governor banning the category of gaming machines that sort of euphemistically we refer to as gray games. WebGeneral Counsel, Senior VP VP, Executive Legal, Management 1 email found 1 phone number found View contacts for Churchill Downs Incorporated to access new leads and connect with decision-makers. Our next question comes from the line of Dan Politzer with Wells Fargo. The horse industrys influence in Frankfort runs deep, and has persisted for more than a century dating back to the power of the Jockey Club in the early 20th century. Let's start with our historical racing machines or HRM initiatives. We have made numerous improvements at Ellis Park to enhance the racing experience for our customers and improve safety and environmental compliance at the property. There wasn't a fully accurate count of how many of these were, but I think it's fair to say there were several times the number of these of actual -- compared to actual HRM machines and license authorized facilities like the ones we run. Recently, there was some legislation there that cracked down on this. 502-636-4400. They are considered to be part of the following sectors and industries: Consumer Discretionary, Consumer Services, Hotels, Restaurants & Leisure, Casinos & Gaming. Turning to capital management. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) Darren.Rogers@KyDerby.com KENTUCKY OAKS, DERBY POST POSITION DRAWS TO BE HELD MONDAY 2-3 P.M. So it's a constant journey to make the product better. 1 0 obj Really good question. Our overarching objective is to pursue what we have demonstrated we are good at, growing the Kentucky Derby, developing greenfield and organic opportunities as well as executing strategic acquisitions that fit our profile. I think that just helps us with our toolkit to work with manufacturers to make this product as competitive as we can with Class III. No matter who asks, he does the same thing, which is that he will stand up for whats right and defend the laws of Kentucky, Herbert said in a statement. Prior to joining Live Nation, Michael served as Senior Vice President, You are looking up Churchill Downs, Inc. customer care, so you probably already know who they are. This project will reinvent Churchill Downs racetrack and create unique once-in-a-lifetime experiences that will surpass anything like it anywhere in the United States. We will save any material investment in the HRM portion of Ellis Park until we complete and then evaluate its HRM extension in Owensboro to ensure these properties complement each other and are as efficient as possible from a customer offering and operational perspective. <> But otherwise, yes, there can be challenges on the construction side, but we're managing through those, and there's nothing really to report on the call. Both Draws to be Held in Aristides Lounge, Streamed Live on L As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! Prior to her appointment as General Manager of Riverwalk, Beeding served as Executive Vice President and General Counsel for Cordish Gaming and previously worked for Churchill Downs Incorporated (CDI) as Vice President, Senior Counsel & Corporate Compliance Officer where she was responsible for overseeing and managing compliance See, e.g., Schachner v. Blue Cross and Blue Shield of Ohio, 77 F.3d 889, 893 (6th Cir. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. We are continuing to build on the success of our HRM operations in Kentucky, which began with our inaugural property opening in 2018, Derby City Gaming and Suburban Louisville. Understood. Based on advanced reserve ticket sales and other metrics available at this time, we expect to deliver record Derby week results. Have we seen the labor and utility pressures kind of plateau? Wondering if you could just dig into that a little bit more. Additionally, any suggestion that we are attempting to sway an opinion through donations is reaching to connect dots where there are none., Krista Buckel, a spokesperson for the attorney generals office, said in a statement that they will defend all laws passed by the General Assembly and will continue to do so.. However, commission staff asked Churchill Downs to offer an update due to the importance of the change. Under Section I-C of the Consent Decree, Defendants cannot use the Churchill Downs Marks in connection with the solicitation and sale of horse racing tickets. So I don't really have anything material to say or any material concerns about the interplay between people that go to Newport versus Turfway. Regarding our online operations. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. That includes Churchill Downs Inc.s massive donations to members of the legislature and other politicians, noted a statement from the company. We have positioned our company for strong growth for years to come with the ongoing investments in the Kentucky Derby, the acquisition of the P2E assets, including the existing operational properties and our Virginia growth projects, our Terra Haute project in Indiana, our Salem, New Hampshire HRM project and other Kentucky HRM projects and the pending acquisition of Exacta Systems, which will greatly improve our Virginia, New Hampshire and Kentucky capabilities, all of which we expect to drive a material increase in adjusted EBITDA and free cash flow in the coming years. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. Second question would just be Richmond came up just kind of on the slate of -- it sounds like you got a couple referendum you're targeting in Virginia for this fall. I want to start in Virginia. So more to come on that, but the market dynamics are -- we're the new guy in a developed market, and we have to convince the customers to try us and give us an opportunity to compete for their consumer dollar. Got it. Code 9.46.0237. For the purposes of this action, two terms of the Consent Decree are of particular importance: For more than four years after the parties entered into the Consent Decree, Defendants continued to operate www.derbybox.com, a Web site that advertised itself as "The undisputed Derby Ticket and Derby Travel Package Specialist." And our next question comes from the line of Chad Beynon with Macquarie. We have developed high-growth, high-margin investments in this segment with excellent returns on capital, and we will seek to build on that track record in Kentucky, Virginia, New Hampshire, Louisiana and perhaps beyond. Live odds, betting, horse bios, travel info, tickets, news, and updates from Churchill Downs Race Track. Web55 Counsel jobs available in Carwood, IN on Indeed.com. Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). I will share some high-level thoughts on several strategic topics, and then Marcia will walk through our results and provide an update on our capital management strategy. Appreciate the question. Thank you, Andrew. Each of our racetracks and HRM facilities in Kentucky already have a sports bar that will be enhanced with sports betting kiosks so that our customers can easily and conveniently play their retail sports bets. We believe the B2B expansion related to our horseracing technology and related services will provide a further enhancement to our adjusted EBITDA and margins in the coming quarters. And as a company that's driven first and foremost by margins, I think you see the evidence of that and see why we're excited about it. So this is the fifth license that the city of Richmond has awarded the partnership. All of the covered stadium seats are sold and more than 3/4 of the indoor reserve seats are also sold with the remainder selling quickly each day. And I think this is one of those things where I can tell you that I paid a lot of attention to the TwinSpires business since the day it was conceptualized and became a real thing. So we're very excited to see the first real milestone of that, though, around the Kentucky Derby. The company itself said that the suggestion that they might be trying to influence Cameron by contributing six figures to the PAC supporting him, Bluegrass Freedom Action, is reaching to connect dots when there are none., We plan to be working in Kentucky for years to come, therefore, like many organizations, we have made contributions to candidates that we believe fundamentally support Kentucky small businesses, veterans groups, and fraternal clubs (our customers), the company said in a statement. (Operator Instructions) As a reminder, this conference call is being recorded. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- And then just any way or hint on how to think about or quantify this impact of this more restrictive regulation? Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. However, Section I-D of the Consent Decree introduces significant ambiguity into the document. Apply to Associate Attorney, Counsel, Attorney and more! This is an extremely important project because of its proximity to the significant population in Northern Virginia Interstate 95 corridor. We hope to achieve that. stream /-7dr!\S 8@n?Sh4>|z|,; +U,zSHs#W[ylU f@"` b\/z/-qKQlUox+Bt4}6]{}`aYj,3y$\iaR'uy\MhY[2sbTFy&?#2P[8GHR'>P7F3+H&qM`ded8,b="-MvJVHEs`T8TZc8a+PLl&dJ)/Lco7|X[Myc]_,.b=N 2iH)fg&dPcI^X Wo?>|o'nw\/C-?;}jn,-v~W:U*3}w 0uvb%G25@ p $=( L3C "s`XJ1S8KK`zX&n1!U{c.gNquW_$K'qxbu,7>ZZxw~MYg^{d`@muF#(LeEtWJ- l3 Great. Mr. Blackwell served as Vice President of Operations at Churchill Downs Incorporated from March 2015 to March 01, 2017. So Indiana and Ohio has had gaming in that market for many years. The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. So more to come and I think that's part of the reason I'm excited about the exact acquisition as well when we are able to close that over the rest of the year. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. }d3a0nS($DA]jjCDFeOp^dsY uD8-X._g1JEt&zo}D2t}? .%9|NR0Y4~4A\mw%*oLRk46(]]XzwZJ7Z;H{/gMGimb1;7CWf4jD|okva#oEW^-qHN| 'g Yq?0h|9cq;(CB9dNWwV5E5psmYrIw8 '+I W We believe our retail sports books helped to drive additional traffic to our properties in other states and will further help to grow our HRM properties across Kentucky. Ms. Beeding holds gaming licenses in several jurisdictions and is a member of the Mississippi Bar. Sauer said Churchill Downs chose to acquire 25 acres from the original Premier Gaming plan, as well as an adjacent 25 acres. The Consent Decree is in part ambiguous on its face and thus a temporary restraining order would be inappropriate. Our existing regional gaming properties in Maine, Maryland, Louisiana and our Harlow's property in Mississippi, collectively delivered a small increase in adjusted EBITDA compared to the prior year quarter that was more than offset by declines at our Pennsylvania and Florida properties and our Riverwalk property in Mississippi. We actually designed our facilities thinking that this may happen in Kentucky at some point. Camerons gubernatorial campaign manager Gus Herbert indicated the same. I think you'll see improvement over the next several quarters. So far, we've been really, really pleased with the P2E assets. It's working well. All Churchill Downs, Inc. Churchill Downs is projecting a 14-month construction window. She will also work closely with The Cordish Companies corporate development team on new projects. Regarding maintenance capital, we spent $12 million in the first quarter and continue to expect to spend $75 million to $95 million in total for the year. As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. Other than as I disclosed in my prepared remarks, where we decided of our own volition that we could do better in Owensboro and select a better site that would serve us better long term. Contact Information. And Churchill Downs and Mr. Carstanjen knew full well that imposing its suspension, based on zero factual or legal support, would give illegitimate credibility to a Web10 General Counsel jobs available in Carwood, IN on Indeed.com. The grant or denial of a temporary restraining order and preliminary injunction is discretionary with the Court. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Description Industry Gambling & Gaming Recreation So this year, we're working towards authorization by the city to conduct the referendum. We are working through the required city of Richmond approvals to conduct a referendum this fall to obtain the authorization necessary to proceed with the construction of this project, which would include a casino, hotel and event center. Week to week, we always look carefully to look at trends. So it started with Newport for us, followed by building out the full Turfway Park. Previously, Ms. Beeding worked for Gulfside Casino Partnership in Gulfport, MS, for 18 years where she handled all legal affairs for three privately owned casinos, the Island View Casino Resort, Copa Casino - Rick's Place and Copa Casino in Gulfport, MS. During her tenure, she held roles of Vice President and General Counsel for the Island View Casino Resort and Copa Casino - Rick's Place and General Counsel for Copa Casino. Although our top line declined primarily because of our decision to exit the direct online sports and casino business in 2022, our bottom line improved significantly. Jason Sauer, Senior Vice President of Corporate Development, said Churchill Downs hopes to break ground as early as late May. IT IS HEREBY ORDERED that Plaintiff's motion for contempt and motion for a temporary restraining order are DENIED. So we will have 9 opportunities over time to deploy retail sports betting. But these folks that are out there now with a broader sports wagering platform like FanDuel, they've reached a lot more customers than we ever were able to with our very narrowly focused TwinSpires app, which we still think is the absolute best in the business for betting on horse racing, but that's all you do on it. Churchill Downs Racetrack President: Mike Anderson Churchill Downs Incorporated General Counsel: Neal Curtis Bugler: Steve Buttleman Format: 2:03-2:06 p.m. Introduction (Buttleman Call to the Post / Stone) 2:06-2:09 p.m. The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. But so far, they've been pretty strong and I feel pretty good in general. We read everything everybody else does as well. Neal Curtis has been working as a Corporate Counsel at Churchill Downs for 4 years. When you have as many properties as we have, you might find an example of anything across that many properties. Our team is also working hard to prepare for the opening of Derby City Gaming Downtown, our HRM entertainment venue in downtown Louisville set to open in the fourth quarter of 2023. Churchill Downs entered two definitive contracts for those properties - the first on February 14, and the second on March 7. Everyone, we really appreciate your interest in our company and your investment in our company. But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. This represents a 48% margin collectively for these properties. There are no definitive dates yet for construction because the project hasn't officially gone out for bidding. And finally, regarding our preparations for the upcoming 149th running of the Kentucky Derby a week from this Saturday, we have made fantastic progress on our projects at Churchill Downs Racetrack. Obviously, there's a lot we could talk about and we do work on here. CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ I think if you see the margins we drive from these facilities and the locations of some of them with the competition of other types of gaming on -- in our surrounding borders. Email notifications are only sent once a day, and only if there are new matching items. So getting that product converted for ours will always be something we're working on. And in that region, you have Ohio, Indiana and Kentucky, all coming to meet with orders. Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! We expect that it will improve all facilities out there that are licensed and regulated like ours, but to precisely quantify it, it's really hard because there was never an accurate count of the number of these things that were out there. Defendant Doug Dearen and Churchill Downs Assistant General Counsel Shawn Bailey corresponded several times over the next week as Dearen attempted to comply with Churchill Downs' requests, at least in part. There's nothing to report or dig deeper into at this time. So the Northern Kentucky market is the Cincinnati region. O.P. A court's inherent power to hold a party in civil contempt may be exercised only when (1) the order the party allegedly failed to comply with is clear and unambiguous, (2) the proof of noncompliance is clear and convincing, and (3) the party has not diligently attempted in a reasonable manner to comply. Thank you, Marcia. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. Got it. Our new first turn experience is complete. Web10 General Counsel jobs available in Carwood, IN on Indeed.com. A copy of this release announcing results and other financial and statistical information about the period to be presented in this conference call, including information required by Regulation G, is available at the section of the company's website titled, News, located at churchilldownsincorporated.com as well as in the website's Investors section. Alternatively, it could mean that Defendants cannot use the Marks in any way that would mislead consumers into believing that Churchill Downs is affiliated with Defendants' businesses and activities except as permitted by law. GetHuman provides free tools and information to consumers that allow them to share their customer experiences and tips with each other for how to contact companies faster and how to solve common problems. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. Ryan Jordan, SeniorVice Presidentof Real Estate Development, told the Indiana Gaming Commission that the original plan called for a $240 million project, but based on other projects, they've updated that range to up to $260 million. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. Employees Int'l Union, Local 1199 v. Blackwell, 467 F.3d 999, 1009 (6th Cir. Can you maybe talk about the size of what the grade market was in Kentucky, maybe the properties that you could see the most uplift or that had -- you've seen the most drag there from this? Thank you for participating, and you may now disconnect. 4 0 obj First, all of our HRM properties made strong contributions to our financial results in first quarter. That bill took a rocky path towards final passage, particularly in the House where a surprise motion to table held it up. However, if the contract is ambiguous, parol evidence may be considered. The company's 2023 first quarter business results were released yesterday afternoon. We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. We'll try to be good stewards of your capital. Third, even assuming that the Consent Decree means what the Plaintiff says it means, Defendants did actually make reasonable attempts to comply with Plaintiff's demands. WebCole Carter was named Executive Vice President and General Counsel in July 2018. And every quarter is better than the last -- and I thought we showed great, great improvement between our opening last year and the first quarter of this year. Just wondering if we could revisit scope and scale there of a potential opportunity as well as just any milestones or things that need to occur relative to, I think, a competing proposal that exists up in Petersburg. So we will follow the strategies we've followed in our other markets around our sports bars. Sharing is what powers GetHuman's free customer service contact information and tools. The 150th run for the roses will be a remarkable milestone for the longest continually run sporting event in the United States. We did generate lower adjusted EBITDA from our online TwinSpires horseracing business as a result of higher content-related expenses and slightly higher ADW taxes in certain jurisdictions. So it's part of the chess match, but I don't really view it as a margin threat because ultimately, that's on us to be smart on where we deploy our resources, and we have great locations now and we think really great locations that we'll deploy to in the future. We also were very encouraged to see early benefits of our decision to -- for the launch in the first quarter of our services to deliver racing content to FanDuel, DraftKings. So what we disclosed last quarter in terms of timing for our projects and costs for those projects, we're still on course for that. Is it kind of fair to assume that share repurchases will be kind of close to none until we get through most of these growth projects. Are there still opportunities to kind of improve the floor, whether it's diversification or overall content, obviously, understanding that the exact acquisition is pending. !Hb$^\*$PH2J`SS8~7o\Rx?7:Rv2_n(Mg.W*wq[mBU;.gcoOH See Summit County Democratic Cent. You don't bet all these other sports. Hopefully achieve all the required approvals, hopefully, you then conduct a referendum and win the referendum and then the process to construct would start. And maybe what options do you have to best respond if you did see things deteriorate? Churchill Downs is part of the Gambling &

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