churchill downs general counsel

But I'm very pleased with our team and very pleased with our start and very pleased with the progress we showed over the first quarter. Both Draws to be Held in Aristides Lounge, Streamed Live on This represents a 48% margin collectively for these properties. Home | 2023 Kentucky Derby & Oaks | May 5 and May 6, 2023 We delivered record first quarter net revenue of $560 million and record adjusted EBITDA of $223 million. Further, Pace-o-Matic executives gave Camerons campaign personal contributions on March 27, just one day before filing the suit. 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. For similar reasons, the Court must also deny Plaintiff's motion for a temporary restraining order. So the law isn't being implemented yet. So the state has taken steps through legislation to ban them. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. So we will have 9 opportunities over time to deploy retail sports betting. Churchill Downs, Inc. customer service We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. Waldrop, who earned a law degree from the University of Kentucky in 1985, joined Churchill Downs as its general counsel in 1992. Great. Mr. Blackwell served as Vice President of Operations at Churchill Downs Incorporated from March 2015 to March 01, 2017. Ub%RUFi1I@Xb (M'lQV4,o==*4MbI*Z6JMR[ 5AzT 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. 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. Regarding our Gaming business, we realized significant contributions from the addition of the New York and Iowa properties acquired in the P2E Transaction. And generally, they've been quite strong, and we're quite optimistic looking forward. The use of the "Kentucky Derby" and "Churchill Downs" words as descriptive phrases for over four years could well suggest Plaintiff's understanding that such use did not violate the intended meaning of the Consent Decree. Based on our planned acquisition of Exacta and our capital investments, we expect our bank covenant net leverage to remain in the 4x range over the coming year. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! And our next question comes from the line of Jordan Bender with JMP. It's been quite a while for the people of Vigo County for this casino to get off the ground.". And we think given the -- while not precisely counted clearly a huge number of these machines all around us that it's likely to have a positive impact when they go away on legal authorized gaming. 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. 2006). !Hb$^\*$PH2J`SS8~7o\Rx?7:Rv2_n(Mg.W*wq[mBU;.gcoOH Under Kentucky law, extrinsic evidence may not vary the terms of an unambiguous contract. That's a potentially $500 million to $600 million project. Churchill Downs 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. So it's part of the chess game of how to maximize the utilization of these machines so that we maximize our margins in the state. And I'd say comparisons are always something that you have to give time to watch them to develop. Omar Amin is the President, Corporate, Chief Development Officer, and General Counsel at Palmetto responsible for the Companys mergers, acquisitions and fundraising efforts, along with overseeing all the legal matters including corporate governance, intellectual property and compliance of Palmetto. There are lots of pieces of content and some manufacturers that we haven't reached yet, that we haven't developed and it will be a constant state of catch-up because the businesses -- the manufacturing businesses really are run and oriented towards the Class III machines. We'll talk about that in more detail next quarter. So an optimistic time for us, but the proof is going to be in the pudding, and we're happy to wait for that. And really, if you'll show some patients, I think we'll be able to provide you a better, more complete answer in the second quarter after there's a chance for the Triple Crown events around which some of these folks can actually do comprehensive marketing because they have events to push people towards. Executives at Kentuckys biggest so-called gray machine company gave $100,000 in donations to a political action committee supporting Attorney General Daniel Camerons campaign for governor in mid-March. Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. O.P. We generated $204 million of free cash flow in the first quarter, up $79 million over the prior year, primarily as a result of the strong cash flow generated from our businesses. Everyone, we really appreciate your interest in our company and your investment in our company. The grant or denial of a temporary restraining order and preliminary injunction is discretionary with the Court. And if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. In his role, he is responsible for the legal affairs of the company and he serves as the principle legal advisor to CoreCivic's executive leadership team and Board of Directors. We are nowhere near the end of the journey. Should we expect to see or possibly see something a little bit more material in terms of contribution coming through with the Derby? And in that region, you have Ohio, Indiana and Kentucky, all coming to meet with orders. You can see it's a very competitive project -- product. And that's a process that takes time in a competitive market. Wondering if you could just dig into that a little bit more. We are excited about these projects, and we'll share more details on our next earnings call.We will also discuss in more detail on the next call, our plans with respect to our 50-50 partnership with Urban One to pursue a full Class III casino in the city of Richmond, Virginia. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. Prior to joining Palmetto, Omar worked in various executive roles at Churchill Downs Incorporated. Churchill Downs claims that Defendants are violating a Consent Decree that the parties entered into on January 6, 2003. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Employees Int'l Union, Local 1199 v. Blackwell, 467 F.3d 999, 1009 (6th Cir. But there's still a pretty healthy product map and road map for what we want to see happen in terms of HRM product on our floor and our manufacturers, I think, get the attractiveness of HRMs for their business model, the ability to sell us machines and make a return on our HRM floors. % Ms. Beeding joins Howard Weinstein, who has served as General Counsel for the company since 2012. Churchill Downs initiated this litigation in March 2002. And I'd leave the question on that. I want to start in Virginia. Sharing is what powers GetHuman's free customer service contact information and tools. Andy Beshear the Democrats presumed 2023 nominee and Craft. We were pleased with the performance of all of our segments, and our expectations remain high for the rest of the year. Bradley Blackwell - Senior Vice Pres.. - Churchill Downs | ZoomInfo They are considered to be part of the following sectors and industries: Consumer Discretionary, Consumer Services, Hotels, Restaurants & Leisure, Casinos & Gaming. ." 3 0 obj All Churchill Downs, Inc. Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. Q1 2023 Churchill Downs Inc Earnings Call Web10 General Counsel jobs available in Carwood, IN on Indeed.com. So it's a constant journey to make the product better. Compare Churchill Downs, Inc.'s email address, and phone number. Web55 Counsel jobs available in Carwood, IN on Indeed.com. Therefore, the panel remanded for further proceedings. So getting that product converted for ours will always be something we're working on. That was a week before they filed a joint lawsuit against the state on March 28 challenging a bill passed to ban the machines in Kentucky. 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. Brad Blackwell, Churchill Downs Incorporated: Profile and Thank you. WebChurchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. So there's still several steps here before the project could be realized, and we're on that path. Hopefully achieve all the required approvals, hopefully, you then conduct a referendum and win the referendum and then the process to construct would start. Week to week, we always look carefully to look at trends. This is an extremely important project because of its proximity to the significant population in Northern Virginia Interstate 95 corridor. You are looking up Churchill Downs, Inc. customer care, so you probably already know who they are. endobj With that, I'll turn the call back over to Bill so that he can open the call for questions. I'll start this morning with a few insights on these financial results and then provide an update on capital management. Of course, this letter was prior to the Consent Decree and therefore its probative value is limited. Vice President Associate General Counsel at Churchill Downs Web10 General Counsel jobs available in Carwood, IN on Indeed.com. /-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 Justia makes no guarantees or warranties that the annotations are accurate or reflect the current state of law, and no annotation is intended to be, nor should it be construed as, legal advice. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. There will be three entrances for gu. William Carstanjen | Executive Officers | Churchill Downs, Great. Churchill Downs Names New General Counsel, Chief Development Officer. To do so, Defendants removed numerous references to "Churchill Downs" and "the Kentucky Derby," although several uses of these words do remain, most prominently in the "applet" used to display tickets. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Description Industry Gambling & Gaming Recreation During the 2022 election cycle, Churchill Downs CEO Bill Carstanjen gave $2,000 or $1,000 to more than 100 state legislative candidates on both sides of the political aisle. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. By April 13, 2007, these negotiations had broken down and Churchill Downs filed this motion. Our most recent gaming floor expansion there is now complete, and the new hotel is on track to open by the end of the second quarter. Churchill Downs is projecting a 14-month construction window. This latter explanation makes little sense, especially when juxtaposed with the next phrase "or by agreement with Churchill Downs." But so far, nothing to be concerned about. There's been more concern, I think, across the market on the health of the consumer. 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 Customer service. Prior to joining Cordish Gaming Group, Ms. Beeding served as Vice President, Senior Counsel and Corporate Compliance Officer at Churchill Downs Incorporated in Louisville, KY, where she was responsible for overseeing and managing compliance across the company's casinos, racinos, racetracks and interactive verticals, including the company's online ADW, interactive sports books and interactive casinos. Also, we are making solid progress on our sale of New Hampshire HRM site plans, and we'll share more details on future earnings calls. Good to hear. Sauer said Churchill Downs is excited about the east-side property, citing the size, accessibility, and public support of this location. Ky. 1998). For most of that time, that Web site was replete with references to the "Kentucky Derby" and "Churchill Downs." So far, we've been really, really pleased with the P2E assets. We read everything everybody else does as well. This is the fifth and final full Class III license. <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 16 0 R 29 0 R 30 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Media Alert This is a separate opportunity from our HRM operations in the state. CIVIL ACTION NO. We are extremely excited about this project. Plaintiff's motion for contempt does not meet any of the three prongs enunciated supra. '-3:(LQTiQR ]Si&LV[Y`g?=VtR\G(^T2t+@%99 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. A city referendum is required for authorization to move forward with the project. Overall, we are very pleased with the results that our team has delivered in the first quarter, and we believe we are very well positioned to continue to grow through the remainder of 2023. Executives with Churchill Downs say elected officials, citizens, and other stakeholders urged them to build on the east end. Executive Leadership Overall, we are very excited about our progress towards this year's Kentucky Derby. And so I follow that data personally very, very carefully. And Marcia, it looks like share repurchases were somewhat minimal or none in the quarter. However, if the contract is ambiguous, parol evidence may be considered. But so far, they've been pretty strong and I feel pretty good in general. All good. Bob Baffert Announces Lawsuit Against Churchill Downs LOUISVILLE, Kentucky (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: Parol evidence can include the behavior of the parties prior to or contemporaneous with the contract. Sure, Sean. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. 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. Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? It requires a hotel, a casino, which will include table games and Class III machines. 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 WebCole Carter was named Executive Vice President and General Counsel in July 2018. 1995-2022 Hospitality Net All rights reserved Hospitality Net is powered by Hsyndicate. Apply to Senior Counsel, Counsel, Associate Attorney and more! Apply to Associate Attorney, Counsel, Attorney and more! 1996). 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. Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. Churchill Downs Incorporated After she finishes, we will take your questions. Contact Information. We did generate lower adjusted EBITDA from our online TwinSpires horseracing business as a result of higher content-related expenses and slightly higher ADW taxes in certain jurisdictions. So I don't really have anything material to say or any material concerns about the interplay between people that go to Newport versus Turfway. The Cordish Companies' origins date back to 1910 and encompass four generations of privately-held, family ownership. The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. If we do see in the future, if we do see economic headwinds -- external economic headwinds in the economy, we'll adjust our marketing and our expense structure to deal with it appropriately because we're always going to be focused on our margins. x]{o@XF :Mtg0]\uinyI=,80-M2y>Glg';O^rlYdif3"SybLJ&7~)zL,ybKdysVyR Palmetto Executive Team - Omar Amin Bio Never a guarantee that you get to the finish line, but so far, everything is going well, and we'll proceed down this path over the second and third quarter. Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). Counsel I would answer that by saying, look at our results for the quarter, those are the trends that are in the books that we see and that we can fully understand. W{@]/`XyNfUh\sNsN.uzylq3u(grvNgS\:"o6x p^0`at*$ The remainder of the proceeds will be used for capital projects or for the Exacta transaction.And lastly, on Tuesday this week, our Board approved a 2-for-1 stock split and a corresponding proportionate increase to the authorized shares of the company. Among other things, it alleged that Defendants misappropriated Plaintiff's season ticket holder list and used it for ticket-scalping purposes. 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. And now I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen. Kentucky, at Louisville. And I would tell you that I think there are ways to further improve it, most with concentrated around the variety of product, getting more gains available to us. As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. Full title:CHURCHILL DOWNS INCORPORATED PLAINTIFF v. DOUG DEAREN and THOROUGHBRED, Court:United States District Court, W.D. Counsel Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. Camerons gubernatorial campaign manager Gus Herbert indicated the same. So as a business model, we're very, very pleased and excited about HRMs. With me today are several members of our team, including Bill Mudd, our President and Chief Operating Officer; Marcia Dall, our Chief Financial Officer; and Brad Blackwell, our General Counsel. Currently, we expect this will happen in the second half of 2023. Neal Curtis has been working as a Corporate Counsel at Churchill Downs for 4 years. The new paddock will First, I wanted to revisit just some comments around margins, I guess, specifically focusing on the gaming and then the HRM facilities. 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. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! The pivot out of the online sports and casino business provided a nice uplift to our adjusted EBITDA and margins in first quarter compared to the prior year quarter. So this was a circumstance where these machines were multiplying rapidly and it gained an unfortunate foothold in the state. They employ We're on a pathway to do that. They were untaxed. Thank you, Marcia. Churchill Downs Incorporated Promotes Brad Blackwell to But it's -- I would leave it at this. 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. So we have an approach. 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. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) And then just any way or hint on how to think about or quantify this impact of this more restrictive regulation? Churchill Downs, Kentucky Derby, Kentucky Oaks, the twin spires design, and Churchill Downs Incorporated related trademarks are registered trademarks of 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. We obviously have a lot going on right now with the Kentucky Derby and all of our growth projects. Bill? See Wash. Rev. We actually designed our facilities thinking that this may happen in Kentucky at some point. They were unauthorized. Despite a slight decline in adjusted EBITDA, we are pleased with the strong margins that this business delivered in first quarter. General We have more work to do to make this a great Kentucky racetrack and are committed to doing so. Let's start with our historical racing machines or HRM initiatives. We have the right under Virginia law to open up to 3 additional HRM facilities with the number of HRM machines permissible in each, a function of the size and location of the community, subject to an overall cap of 5,000 machines across all of our facilities in the state.

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