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The 150th run for the roses will be a remarkable milestone for the longest continually run sporting event in the United States. The new paddock will We know you have the dividend in the fourth quarter as we think about capital allocation going forward? It's also larger than the other applicants initially proposed. Thanks for that update. <>
And then just a follow-up. When you have as many properties as we have, you might find an example of anything across that many properties. We read everything everybody else does as well. With that, I'll turn the call over to Marcia, and then we will take your questions. You already receive all suggested Justia Opinion Summary Newsletters. You can see it's a very competitive project -- product. 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. And our next question comes from the line of Chad Beynon with Macquarie. UPDATE 2-JP Morgan to buy First Republic's assets and assume deposit base, JP Morgan to buy First Republic's assets and assume deposit base, Morgan Stanleys Wilson Says Hawkish Fed Surprise to Roil Stocks, Australian 7-Eleven franchise puts 700-store chain up for sale, UPDATE 1-Sudan conflict shows no sign of easing, Sudanese brace for more violence. And that's a process that takes time in a competitive market. Any insights into how to think about that relative to a Derby City or an Oak Grove? We have announced a number of new guest experiences and ticket offerings that will be available for this very special Kentucky Derby. Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. And our next question comes from the line of Jordan Bender with JMP. ." Fruition of the project is still something that's not measured in 2023 time frame or probably even 2024. When we talk to the slot manufacturers, it sounds like they're all really focused on generating good content for your business, for HRMs in general. I think as we've said in the past, Jordan, we are very opportunistic on a share repurchase perspective. For instance, Defendants removed many references to "Churchill Downs" and "the Kentucky Derby" on the Web site and replaced them with references to "the Downs" and "the Derby" (although some references to "Churchill Downs" and "the Kentucky Derby" remain on the www.derbybox.com site, most prominently in the "applet" used to display available tickets). endobj
And I'd leave the question on that. 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. So I believe you said outside of Florida and Pennsylvania margins were very strong. You can explore additional available newsletters here. Based on advanced reserve ticket sales and other metrics available at this time, we expect to deliver record Derby week results. '-3:(LQTiQR
]Si&LV[Y`g?=VtR\G(^T2t+@%99 Bill? Bradley K. Blackwell, also known as Brad has been General Counsel and Senior Vice President at Churchill Downs Incorporated since March 01, 2017 and serves as its Secretary. All good. 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. TERRE HAUTE, Ind. But just as importantly, these were terrible for our industry. So it's working fine. The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. The 50-acre site is double the size of the initial property, which offers opportunities for more growth. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. 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. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. Churchill Downs looks ahead with plans for casino on the east side, Officials break ground on new Terre Haute casino, Crews bring in the cranes as Terre Haute casino work continues, Churchill Downs site plan for the east side of Terre Haute, Zoning board approves variance for casino, hotel, "Our town is not fine" One Local Man Gives Back to Hometown Destroyed By Storms, Rubber duck season has started in the Wabash Valley - here's how you can adopt one and help a good cause, Officials identify the man who died in Labor Day drowning in Sullivan County, Murder charges filed against mother, brother of dumped boy, Library connecting community through the 'Big Read', Indiana zoos 3 surviving penguins improve after deaths of 6 others, Create a new subdivision plat that combines the two properties into one new parcel, Rezone the property from its current agricultural use to a commercial use, Obtain a variance to exceed 125 in height which is required on any site in Terre Haute, Receive approval from the FAA given the proximity to the airport, March 17 Terre Haute Board of Zoning Appeals Height Variance Approval Meeting, April 6 Vigo County Area Plan approves Subdivision Plat, Target closing on the property in April or May after all land-use approvals have been obtained, including the FAA permit. LOUISVILLE, Ky. (Wednesday, March 1, 2017) Churchill Downs And then just a follow-up on Kentucky and HRMs, the Turfway Park, I think it's obviously a newer property. We will look to go live in our retail locations once regulators have promulgated all of the required regulations and operational standards. "u
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@G@;l-*N`M5 ?S yD.[XsUbL-Xv_#t`kk5Dc Considering that Defendants could have faced significant damages if they were found liable in the underlying action, it is not entirely inconceivable that Defendants would give up their rights under trademark law. Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a " You're all set! This is an extremely important project because of its proximity to the significant population in Northern Virginia Interstate 95 corridor. Luttrell v. Cooper Industries, Inc., 60 F.Supp.2d 629, 631 (E.D. From that time until the April 5, 2007 letter, Defendants continued to use the Marks "Kentucky Derby" and "Churchill Downs" on the www.derbybox.com Web site. I think your proposal has been around much longer, but just kind of a couple of the pros, cons there because I believe that the scope and scale there is pretty material. }d3a0nS($DA]jjCDFeOp^dsY uD8-X._g1JEt&zo}D2t}? .%9|NR0Y4~4A\mw%*oLRk46(]]XzwZJ7Z;H{/gMGimb1;7CWf4jD|okva#oEW^-qHN| 'g
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W Overall, we are very excited about our progress towards this year's Kentucky Derby. This is an exciting time for us, an optimistic time for us, and we just want to execute and take good care of your capital investment in us. 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. 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. Thank you. It's working well. (Operator Instructions) And our first question comes from the line of Barry Jonas with Truist. Our capital projects to grow the scale and profitability of the Kentucky Derby will be supported by our continued ramp-up of sales efforts across the country as well as a more focused and strategic sales process in numerous foreign markets. Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. That's a really interesting question, and I think it's one that you'll see the answer play out over an extended period of time. Bradley Blackwell has been working as a Senior Vice President and General Counsel at Churchill Downs for 18 years. I'll unpack that one at a time. The panel held that Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value." And then separately, just on the HRM content side of things. It doesn't get implemented until the late summer. Great. She also has a certification in ICGIP Gaming Anti-Money Laundering Specialist. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. A distinguished attorney and leader with extensive experience in companies with global operations, he will be responsible for JLL's legal and compliance functions. Our challenge in the state are -- across all our facilities there were limited to 5,000 machines. We don't have enough machines ultimately. 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. 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. These were popping up in bars and taverns and restaurants and convenience stores across the state. 1985), aff'd, 478 U.S. 421 (1986). The grant or denial of a temporary restraining order and preliminary injunction is discretionary with the Court. First, I want to touch on the Kentucky, the gray market. Makes sense and something to look forward to. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. Apply to Associate Attorney, Counsel, Attorney and more! The construction is proceeding according to our schedule, and we expect the first phase of the project with 1,150 HRMs and an approximately 100-room hotels to be opened in the second quarter of 2024. So we're very excited to see the first real milestone of that, though, around the Kentucky Derby. First, all of our HRM properties made strong contributions to our financial results in first quarter. 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. All Churchill Downs, Inc. There's nothing to report or dig deeper into at this time. So far, we've been really, really pleased with the P2E assets. Plaintiff's motion for contempt does not meet any of the three prongs enunciated supra. I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. %PDF-1.5
We will issue a press release after the Derby with all of the details. Ultimately, our real challenge in the State of Virginia is the number of machines we have and we have 10 places we can move those machines around based on the competitive environment. And maybe what options do you have to best respond if you did see things deteriorate? We do this in several other markets. 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. We will be permitted to have up to 9 retail locations and up to 8 online sports betting licenses that we can potentially monetize. Kentucky, at Louisville. <>>>
Code 9.46.0285s definition of a thing of value. The panel concluded that Big Fish Casino fell within Washingtons definition of an illegal gambling game. We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. !%e
iQR~gi( g$Z7')38+K&3(^C%fq4^10M!Cx6j:6Vl+*[sbr*-@ekt*P*JXBE+Dn0axf0[#O%pj _3r+Eg_w^moY/ Churchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. wQ+4Fejh{col!DkD- G@m>];i3YxZ^. 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. The parties litigated the matter vigorously for several months before reaching a settlement. Churchill Downs entered two definitive contracts for those properties - the first on February 14, and the second on March 7. But it helps to get an idea of how big they are and what their support operation looks like if you are a customer. The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. A member of House GOP leadership who voted against the bill was working as legal counsel for another large company in the industry, the Herald-Leader reported. Before we get started, I would like to remind you that some of the statements that we make today may include forward-looking statements. And Marcia, it looks like share repurchases were somewhat minimal or none in the quarter. 1 0 obj
We used a portion of the proceeds from this bond offering to repay our term loan B that would have matured in December 2024. In all, the PAC has raised $1.9 million total, mostly supported by the Concord Fund via $1.5 million in contributions. 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. A reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release. The Court begins with the Consent Decree itself. <>/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>>
They were unauthorized. 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. Summary. But we're not where we're going to be over the long term yet. Thank you, Andrew. Easy Apply Manage due diligence, financial modeling, and feasibility analysis of potential corporate development transactions. 30d+ Humana 3.9 Senior Counsel - Provider Agreements/Contracts Louisville, KY Those are a series of steps that we're processing through. Sure, Sean. But I've been around doing this for a long time. %
Our first quarter same-store wholly owned casino margins were down less than 1 point compared to the prior same period in 2022, primarily reflecting the margin pressure from the decline in adjusted EBITDA from our Pennsylvania properties. Our 6 HRM properties are performing as we expected, and in some cases, are exceeding our expectations. Andy Beshear the Democrats presumed 2023 nominee and Craft. Churchill Downs Names New General Counsel, Chief Development Officer. 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. WebPresident, Corporate & General Counsel Omar Amin is the President, Corporate, Chief Development Officer, and General Counsel at Palmetto responsible for the Companys We have more work to do to make this a great Kentucky racetrack and are committed to doing so. We utilized the proceeds from the Term Loan A financing to fully repay the outstanding balance on our credit facility. 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. 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. WebThe base salary for General Counsel in companies like CHURCHILL DOWNS INC range from $348,690 to $489,690 with the average base salary of $412,590. The law takes effect in the late summer. Appreciate the question. WebChurchill Downs Incorporated 3.6 Senior Counsel, M&A & Corporate Development Louisville, KY $102K - $170K (Glassdoor est.) Waldrop, who earned a law degree from the University of Kentucky in 1985, joined Churchill Downs as its general counsel in 1992. But right now, we're not really doing that because there isn't enough trend data to suggest that we need to. Magazine; News; Contact; ABOUT. 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. Regarding our Gaming business, we realized significant contributions from the addition of the New York and Iowa properties acquired in the P2E Transaction. 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." In fact, early ticket sales are already underway and selling nicely. In Western Kentucky, we have shifted our plans for our Owensboro HRM extension and are evaluating new locations that will better meet our long-term growth profile and better enable us to create a premier entertainment destination for all of the residents of the region. WebWilliam Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating Officer (2011 2014), CDIs Chief Operating Officer (2008-2011) and as Executive Vice President, General Counsel and Chief Development Officer for the Company (2005-2008). So this is the fifth license that the city of Richmond has awarded the partnership. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) We hope to get the opportunity to do it. Kentucky, at Louisville. 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. First, the Consent Decree, as discussed above, was neither clear nor unambiguous. 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. TwinSpires had a nice first quarter. But right now, we've deployed 2,700, but we will get to 5,000 relatively quickly as we expand our footprint. 502-636-4400. So we do see initial signs that FanDuel is investing and pushing horse racing and that others will as well. And if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. The phrase "except as permitted by law" is difficult to interpret. Our new first turn experience is complete. And now I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen. There was a problem saving your notification. Mr. Blackwell served as Vice President of Operations at Churchill Downs Incorporated from March 2015 to March 01, 2017. And we're on a path. CIVIL ACTION NO. 2006). 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. 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. That's a potentially $500 million to $600 million project. Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. 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. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. WebCole Carter was named Executive Vice President and General Counsel in July 2018. GetHuman's relationship is with consumers and not with Churchill Downs, Inc. or organizations like it. Yes, there can be challenges on material, but we're managing all those. Regarding project capital, we spent $123 million in the first quarter and continue to expect to spend between $575 million to $675 million in total for the year. By April 13, 2007, these negotiations had broken down and Churchill Downs filed this motion. 1996). 9|4O?K*YhDV}R%4>q}_?hz:$-9OoJ>gs|LtE}pl#<27eUmx+1C~3=^M*VjC^V UN6UVzcD2Ne} GG-5z=j;G=p It's still ramping. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. Sign up for our free summaries and get the latest delivered directly to you. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. O.P. So there's still several steps here before the project could be realized, and we're on that path. Full title:CHURCHILL DOWNS INCORPORATED PLAINTIFF v. DOUG DEAREN and THOROUGHBRED, Court:United States District Court, W.D. We'll talk about that in more detail next quarter. WebChurchill Downs Incorporated Senior Vice President and General Counsel Mar-2015 to Feb-2017 Churchill Downs Incorporated Vice President of Operations Apr-2005 to Mar-2015 Apply to Senior Counsel, Counsel, Associate Attorney and more! Everyone, we really appreciate your interest in our company and your investment in our company. Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. And generally, they've been quite strong, and we're quite optimistic looking forward. Their traffic impact analysis indicates all intersections maintain acceptable levels of service. With that, I'll turn the call back over to Bill so that he can open the call for questions. r*RS Wv%j|E9qq0g_uF This latter explanation makes little sense, especially when juxtaposed with the next phrase "or by agreement with Churchill Downs." I just ask that you show a little patience and wait for the Triple Crown events that are happening in the second quarter where these folks can really do some marketing around. Sauer said Churchill Downs is excited about the east-side property, citing the size, accessibility, and public support of this location. There will be three entrances for gu. 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.. Currently, we expect this will happen in the second half of 2023. Can you talk about maybe some of the puts and takes in that Northern Kentucky market? Churchill Downs claims that Defendants are violating a Consent Decree that the parties entered into on January 6, 2003. Camerons gubernatorial campaign manager Gus Herbert indicated the same. PACs like Bluegrass Freedom Action and the campaigns they support are barred by state law from coordinating, a subject that drew the attention of the Kentucky Registry of Finance when a finance report for a PAC supporting fellow GOP gubernatorial candidate Kelly Craft showed that her husband Joe Craft had contributed $1.5 million. We also had nice growth in our Northern Kentucky market as Turfway Park and Newport Gaming continued to improve and expand their market presence during the first quarter. See Wash. Rev. So we're also, of course, really excited about the growth projects that hadn't been executed on, and that's a big part of what a portion of our team spends our time on. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- However, Section I-D of the Consent Decree introduces significant ambiguity into the document. We bring the advantage of being the only gaming on our side of the Ohio River, but it is a very competitive developed market. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. So we will have 9 opportunities over time to deploy retail sports betting. However, Defendant Doug Dearen has submitted an affidavit stating that "[a]s of January 2003, Churchill Downs had approved the content of the derbybox.com web site for continued use. Recently, there was some legislation there that cracked down on this. Web55 Counsel jobs available in Carwood, IN on Indeed.com. Churchill Downs is part of the Gambling & But for the existing projects -- the existing properties that were already there and operational, that's been a breath of fresh air. 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 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. We are focused on our other Kentucky projects for now. Really good question. Certainly, there is competition coming online. 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. Prior to joining Live Nation, Michael served as Senior Vice President, As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. So we're happy to see them go. You are looking up Churchill Downs, Inc. customer care, so you probably already know who they are. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. 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. 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. !Hb$^\*$PH2J`SS8~7o\Rx?7:Rv2_n(Mg.W*wq[mBU;.gcoOH
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