churchill downs general counsel

It's about reaching these customers in the market and convincing them they have an alternative to driving over these bridges to Indiana and Ohio. 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. Neal Curtis has been working as a Corporate Counsel at Churchill Downs for 4 years. DIG\ 8PMP8|&3WRb6MME$2-Hzu*(VQPU;Vp4Bh rL\;'J|ak+>_qW Np~lwA>WG7iuHu>{:NL:khHo@[7DTQ) .cRBE(7r $_ILnA/'s#.po_8a,u;Ferm+0)|cepk++%#R[q But just as importantly, these were terrible for our industry. (WTHI) - If you've driven down Margaret Avenue in Terre Haute, you've probably seen crews working on the Queen of Terre Haut, Churchill Downs executives explained that there will be public parking along three sides of the building. We read everything everybody else does as well. IT IS HEREBY ORDERED that Plaintiff's motion for contempt and motion for a temporary restraining order are DENIED. Andy Beshear the Democrats presumed 2023 nominee and Craft. 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. We remain on course to complete the Paddock reimagination in time for the 150th Derby. In the last two years, Beshear and the Kentucky Democratic Party have received $140,000 from people tied to Churchill Downs, according to the Kentucky Lantern. 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. By April 13, 2007, these negotiations had broken down and Churchill Downs filed this motion. 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. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. LOUISVILLE, Kentucky (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: Our next question comes from the line of Dan Politzer with Wells Fargo. L endobj Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. First, I want to touch on the Kentucky, the gray market. During this call, we will present both GAAP and non-GAAP financial measures. 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. 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. A group tied to the industry, Louisvilles Churchill Downs in particular, spent $348,263 this legislative session to lobby for passage of House Bill 594, according to the Kentucky Legislative Ethics Commission. And so based on all things considered based on our leverage, we have tremendous capacity, as you just saw with our credit facility to be in the market to buy shares back. Magazine; News; Contact; ABOUT. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. They employ TwinSpires had a nice first quarter. We used a portion of the proceeds from this bond offering to repay our term loan B that would have matured in December 2024. General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. And our next question comes from the line of Chad Beynon with Macquarie. We have announced a number of new guest experiences and ticket offerings that will be available for this very special Kentucky Derby. ." Obviously, there's a lot we could talk about and we do work on here. During the 2022 election cycle, Churchill Downs CEO Bill Carstanjen gave $2,000 or $1,000 to more than 100 state legislative candidates on both sides of the political aisle. I think you'll see improvement over the next several quarters. !Hb$^\*$PH2J`SS8~7o\Rx?7:Rv2_n(Mg.W*wq[mBU;.gcoOH 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. This section implies that Defendants were actually giving up all of their rights to the use of the Marks, including any Fair Use under trademark law. And we're up for it, though. The stock split reflects their belief and ours and the long-term growth potential of our company. Ms. Beeding joins Howard Weinstein, who has served as General Counsel for the company since 2012. The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. Andy Beshear the Democrats presumed 2023 nominee and Craft. Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? 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. 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. Camerons gubernatorial campaign manager Gus Herbert indicated the same. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. Sure, Sean. The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. This represents a 48% margin collectively for these properties. The 150th run for the roses will be a remarkable milestone for the longest continually run sporting event in the United States. We haven't achieved that yet. Big Fish Casinos virtual chips have no monetary value and could not be exchanged for cash, but Big Fish Casino did contain a mechanism for transferring chips between users, which could be used to cash out winnings. The company's 2023 first quarter business results were released yesterday afternoon. WebBrad Blackwell is Exec VP/General Counsel at Churchill Downs Incorporated. WebSeating Chart at the Kentucky Derby. And we're on a path. /-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 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. The total cash Prior to joining Palmetto, Omar worked in various executive roles at Churchill Downs Incorporated. But we're not where we're going to be over the long term yet. All Churchill Downs, Inc. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. They employ 4,500 people according to customers in the know. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC, specifically the most recent reports on Form 10-Q and Form 10-K. Any forward-looking statements that we make are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. 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. 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. % If you find the information on this site helpful, please share it- sharing is what has powered this consumer resource for over 15 years. We hope to get the opportunity to do it. For similar reasons, the Court must also deny Plaintiff's motion for a temporary restraining order. 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. However, Pace-O-Matic has pointed out that the horse industry which operates its own slot-like machines and calls them Historical Horse Racing holds significant sway in the legislature and argued that their efforts to shut gray machines out . 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. View All Contacts Details Industries Casino Casual Games Gaming Internet Racing Social Media Headquarters Regions Southern US Founded Date May 1, 1875 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. 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. Sure. 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. The new paddock will In our organization, we track a lot of data and we look at it constantly. (Operator Instructions) As a reminder, this 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. WebChief Executive Officer. We do this in several other markets. Great. Week to week, we always look carefully to look at trends. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States If we did see these things developing in our operations, then we move to plans where we tighten up the cost structure and tighten up the operations in order to best maintain our margins. We're just going to execute as we have been executing. Churchill Downs, Inc. also goes by or is associated with the names Churchill Downs Inc., Churchill Downs. 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? Based on advanced reserve ticket sales and other metrics available at this time, we expect to deliver record Derby week results. So as a business model, we're very, very pleased and excited about HRMs. The press release and Form 10-Q are available on our website at churchilldownsincorporated.com. Everyone, we really appreciate your interest in our company and your investment in our company. The Consent Decree is in part ambiguous on its face and thus a temporary restraining order would be inappropriate. That includes Churchill Downs Inc.s massive donations to members of the legislature and other politicians, noted a statement from the company. Pace-O-Matic has previously attempted to get Cameron in on a lawsuit in Rowan County by naming his office as a defendant, but Cameron won an appellate court ruling allowing his office to be excused, according to WDRB. It's still ramping. Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. 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. Churchill Downs entered two definitive contracts for those properties - the first on February 14, and the second on March 7. I know the economics are spread across a couple of different places, but just kind of help us think strategically about maybe where those partnerships sit at this stage. And our next question comes from the line of David Katz with Jefferies. 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. Mr. Weinstein, who has announced his intent to retire in 2024, will work to ensure the smooth transition of all legal matters. We are working towards a goal of conducting HRM-related referendums in 2 new communities this coming fall. 2, 2007). 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 It could mean that Defendant may not use Churchill Downs' Marks and Designs in any way except as permitted by law; that is, that fair use under trademark law would be allowed. So we have to look at the results as they come in. So we do see initial signs that FanDuel is investing and pushing horse racing and that others will as well. Thank you. See Summit County Democratic Cent. (Operator Instructions) And our first question comes from the line of Barry Jonas with Truist. Thanks, Chad. You don't bet all these other sports. 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. 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. 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. So this is the fifth license that the city of Richmond has awarded the partnership. Churchill Downs claims that Defendants are violating a Consent Decree that the parties entered into on January 6, 2003. CIVIL ACTION NO. That bill took a rocky path towards final passage, particularly in the House where a surprise motion to table held it up. Ky. May. '-3:(LQTiQR ]Si&LV[Y`g?=VtR\G(^T2t+@%99 Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! But so far, nothing to be concerned about. Parol evidence can include the behavior of the parties prior to or contemporaneous with the contract. endobj Before we get started, I would like to remind you that some of the statements that we make today may include forward-looking statements. 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. Executives say the broader area around the revised site off Exit 11 has been planned to accommodate further development. Apply to Senior Counsel, Counsel, Associate Attorney and more! We delivered record first quarter net revenue of $560 million and record adjusted EBITDA of $223 million. 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. 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. 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. 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. x]{o@XF :Mtg0]\uinyI=,80-M2y>Glg';O^rlYdif3"SybLJ&7~)zL,ybKdysVyR 4 0 obj And then just a follow-up on Kentucky and HRMs, the Turfway Park, I think it's obviously a newer property. Regarding our online operations. And Marcia, it looks like share repurchases were somewhat minimal or none in the quarter. So we will follow the strategies we've followed in our other markets around our sports bars. Regarding our Gaming business, we realized significant contributions from the addition of the New York and Iowa properties acquired in the P2E Transaction. WebMr. However, officials are monitoring supply issues - which could delay the project and raise costs. WebChurchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. Despite a slight decline in adjusted EBITDA, we are pleased with the strong margins that this business delivered in first quarter. But I've been around doing this for a long time. We have more work to do to make this a great Kentucky racetrack and are committed to doing so. We are extremely excited about this project. There will be three entrances for gu. Moving to Virginia. We look forward to seeing you at the 149th Kentucky Derby on May 6 of this year. And I think the proof will be in the pudding, though, and we're very close to starting to see some of that proof. Current Wait: 4 mins (4m avg) Hours: 24 hours, 7 days; best time to call: 10:45am. Casino & Hotel properties in Maryland and Pennsylvania, along with igaming and sports betting initiatives. Make your practice more effective and efficient with Casetexts legal research suite. So it started with Newport for us, followed by building out the full Turfway Park. First, the Consent Decree, as discussed above, was neither clear nor unambiguous. Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! We do this while maintaining one of the best balance sheets in the industry. Ms. Beeding holds gaming licenses in several jurisdictions and is a member of the Mississippi Bar. . Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. Good morning, and welcome to our first quarter 2023 earnings conference call. R*_m0hyb##G>.$qW;f.p7"RXA3!R vj\~s`\_-t#JM}QAMChL 1@j6T{fIp!#-x6~.l^U#j=x_=$D/JCJggl~R~i!cT/A? I wanted to go back to an issue and I apologize if this sort of came out in the remarks. Both Draws to be Held in Aristides Lounge, Streamed Live on But it was a collective view of many, including us, and including the legislature that they were really harming and multiplying across the state. So it's a constant journey to make the product better. And we look at Turfway and Newport as one combined product offering. The phrase "except as permitted by law" is difficult to interpret. Our 6 HRM properties are performing as we expected, and in some cases, are exceeding our expectations. Thank you. See Wash. Rev. Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. 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.. 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. Churchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. That's a really good series of questions. And then just a follow-up. They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. Churchill Downs Ozair Shariff Current Workplace Ozair Shariff has been working as a Corporate Counsel at Churchill Downs for 2 years. I think we were very, very pleased with the path we're on towards improvement. We do this in other markets. 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. 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. 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. All online or virtual gambling is illegal in Washington. And our next question comes from the line of Shaun Kelley with Bank of America. 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. It could mean one of two things. So we've already built the sports bars and we'll put in the kiosks, refine the customer offering. Summary. Bradley Blackwell has been working as a Senior Vice President and General Counsel at Churchill Downs for 18 years. So we're happy to see them go. We have been very happy with how the property has been performing through the significant disruption across the site caused by the floor expansion and the construction of the hotel. Really good question. So an optimistic time for us, but the proof is going to be in the pudding, and we're happy to wait for that. Web55 Counsel jobs available in Carwood, IN on Indeed.com. 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. We utilized the proceeds from the Term Loan A financing to fully repay the outstanding balance on our credit facility. When it comes to construction timing and cost, I don't have an update on the timing or cost versus what we disclosed in our first quarter press release last year. 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. So this year, we're working towards authorization by the city to conduct the referendum. As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. These were popping up in bars and taverns and restaurants and convenience stores across the state. 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. I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. When you have as many properties as we have, you might find an example of anything across that many properties. I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. And now we have to go through the process to authorize the referendum or get the referendum authorized so that it can be conducted. Thanks for that update. 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. 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. In summary, the first quarter was another great quarter for us with record financial results. Appreciate the question. r*RS Wv%j|E9qq0g_uF That's just a function of how Kentucky law works. 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. 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. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. But so far, they've been pretty strong and I feel pretty good in general. 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.

Gemma This Is My House Farnham, Request For Admission Genuineness Of Documents California, Articles C

churchill downs general counsel