Web10 General Counsel jobs available in Carwood, IN on Indeed.com. Churchill Downs Names New General Counsel, Chief Development 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. And now I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen. 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. The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. While our focus is on hosting a special Kentucky Derby 149, we are also kicking off our year-long celebration in preparation for the 150th Kentucky Derby in May of 2024. So an optimistic time for us, but the proof is going to be in the pudding, and we're happy to wait for that. Obviously, there's a lot we could talk about and we do work on here. This site is protected by reCAPTCHA and the Google. Any insights into how to think about that relative to a Derby City or an Oak Grove? There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. 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. But all good, you'll see improvement every quarter. Good morning, everyone. Happy to do that. 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. Q1 2023 Churchill Downs Inc Earnings Call With respect to online wagering, we have entered into contracts to provide certain online wagering platforms, including FanDuel, access to the Kentucky market in connection with which we received a revenue stream. Churchill Downs Incorporated Promotes Brad Blackwell to We will be permitted to have up to 9 retail locations and up to 8 online sports betting licenses that we can potentially monetize. 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. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. Sure. her husband Joe Craft had contributed $1.5 million, mostly supported by the Concord Fund via $1.5 million in contributions, where a surprise motion to table held it up, working as legal counsel for another large company, Beshear and the Kentucky Democratic Party have received $140,000. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Description Industry Gambling & Gaming Recreation 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 look to go live in our retail locations once regulators have promulgated all of the required regulations and operational standards. But right now, we're not really doing that because there isn't enough trend data to suggest that we need to. Churchill Downs Incorporated Promotes Brad Blackwell to So this is the fifth license that the city of Richmond has awarded the partnership. In fact, early ticket sales are already underway and selling nicely. counsel Ms. Beeding joins Howard Weinstein, who has served as General Counsel for the company since 2012. Prior to the Consent Decree, counsel for Churchill Downs sent a letter to Defendants' former counsel dated April 17, 2002. 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). Should we expect to see or possibly see something a little bit more material in terms of contribution coming through with the Derby? We haven't achieved that yet. I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. 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. CHURCHILL DOWNS INC General Counsel Salary | Salary.com Sign up for our free summaries and get the latest delivered directly to you. William Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating The law takes effect in the late summer. Jason Sauer, Senior Vice President of Corporate Development, said Churchill Downs hopes to break ground as early as late May. %PDF-1.5 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. Despite a slight decline in adjusted EBITDA, we are pleased with the strong margins that this business delivered in first quarter. 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. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. We hope to achieve that. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. There will be three entrances for gu. We will kick off the Ellis Park race meet on Friday, July 7, after the end of the Churchill Downs Spring Meet. When you have as many properties as we have, you might find an example of anything across that many properties. 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. A big project, estimated at $185-200 million. We remain on course to complete the Paddock reimagination in time for the 150th Derby. Where are we just in terms of the content journey? Churchill Downs says the east-side location is near the hub of Vigo County development. View All Contacts Details Industries Casino Casual Games Gaming Internet Racing Social Media Headquarters Regions Southern US Founded Date May 1, 1875 Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! They were unregulated. With that, I'll turn the call back over to Bill so that he can open the call for questions. 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. The new paddock will That's a potentially $500 million to $600 million project. Second, the proof of noncompliance is not clear and convincing, given the ambiguity of the Consent Decree. The 150th run for the roses will be a remarkable milestone for the longest continually run sporting event in the United States. Therefore, the terms of Sections I-C and I-D are in almost direct contradiction with one another. But I've been around doing this for a long time. We know you have the dividend in the fourth quarter as we think about capital allocation going forward? 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. Crafts brother, Marc Guilfoil, was a longtime employee of the Kentucky Horse Racing Commission and worked as executive director there for six years until mid-2022. 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. CATHY BEEDING joins the team as Executive Vice President and General Counsel. A distinguished attorney and leader with extensive experience in companies with global operations, he will be responsible for JLL's legal and compliance functions. You are looking up Churchill Downs, Inc. customer care, so you probably already know who they are. Kater v. Churchill Downs Inc., No. 16-35010 (9th Cir. 2018) It's been quite a while for the people of Vigo County for this casino to get off the ground.". Got it. 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. So the Northern Kentucky market is the Cincinnati region. We were pleased with the performance of all of our segments, and our expectations remain high for the rest of the year. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. We'll do our best to process through that, to put ourselves in a position to conduct the referendum this year. Seating Chart 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. Churchill Downs, Kentucky Derby, Kentucky Oaks, the twin spires design, and Churchill Downs Incorporated related trademarks are registered trademarks of We then expect our bank covenant net leverage to decline in 2024 and 2025 as our ongoing investments in all of our new projects come online. Mr. Weinstein, who has announced his intent to retire in 2024, will work to ensure the smooth transition of all legal matters. (Operator Instructions) As a reminder, this conference call is being recorded. 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. Churchill Downs' Waldrop Becomes Chief Lobbying Strategist 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 The grant or denial of a temporary restraining order and preliminary injunction is discretionary with the Court. Week to week, we always look carefully to look at trends. However, commission staff asked Churchill Downs to offer an update due to the importance of the change. The total cash There's been more concern, I think, across the market on the health of the consumer. 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. 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 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. We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. Brad Blackwell, Senior Vice President and General Counsel, They employ 4,500 people according to customers in the know. (WTHI) - Churchill Downs is moving forward with its plans for a casino on the east side of Terre Haute. You can see it's a very competitive project -- product. Best way to get Churchill Downs, Inc. help. 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 Just wanted to ask a specific one around TwinSpires, maybe just to start, is -- are we yet seeing any -- we consider material contribution from some of the agreements reached with FanDuel and DraftKings on the partnership side there. Palmetto Executive Team - Omar Amin Bio Just kind of how to think about that relationship? They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. Sure, Sean. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States So we have to look at the results as they come in. For similar reasons, the Court must also deny Plaintiff's motion for a temporary restraining order. 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. As a consequence, the parties entered into a Consent Decree which this Court signed on January 6, 2003. TwinSpires had a nice first quarter. 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. 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. See Brad Blackwell's compensation, career history, education, & memberships. 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. We don't have enough machines ultimately. In our organization, we track a lot of data and we look at it constantly. But part of reaching maturity eventually property by property, and I am of the view that we haven't reached maturity at any of our HRM properties, part of reaching maturity over time is constantly improving, working with the manufacturers to improve the quality and depth of products available using the HRM model. Appreciate the question. 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. In summary, the first quarter was another great quarter for us with record financial results. 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. The panel held that plaintiff Cheryl Kater stated a cause of action under Recovery of Money Lost at Gambling Act where she alleged that she lost over $1,000 worth of virtual chips while playing Big Fish Casino, and she could recover the value of those lost chips from Churchill Downs, as, Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value.". 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. And then just a follow-up. Email notifications are only sent once a day, and only if there are new matching items. She also has a certification in ICGIP Gaming Anti-Money Laundering Specialist. This is a separate opportunity from our HRM operations in the state. (Operator Instructions) As a reminder, this Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. Plaintiff Churchill Downs Incorporated ("Churchill Downs") has moved for an order of contempt and for a temporary restraining order against Defendants Doug Dearen and Thoroughbred Traditions, Inc. (collectively "Defendants"). Pro-Daniel Cameron PAC got $100K from party to lawsuit. His The location is in a thriving commercial area. Sauer said Churchill Downs chose to acquire 25 acres from the original Premier Gaming plan, as well as an adjacent 25 acres. 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. This is a 150-unit facility that remains on track to be completed in the third quarter of 2023. Apply to Senior Counsel, Counsel, Associate Attorney and more! This is an extremely important project because of its proximity to the significant population in Northern Virginia Interstate 95 corridor. Kentucky, at Louisville. And I think the proof will be in the pudding, though, and we're very close to starting to see some of that proof. I think you'll see improvement over the next several quarters. We read everything everybody else does as well. Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! They were not fully understood because they were no reporting on them. Court Description: Washington Gambling Law The panel reversed the district courts dismissal of a purported class action against Churchill Downs alleging violations of Washingtons Recovery of Money Lost at Gambling Act and Consumer Protection Act, and unjust enrichment; and held that Churchill Downs virtual game platform Big Fish Casino constituted illegal gambling under Washington law. We do this while maintaining one of the best balance sheets in the industry. r*RS Wv%j|E9qq0g_uF Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. Moving to Virginia. Home | 2023 Kentucky Derby & Oaks | May 5 and May 6, 2023 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. Hopefully achieve all the required approvals, hopefully, you then conduct a referendum and win the referendum and then the process to construct would start. So it started with Newport for us, followed by building out the full Turfway Park. Counsel We also completed a $600 million bond offering this past week. Mr. Blackwell served as Vice President of Operations at Churchill Downs Incorporated from March 2015 to March 01, 2017. Apply to Associate Attorney, Counsel, Attorney and more! She will also work closely with The Cordish Companies corporate development team on new projects. So we will have 9 opportunities over time to deploy retail sports betting. But it was a collective view of many, including us, and including the legislature that they were really harming and multiplying across the state. If you find the information on this site helpful, please share it- sharing is what has powered this consumer resource for over 15 years. <>>> In this specific instance, the Attorney Generals office has already been defending the legislation passed by the General Assembly. Make your practice more effective and efficient with Casetexts legal research suite. So as a business model, we're very, very pleased and excited about HRMs. Cathy Beeding 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. First, I want to touch on the Kentucky, the gray market. Yes, there can be challenges on material, but we're managing all those. All online or virtual gambling is illegal in Washington. Andy Beshear the Democrats presumed 2023 nominee and Craft. Wondering if you could just dig into that a little bit more. 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. And if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. This is the fifth and final full Class III license. However, commission staff asked Churchill Downs to offer an update due to the importance of the change. Marcia Ann Dall; Executive VP & CFO; Churchill Downs Incorporated, William C. Carstanjen; CEO & Director; Churchill Downs Incorporated, Barry Jonathan Jonas; Gaming Analyst ; Truist Securities, Inc., Research Division, Chad C. Beynon; Head of US Consumer, SVP and Senior Analyst; Macquarie Research, Daniel Brian Politzer; Senior Equity Analyst; Wells Fargo Securities, LLC, Research Division, David Brian Katz; MD and Senior Equity Analyst of Gaming, Lodging & Leisure; Jefferies LLC, Research Division, Jordan Maxwell Bender; Director & Equity Research Analyst; JMP Securities LLC, Research Division, Shaun Clisby Kelley; MD in Americas Equity Research & Research Analyst; BofA Securities, Research Division. WebPresident, Corporate & General Counsel Omar Amin is the President, Corporate, Chief Development Officer, and General Counsel at Palmetto responsible for the Companys 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 far, we've been really, really pleased with the P2E assets. It doesn't get implemented until the late summer. Churchill Downs 16-35010 (9th Cir. 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. General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. Everyone, we really appreciate your interest in our company and your investment in our company. Churchill Downs, Inc. also goes by or is associated with the names Churchill Downs Inc., Churchill Downs. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. Thank you, Andrew. 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. We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. First, I wanted to revisit just some comments around margins, I guess, specifically focusing on the gaming and then the HRM facilities. Further, Pace-o-Matic executives gave Camerons campaign personal contributions on March 27, just one day before filing the suit. Second, regarding our TwinSpires horseracing business, our overall handle was higher in the first quarter than the prior year. So we're very excited to see the first real milestone of that, though, around the Kentucky Derby. Churchill Downs, Inc. Phone Number | Call Now & Shortcut to Rep We obviously have a lot going on right now with the Kentucky Derby and all of our growth projects. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. WebCall Churchill Downs, Inc. customer service faster with GetHuman. We actually designed our facilities thinking that this may happen in Kentucky at some point. In this case, plaintiff alleged that she lost over $1,000 worth of virtual chips while playing Big Fish Casino, and she can recover the value of these lost chips from Churchill Downs, as proprietor of Big Fish Casino. Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. O.P. Our overarching objective is to pursue what we have demonstrated we are good at, growing the Kentucky Derby, developing greenfield and organic opportunities as well as executing strategic acquisitions that fit our profile. Ub%RUFi1I@Xb (M'lQV4,o==*4MbI*Z6JMR[ 5AzT <> Northeast Ohio Coal. In deciding whether or not the requested injunctive relief is appropriate, the Court must consider four factors: "(1) whether the movant has a strong likelihood of success on the merits, (2) whether the movant would suffer irreparable injury absent a stay, (3) whether granting the stay would cause substantial harm to others, and (4) whether the public interest would be served by granting the [motion]." 1985), aff'd, 478 U.S. 421 (1986). We bring the advantage of being the only gaming on our side of the Ohio River, but it is a very competitive developed market. for Homeless and Serv. Ky. 1998). <> !%e iQR~gi( g$Z7')38+K&3(^C%fq4^10M!Cx6j:6Vl+*[sbr*-@ekt*P*JXBE+Dn0axf0[#O%pj _3r+Eg_w^moY/ 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. In addition, we are building a significantly larger HRM facility in Dumfries, which is located in Northern Virginia, approximately 30 miles south of Washington, D.C., also directly off of Interstate 95. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. <>/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>> 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. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. And we look at Turfway and Newport as one combined product offering. Parol evidence can include the behavior of the parties prior to or contemporaneous with the contract. Great. This represents a 48% margin collectively for these properties. 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. Bradley Blackwell has been working as a Senior Vice President and General Counsel at Churchill Downs for 18 years. 4 0 obj Therefore, the panel remanded for further proceedings. In order to make the project a reality, Churchill Downs is in the process of completing several steps. 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." Michael Rowles - Live Nation Entertainment You don't bet all these other sports. Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! Churchill Downs Chad Riney Current Workplace Chad Riney has been working as a Senior Counsel at Churchill Downs for 4 years. David, yes, we can put these in our racetracks and also our HRM extensions. What are you guys seeing across your businesses? !Hb$^\*$PH2J`SS8~7o\Rx?7:Rv2_n(Mg.W*wq[mBU;.gcoOH Groundbreaking could happen as early as late May if the remaining approvals are taken care of on the expected timeline. So it's working fine. 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.
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