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. That's just a function of how Kentucky law works. All Churchill Downs, Inc. Great. I think you'll see improvement over the next several quarters. And we look at Turfway and Newport as one combined product offering. 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. endobj It requires a hotel, a casino, which will include table games and Class III machines. 16-35010 (9th Cir. And so I follow that data personally very, very carefully. 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. 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. 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 generally, they've been quite strong, and we're quite optimistic looking forward. Apply to Senior Counsel, Counsel, Associate Attorney and more! 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. So getting that product converted for ours will always be something we're working on. Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. When you have as many properties as we have, you might find an example of anything across that many properties. 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. First, I wanted to revisit just some comments around margins, I guess, specifically focusing on the gaming and then the HRM facilities. We're just going to execute as we have been executing. WebChurchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. O.P. But so far, nothing to be concerned about. 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. General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. Unlike the last (Attorney General) Andy Beshear, he has defended Kentuckys laws, not attacked them. They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. You are looking up Churchill Downs, Inc. customer care, so you probably already know who they are. Leadership Team; Board of Directors; Corporate Social Responsibility; 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. So there's still several steps here before the project could be realized, and we're on that path. So thank you, and we'll talk to you all soon. 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. And on the subject of HRM facilities, one of the issues that comes up regularly with investors is the degree to which those HRM facilities can perform, right, whether an HRM machine, how it compares with the traditional regular slot machine, whether there's any noticeable difference in consumer spend or behaviors or any of those sorts of things? Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. 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. 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. 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. At the end of first quarter, our bank covenant net leverage was 3.9x. Groundbreaking could happen as early as late May if the remaining approvals are taken care of on the expected timeline. 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 Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States 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. You already receive all suggested Justia Opinion Summary Newsletters. For most of that time, that Web site was replete with references to the "Kentucky Derby" and "Churchill Downs." Regarding our Gaming business, we realized significant contributions from the addition of the New York and Iowa properties acquired in the P2E Transaction. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. 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. 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.. Andy Beshear the Democrats presumed 2023 nominee and Craft. <>>> 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. So we've already built the sports bars and we'll put in the kiosks, refine the customer offering. 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. The Ninth Circuit reversed the dismissal of a purported class action against Churchill Downs alleging violations of Washington's Recovery of Money Lost (RMLGA) at Gambling Act and Consumer Protection Act, and unjust enrichment. We bring the advantage of being the only gaming on our side of the Ohio River, but it is a very competitive developed market. Sign up for our free summaries and get the latest delivered directly to you. 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. 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 I don't really have anything material to say or any material concerns about the interplay between people that go to Newport versus Turfway. 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. And that's a process that takes time in a competitive market. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. Where are we just in terms of the content journey? In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. But so far, they've been pretty strong and I feel pretty good in general. 2004). William Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating 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. 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? It doesn't get implemented until the late summer. But these folks that are out there now with a broader sports wagering platform like FanDuel, they've reached a lot more customers than we ever were able to with our very narrowly focused TwinSpires app, which we still think is the absolute best in the business for betting on horse racing, but that's all you do on it. At this point, we'd like to take any questions that you have for us. A distinguished attorney and leader with extensive experience in companies with global operations, he will be responsible for JLL's legal and compliance functions. 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 The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. Good morning, and welcome to our first quarter 2023 earnings conference call. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. 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. Have we seen the labor and utility pressures kind of plateau? Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. All online or virtual gambling is illegal in Washington. Both Draws to be Held in Aristides Lounge, Streamed Live on We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. 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. Churchill Downs Racetrack President: Mike Anderson Churchill Downs Incorporated General Counsel: Neal Curtis Bugler: Steve Buttleman Format: 2:03-2:06 p.m. Introduction (Buttleman Call to the Post / Stone) 2:06-2:09 p.m. Good to hear. In the last two years, Beshear and the Kentucky Democratic Party have received $140,000 from people tied to Churchill Downs, according to the Kentucky Lantern. We haven't achieved that yet. During this call, we will present both GAAP and non-GAAP financial measures. But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. There's nothing to report or dig deeper into at this time. TERRE HAUTE, Ind. Of course, this letter was prior to the Consent Decree and therefore its probative value is limited. CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ Hopefully achieve all the required approvals, hopefully, you then conduct a referendum and win the referendum and then the process to construct would start. Marcia? 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. They were not fully understood because they were no reporting on them. We are disciplined in our decisions regarding our long-term capital investments and sometimes that means taking additional time to determine the final location that will best meet our long-term return expectations and that is optimal for the communities in which we choose to invest significant time and capital to build long-term relationships. 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. v. Blackwell, 388 F.3d 547, 553 (6th Cir. Camerons gubernatorial campaign manager Gus Herbert indicated the same. That bill took a rocky path towards final passage, particularly in the House where a surprise motion to table held it up. Happy to do that. When we decide that we want to and you'll see us buy shares back opportunistically in the future as well. These were popping up in bars and taverns and restaurants and convenience stores across the state. 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. 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. Just kind of how to think about that relationship? There wasn't a fully accurate count of how many of these were, but I think it's fair to say there were several times the number of these of actual -- compared to actual HRM machines and license authorized facilities like the ones we run. We generated $204 million of free cash flow in the first quarter, up $79 million over the prior year, primarily as a result of the strong cash flow generated from our businesses. I think if you see the margins we drive from these facilities and the locations of some of them with the competition of other types of gaming on -- in our surrounding borders. Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! I'll start this morning with a few insights on these financial results and then provide an update on capital management. Ultimately, our real challenge in the State of Virginia is the number of machines we have and we have 10 places we can move those machines around based on the competitive environment. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. It strains credulity to suggest that between the entry of the Consent Decree and early April 2007, Churchill Downs failed to reviewwww.derbybox.com, especially considering Churchill Downs invested significant resources in the prior lawsuit against Defendants. We hope to achieve that. Churchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. First, all of our HRM properties made strong contributions to our financial results in first quarter. David, yes, we can put these in our racetracks and also our HRM extensions. We look forward to seeing you at the 149th Kentucky Derby on May 6 of this year. With me today are several members of our team, including Bill Mudd, our President and Chief Operating Officer; Marcia Dall, our Chief Financial Officer; and Brad Blackwell, our General Counsel. This site is protected by reCAPTCHA and the Google. }d3a0nS($DA]jjCDFeOp^dsY uD8-X._g1JEt&zo}D2t}? .%9|NR0Y4~4A\mw%*oLRk46(]]XzwZJ7Z;H{/gMGimb1;7CWf4jD|okva#oEW^-qHN| 'g Yq?0h|9cq;(CB9dNWwV5E5psmYrIw8 '+I W We'll talk about that in more detail next quarter. So as a business model, we're very, very pleased and excited about HRMs. So this is the fifth license that the city of Richmond has awarded the partnership. Can you talk about maybe some of the puts and takes in that Northern Kentucky market? 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. The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? (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. The panel held that Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value." There are no definitive dates yet for construction because the project hasn't officially gone out for bidding. 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 actually designed our facilities thinking that this may happen in Kentucky at some point. Prior to joining Live Nation, Michael served as Senior Vice President, And I think our team will meet that challenge so far they have. I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. We delivered record first quarter net revenue of $560 million and record adjusted EBITDA of $223 million. We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. ." (Operator Instructions) As a reminder, this Got it. See Summit County Democratic Cent. We also expect to enter into other market access arrangements in the near future. Thanks, Bill, and good morning, everyone. Churchill Downs Chad Riney Current Workplace Chad Riney has been working as a Senior Counsel at Churchill Downs for 4 years. So this was a circumstance where these machines were multiplying rapidly and it gained an unfortunate foothold in the state. Turning to capital management. A city referendum is required for authorization to move forward with the project. United States District Court, W.D. One of the most exciting developments will be the completion of the Paddock Project with breathtaking and unrestricted views of the TwinSpires, along with spectacular new seating and dining experiences. 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. This is a 150-unit facility that remains on track to be completed in the third quarter of 2023. We utilized the proceeds from the Term Loan A financing to fully repay the outstanding balance on our credit facility. The grant or denial of a temporary restraining order and preliminary injunction is discretionary with the Court. It's also larger than the other applicants initially proposed. WebChurchill Downs Incorporated 3.6 Senior Counsel, M&A & Corporate Development Louisville, KY $102K - $170K (Glassdoor est.) Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site.
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