As a consequence, the parties entered into a Consent Decree which this Court signed on January 6, 2003. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. 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. The Court begins with the Consent Decree itself. All of the covered stadium seats are sold and more than 3/4 of the indoor reserve seats are also sold with the remainder selling quickly each day. They are considered to be part of the following sectors and industries: Consumer Discretionary, Consumer Services, Hotels, Restaurants & Leisure, Casinos & Gaming. Among other things, it alleged that Defendants misappropriated Plaintiff's season ticket holder list and used it for ticket-scalping purposes. Luttrell v. Cooper Industries, Inc., 60 F.Supp.2d 629, 631 (E.D. In summary, the first quarter was another great quarter for us with record financial results. Week to week, we always look carefully to look at trends. You don't bet all these other sports. 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. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States We delivered record first quarter net revenue of $560 million and record adjusted EBITDA of $223 million. The panel held that Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value." 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. 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. And we're up for it, though. This is the fifth and final full Class III license. 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. I think as we've said in the past, Jordan, we are very opportunistic on a share repurchase perspective. 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. For most of that time, that Web site was replete with references to the "Kentucky Derby" and "Churchill Downs." <> 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. We hope to achieve that. So Indiana and Ohio has had gaming in that market for many years. 3 0 obj (WTHI) - Churchill Downs is moving forward with its plans for a casino on the east side of Terre Haute. 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. 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. See Brad Blackwell's compensation, career history, education, & memberships. 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. However, commission staff asked Churchill Downs to offer an update due to the importance of the change. 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. And our next question comes from the line of Jordan Bender with JMP. So if you think about game titles, it's a process constantly of getting more game titles from the traditional Class III manufacturers converted to HRMs. /-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 The company's 2023 first quarter business results were released yesterday afternoon. The phrase "except as permitted by law" is difficult to interpret. Therefore, the terms of Sections I-C and I-D are in almost direct contradiction with one another. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. 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. Got it. We look forward to seeing you at the 149th Kentucky Derby on May 6 of this year. There are no definitive dates yet for construction because the project hasn't officially gone out for bidding. So we have an approach. Churchill Downs, Inc. also goes by or is associated with the names Churchill Downs Inc., Churchill Downs. 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 employ 4,500 people according to customers in the know. Yes, there are challenges on labor. 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. There was a problem saving your notification. endobj There are lots of pieces of content and some manufacturers that we haven't reached yet, that we haven't developed and it will be a constant state of catch-up because the businesses -- the manufacturing businesses really are run and oriented towards the Class III machines. Apply to Associate Attorney, Counsel, Attorney and more! 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. 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. 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. Waldrop, who earned a law degree from the University of Kentucky in 1985, joined Churchill Downs as its general counsel in 1992. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-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 Mr. Weinstein, who has announced his intent to retire in 2024, will work to ensure the smooth transition of all legal matters. All good. And that's a process that takes time in a competitive market. There's been more concern, I think, across the market on the health of the consumer. Apply to Associate Attorney, Counsel, Attorney and more! There already is competition that's come online in Virginia. Web55 Counsel jobs available in Carwood, IN on Indeed.com. Craft received $46,000 total from 30 people tied to Churchill Downs this year. 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. Bill? 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. 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. 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. We will kick off the Ellis Park race meet on Friday, July 7, after the end of the Churchill Downs Spring Meet. 2 0 obj 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. But just as importantly, these were terrible for our industry. 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. Can you maybe talk about the size of what the grade market was in Kentucky, maybe the properties that you could see the most uplift or that had -- you've seen the most drag there from this? 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. Apply to Senior Counsel, Counsel, Associate Attorney and more! And we're on a path. 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. Plaintiff's motion for contempt does not meet any of the three prongs enunciated supra. 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. 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. So this was a circumstance where these machines were multiplying rapidly and it gained an unfortunate foothold in the state. General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. And now I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen. Thanks, Phil. WebChurchill Downs Incorporated 3.6 Senior Counsel, M&A & Corporate Development Louisville, KY $102K - $170K (Glassdoor est.) Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Description Industry Gambling & Gaming Recreation In order to make the project a reality, Churchill Downs is in the process of completing several steps. That's a really good series of questions. Churchill Downs Incorporated (CDI) (NASDAQ: CHDN), headquartered in Louisville, Kentucky, is an industry-leading racing, gaming and online wagering company anchored by our iconic flagship event The Kentucky Derby. She will also work closely with The Cordish Companies corporate development team on new projects. A distinguished attorney and leader with extensive experience in companies with global operations, he will be responsible for JLL's legal and compliance functions. 3:02CV-176-H (W.D. W{@]/`XyNfUh\sNsN.uzylq3u(grvNgS\:"o6x p^0`at*$ Sauer said Churchill Downs is excited about the east-side property, citing the size, accessibility, and public support of this location. I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. Sure, Sean. Web10 General Counsel jobs available in Carwood, IN on Indeed.com. As general counsel, he was intimately involved in governmental affairs. So it's working fine. The total cash Or is it really just the same? When you have as many properties as we have, you might find an example of anything across that many properties. and Executive Comm. We are focused on our other Kentucky projects for now. 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. Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. Understood. Ub%RUFi1I@Xb (M'lQV4,o==*4MbI*Z6JMR[ 5AzT Thank you. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. Churchill Downs says the east-side location is near the hub of Vigo County development. Sure. Wondering if you could just dig into that a little bit more. But generally, in operations, I feel good. Leadership Team; Board of Directors; Corporate Social Responsibility; Employees Int'l Union, Local 1199 v. Blackwell, 467 F.3d 999, 1009 (6th 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. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. The law takes effect in the late summer. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. WebCall Churchill Downs, Inc. customer service faster with GetHuman. At this point, we'd like to take any questions that you have for us. <> Happy to do that. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. 1 0 obj 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. CATHY BEEDING joins the team as Executive Vice President and General Counsel. 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. Kentucky, at Louisville. A reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release. And I think the proof will be in the pudding, though, and we're very close to starting to see some of that proof. But I've been around doing this for a long time. 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. We obviously have a lot going on right now with the Kentucky Derby and all of our growth projects. I'll unpack that one at a time. 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. The 50-acre site is double the size of the initial property, which offers opportunities for more growth. United States District Court, W.D. See, e.g., Schachner v. Blue Cross and Blue Shield of Ohio, 77 F.3d 889, 893 (6th Cir. The panel also held that plaintiff could recover the value of the virtual chips lost under the RMLGA. This concludes today's conference call. (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. But right now, we're not really doing that because there isn't enough trend data to suggest that we need to. So we will have 9 opportunities over time to deploy retail sports betting. Prior to the Consent Decree, counsel for Churchill Downs sent a letter to Defendants' former counsel dated April 17, 2002. So we do see initial signs that FanDuel is investing and pushing horse racing and that others will as well. for Homeless and Serv. 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. 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. But it was a collective view of many, including us, and including the legislature that they were really harming and multiplying across the state. You can help! We are nowhere near the end of the journey. 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. 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. And our next question comes from the line of Shaun Kelley with Bank of America. Recently, there was some legislation there that cracked down on this. The first money has increased approximately 50% to over $15 million, and we have added 4 new stakes races. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. They employ On April 5, 2007, Churchill Downs sent a letter to Defendants, stating that Churchill Downs was aware of the use of these Marks on the www.derbybox.com Web site, that Defendants could not use the Marks without permission, and that Defendants were violating the Consent Decree. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. Any insights into how to think about that relative to a Derby City or an Oak Grove? But right now, we've deployed 2,700, but we will get to 5,000 relatively quickly as we expand our footprint. Justia makes no guarantees or warranties that the annotations are accurate or reflect the current state of law, and no annotation is intended to be, nor should it be construed as, legal advice. v. Blackwell, 388 F.3d 547, 553 (6th Cir. Churchill Downs entered two definitive contracts for those properties - the first on February 14, and the second on March 7. 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. Executives with Churchill Downs say elected officials, citizens, and other stakeholders urged them to build on the east end. Obviously, there's a lot we could talk about and we do work on here. 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. This represents a 48% margin collectively for these properties. But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. 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 Really good question. HRM entertainment facilities in Kentucky will soon benefit from the passage in the first quarter of legislation, allowing retail sports and online betting across the Commonwealth. Under Section I-C of the Consent Decree, Defendants cannot use the Churchill Downs Marks in connection with the solicitation and sale of horse racing tickets. But for the existing projects -- the existing properties that were already there and operational, that's been a breath of fresh air. TERRE HAUTE, Ind. 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. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! 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. Therefore, the panel remanded for further proceedings. We know you have the dividend in the fourth quarter as we think about capital allocation going forward? General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. We don't have enough machines ultimately. Parol evidence can include the behavior of the parties prior to or contemporaneous with the contract. The parties litigated the matter vigorously for several months before reaching a settlement. Churchill Downs Chad Riney Current Workplace Chad Riney has been working as a Senior Counsel at Churchill Downs for 4 years. And then separately, just on the HRM content side of things. 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.
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