We'll talk about that in more detail next quarter. Churchill Downs But generally, in operations, I feel good. 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. And maybe what options do you have to best respond if you did see things deteriorate? So the state has taken steps through legislation to ban them. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. 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. It's been quite a while for the people of Vigo County for this casino to get off the ground.". And so I follow that data personally very, very carefully. Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. View All Contacts Details Industries Casino Casual Games Gaming Internet Racing Social Media Headquarters Regions Southern US Founded Date May 1, 1875 They employ 4,500 people according to customers in the know. Counsel The donations to Bluegrass Freedom Action came from three sources: a $50,000 donation from Pom (short for Pace-o-Matic) of Kentucky, and $25,000 contributions from Pace-O-Matic Chairman Michael Pace and Pace-O-Matic President Paul Goldean. Despite a slight decline in adjusted EBITDA, we are pleased with the strong margins that this business delivered in first quarter. So it's a constant journey to make the product better. Michael Rowles - Live Nation Entertainment Churchill Downs is part of the Gambling & Home | 2023 Kentucky Derby & Oaks | May 5 and May 6, 2023 You already receive all suggested Justia Opinion Summary Newsletters. 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 However, commission staff asked Churchill Downs to offer an update due to the importance of the change. So the law isn't being implemented yet. Web55 Counsel jobs available in Carwood, IN on Indeed.com. 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." We haven't achieved that yet. But right now, we've deployed 2,700, but we will get to 5,000 relatively quickly as we expand our footprint. With that, I'll turn the call back over to Bill so that he can open the call for questions. Bob Baffert Announces Lawsuit Against Churchill Downs Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. 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? JLL names Alan Tse general counsel A reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release. (Operator Instructions) As a reminder, this conference call is being recorded. Under Kentucky law, extrinsic evidence may not vary the terms of an unambiguous contract. David, yes, we can put these in our racetracks and also our HRM extensions. CATHY BEEDING joins the team as Executive Vice President and General Counsel. 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. 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. Any insights into how to think about that relative to a Derby City or an Oak Grove? Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. So if one particular property feels pressure versus another because of competition, essentially, that's an opportunity to move product around the state. 1996). r*RS Wv%j|E9qq0g_uF At the end of first quarter, our bank covenant net leverage was 3.9x. 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. 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 Plaintiff's motion for contempt does not meet any of the three prongs enunciated supra. In this specific instance, the Attorney Generals office has already been defending the legislation passed by the General Assembly. The press release and Form 10-Q are available on our website at churchilldownsincorporated.com. Mr. Blackwell served as Vice President of Operations at Churchill Downs Incorporated from March 2015 to March 01, 2017. Executives say the broader area around the revised site off Exit 11 has been planned to accommodate further development. WebWilliam Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating Officer (2011 2014), CDIs Chief Operating Officer (2008-2011) and as Executive Vice President, General Counsel and Chief Development Officer for the Company (2005-2008). 16-35010 (9th Cir. This is a 150-unit facility that remains on track to be completed in the third quarter of 2023. counsel I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. And I'd say comparisons are always something that you have to give time to watch them to develop. The law takes effect in the late summer. 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. As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. As general counsel, he was intimately involved in governmental affairs. Churchill Downs Names New General Counsel, Chief Development And Marcia, it looks like share repurchases were somewhat minimal or none in the quarter. Best way to get Churchill Downs, Inc. help. TERRE HAUTE, Ind. Moving to Virginia. 2018) The Ninth Circuit reversed the dismissal of a purported class action against Churchill Downs alleging ui. f Za:Kx U/z-{H%fkfUEHp2|.[I(h8m 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. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. But right now, we're not really doing that because there isn't enough trend data to suggest that we need to. So this was a circumstance where these machines were multiplying rapidly and it gained an unfortunate foothold in the state. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States So I believe you said outside of Florida and Pennsylvania margins were very strong. 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. 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. Churchill Downs is projecting a 14-month construction window. The Consent Decree is in part ambiguous on its face and thus a temporary restraining order would be inappropriate. Therefore, the panel remanded for further proceedings. 2, 2007). 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. (Operator Instructions) And our first question comes from the line of Barry Jonas with Truist. Executive Management - The Kentucky Derby is just the See Brad Blackwell's compensation, career history, education, & memberships. Employees Int'l Union, Local 1199 v. Blackwell, 467 F.3d 999, 1009 (6th Cir. Thank you. The 150th run for the roses will be a remarkable milestone for the longest continually run sporting event in the United States. Overall, we are very excited about our progress towards this year's Kentucky Derby. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- However, if the contract is ambiguous, parol evidence may be considered. But I've been around doing this for a long time. And we're up for it, though. So the short answer is we're doing our thing. Our next question comes from the line of Dan Politzer with Wells Fargo. So this year, we're working towards authorization by the city to conduct the referendum. You can help! 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. These are the initial steps to unleash what we think would be a really fantastic project. But so far, nothing to be concerned about. 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. I'll start this morning with a few insights on these financial results and then provide an update on capital management. Apply to Associate Attorney, Counsel, Attorney and more! Vice President Associate General Counsel at Churchill Downs (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. William Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating And I think our team will meet that challenge so far they have. The company's 2023 first quarter business results were released yesterday afternoon. In his role, he is responsible for the legal affairs of the company and he serves as the principle legal advisor to CoreCivic's executive leadership team and Board of Directors. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. And our next question comes from the line of Jordan Bender with JMP. We do this in several other markets. 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. WebCole Carter was named Executive Vice President and General Counsel in July 2018. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! 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. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. 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. So we've already built the sports bars and we'll put in the kiosks, refine the customer offering. 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. I wanted to go back to an issue and I apologize if this sort of came out in the remarks. 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. General Ky. May. Kentucky, at Louisville. We're on a pathway to do that. for Homeless and Serv. <> 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. 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. They were unauthorized. We're not seeing material changes that we have to respond to. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. 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. We hope to get the opportunity to do it. We are working towards a goal of conducting HRM-related referendums in 2 new communities this coming fall. /-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 After she finishes, we will take your questions. 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. % Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). 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. But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. In fact, early ticket sales are already underway and selling nicely. 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. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. When you have as many properties as we have, you might find an example of anything across that many properties. "u 1>k*\Y5aX3:@NFcZv-t%)3*mI0rm,]+.U*H"g:s`#1*iEGZ1iV=%8|H.PeH{w|VeT$I .dZ]_@Ks+V8v?L{Y:miz(-IygU4ZKFvXTUy6gmDf=6ax7+jBoe`zpu~.H*]G8*";vFiD'!='5q8teZ8QfDMPhrl|usI2!N2k*OI` [{ci"jpG5={#O:gP4a'Cj ,fgKz)>*wDu;[k^ @G@;l-*N`M5 ?S yD.[XsUbL-Xv_#t`kk5Dc And I would tell you that I think there are ways to further improve it, most with concentrated around the variety of product, getting more gains available to us. All good. Palmetto Executive Team - Omar Amin Bio It's still ramping. 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. We're just going to execute as we have been executing. Churchill Downs, Inc. customer service So we're also, of course, really excited about the growth projects that hadn't been executed on, and that's a big part of what a portion of our team spends our time on. During the 2022 election cycle, Churchill Downs CEO Bill Carstanjen gave $2,000 or $1,000 to more than 100 state legislative candidates on both sides of the political aisle. Churchill Downs Incorporated Promotes Brad Blackwell to Thanks for that update. Their traffic impact analysis indicates all intersections maintain acceptable levels of service. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Marcia Ann Dall; Executive VP & CFO; Churchill Downs Incorporated, William C. Carstanjen; CEO & Director; Churchill Downs Incorporated, Barry Jonathan Jonas; Gaming Analyst ; Truist Securities, Inc., Research Division, Chad C. Beynon; Head of US Consumer, SVP and Senior Analyst; Macquarie Research, Daniel Brian Politzer; Senior Equity Analyst; Wells Fargo Securities, LLC, Research Division, David Brian Katz; MD and Senior Equity Analyst of Gaming, Lodging & Leisure; Jefferies LLC, Research Division, Jordan Maxwell Bender; Director & Equity Research Analyst; JMP Securities LLC, Research Division, Shaun Clisby Kelley; MD in Americas Equity Research & Research Analyst; BofA Securities, Research Division. Thank you for participating, and you may now disconnect. Live odds, betting, horse bios, travel info, tickets, news, and updates from Churchill Downs Race Track. We know you have the dividend in the fourth quarter as we think about capital allocation going forward? First, the Consent Decree, as discussed above, was neither clear nor unambiguous. W{@]/`XyNfUh\sNsN.uzylq3u(grvNgS\:"o6x p^0`at*$ There's been more concern, I think, across the market on the health of the consumer. Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? 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. So getting that product converted for ours will always be something we're working on. <> CHICAGO June 14, 2018 JLL (NYSE: JLL) has appointed Alan Tse Global General Counsel and Corporate Secretary effective June 27. Churchill Downs Incorporated Promotes Brad Blackwell to Senior Vice President and General Counsel. Good to hear. 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. 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. 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. WebBrad Blackwell is Exec VP/General Counsel at Churchill Downs Incorporated. And then just any way or hint on how to think about or quantify this impact of this more restrictive regulation? We look forward to seeing you at the 149th Kentucky Derby on May 6 of this year. And really, if you'll show some patients, I think we'll be able to provide you a better, more complete answer in the second quarter after there's a chance for the Triple Crown events around which some of these folks can actually do comprehensive marketing because they have events to push people towards. We will issue a press release after the Derby with all of the details. So we have an approach. Our new first turn experience is complete. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. Yes, there are challenges on labor. And then just a follow-up on Kentucky and HRMs, the Turfway Park, I think it's obviously a newer property. And generally, they've been quite strong, and we're quite optimistic looking forward. Bill? See, e.g., Schachner v. Blue Cross and Blue Shield of Ohio, 77 F.3d 889, 893 (6th Cir. In our organization, we track a lot of data and we look at it constantly. 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. Got it. General Counsel 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.

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