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. 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. 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. WebSeating Chart at the Kentucky Derby. I think as we've said in the past, Jordan, we are very opportunistic on a share repurchase perspective. So, so far, particularly FanDuel, I think they're showing a lot of interest and appetite. In all, the PAC has raised $1.9 million total, mostly supported by the Concord Fund via $1.5 million in contributions. r*RS Wv%j|E9qq0g_uF In summary, the first quarter was another great quarter for us with record financial results. 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. 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]." 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.". We're on a pathway to do that. Both Draws to be Held in Aristides Lounge, Streamed Live on And in that region, you have Ohio, Indiana and Kentucky, all coming to meet with orders. We also completed a $600 million bond offering this past week. So I believe you said outside of Florida and Pennsylvania margins were very strong. 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. We'll try to be good stewards of your capital. 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. These were popping up in bars and taverns and restaurants and convenience stores across the state. That's a really good series of questions. However, officials are monitoring supply issues - which could delay the project and raise costs. And I'd leave the question on that. Got it. ui. f Za:Kx U/z-{H%fkfUEHp2|.[I(h8m 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. The area around Owensboro is the larger and more economically attractive market and thus our focus will be on that first from an HRM perspective. Web55 Counsel jobs available in Carwood, IN on Indeed.com. 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. Despite a slight decline in adjusted EBITDA, we are pleased with the strong margins that this business delivered in first quarter. Sign up for our free summaries and get the latest delivered directly to you. Churchill Downs claims that Defendants are violating a Consent Decree that the parties entered into on January 6, 2003. 1995-2022 Hospitality Net All rights reserved Hospitality Net is powered by Hsyndicate. 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. So an optimistic time for us, but the proof is going to be in the pudding, and we're happy to wait for that. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. 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. It's also larger than the other applicants initially proposed. HRMs are a key strategic focus over the next 5 to 10 years for our company as we seek to expand our existing footprint. 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. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. You can explore additional available newsletters here. 2, 2007). 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. 2 0 obj Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) If we do see in the future, if we do see economic headwinds -- external economic headwinds in the economy, we'll adjust our marketing and our expense structure to deal with it appropriately because we're always going to be focused on our margins. 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. Thanks, Bill, and good morning, everyone. 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. But we're not where we're going to be over the long term yet. 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. 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. TwinSpires had a nice first quarter. We have announced a number of new guest experiences and ticket offerings that will be available for this very special Kentucky Derby. Thanks, Barry. 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 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. Our new first turn experience is complete. 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 will be permitted to have up to 9 retail locations and up to 8 online sports betting licenses that we can potentially monetize. A reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release. They employ 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. We're not seeing material changes that we have to respond to. 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. There will be three entrances for gu. We will look to go live in our retail locations once regulators have promulgated all of the required regulations and operational standards. The phrase "except as permitted by law" is difficult to interpret. Based on our planned acquisition of Exacta and our capital investments, we expect our bank covenant net leverage to remain in the 4x range over the coming year. I'll unpack that one at a time. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. Really good question. Churchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. So getting that product converted for ours will always be something we're working on. 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. That letter made one objection to the content of a previous Web site maintained by Defendants, but did not object to the use of the name "Kentucky Derby" elsewhere on the same page. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. We know you have the dividend in the fourth quarter as we think about capital allocation going forward? We haven't achieved that yet. The panel held that Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value." Web10 General Counsel jobs available in Carwood, IN on Indeed.com. There are no definitive dates yet for construction because the project hasn't officially gone out for bidding. So Indiana and Ohio has had gaming in that market for many years. 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. (Operator Instructions) As a reminder, this conference call is being recorded. Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. 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 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. 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. Second, the proof of noncompliance is not clear and convincing, given the ambiguity of the Consent Decree. 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? During this call, we will present both GAAP and non-GAAP financial measures. So we will have 9 opportunities over time to deploy retail sports betting. And we look at Turfway and Newport as one combined product offering. 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. Any insights into how to think about that relative to a Derby City or an Oak Grove? Sauer said Churchill Downs is excited about the east-side property, citing the size, accessibility, and public support of this location. We also expect to enter into other market access arrangements in the near future. ." We are working towards a goal of conducting HRM-related referendums in 2 new communities this coming fall. 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 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. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. Appreciate the question. Terre Haute city and Vigo County leaders joined officials from Churchill Downs on Tuesday morning. First, all of our HRM properties made strong contributions to our financial results in first quarter. Current Wait: 4 mins (4m avg) Hours: 24 hours, 7 days; best time to call: 10:45am. Ms. Beeding joins Howard Weinstein, who has served as General Counsel for the company since 2012. CIVIL ACTION NO. 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. And I think the proof will be in the pudding, though, and we're very close to starting to see some of that proof. Leadership Team; Board of Directors; Corporate Social Responsibility; But so far, they've been pretty strong and I feel pretty good in general. Andy Beshear the Democrats presumed 2023 nominee and Craft. And our next question comes from the line of David Katz with Jefferies. But just as importantly, these were terrible for our industry. 1 0 obj So we will follow the strategies we've followed in our other markets around our sports bars. We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. Further, Pace-o-Matic executives gave Camerons campaign personal contributions on March 27, just one day before filing the suit. 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. The press release and Form 10-Q are available on our website at churchilldownsincorporated.com. (Operator Instructions) As a reminder, this 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. Our 6 HRM properties are performing as we expected, and in some cases, are exceeding our expectations. 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. So it was a developed competitive market. CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ Good to hear. This represents a 48% margin collectively for these properties. 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. You don't bet all these other sports. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. We hope to get the opportunity to do it. 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. Good morning, and welcome to our first quarter 2023 earnings conference call. They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. But so far, nothing to be concerned about. It could mean one of two things. <> Yes, there can be challenges on material, but we're managing all those. For the following reasons, the Court will deny both motions. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. And then just a follow-up on Kentucky and HRMs, the Turfway Park, I think it's obviously a newer property. The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. 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. We don't have enough machines ultimately. 1996). Prior to joining Live Nation, Michael served as Senior Vice President, Is it kind of fair to assume that share repurchases will be kind of close to none until we get through most of these growth projects. We'll do our best to process through that, to put ourselves in a position to conduct the referendum this year. The construction is proceeding according to our schedule, and we expect the first phase of the project with 1,150 HRMs and an approximately 100-room hotels to be opened in the second quarter of 2024. Thank you, Andrew. 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. !%e iQR~gi( g$Z7')38+K&3(^C%fq4^10M!Cx6j:6Vl+*[sbr*-@ekt*P*JXBE+Dn0axf0[#O%pj _3r+Eg_w^moY/ In our organization, we track a lot of data and we look at it constantly. WebMr. The company's 2023 first quarter business results were released yesterday afternoon. Currently, we expect this will happen in the second half of 2023. First, I want to touch on the Kentucky, the gray market. A city referendum is required for authorization to move forward with the project. A big project, estimated at $185-200 million. endobj 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. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. 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. This is a 150-unit facility that remains on track to be completed in the third quarter of 2023. Thank you for participating, and you may now disconnect. See Summit County Democratic Cent. Under Kentucky law, extrinsic evidence may not vary the terms of an unambiguous contract. O.P. The parties litigated the matter vigorously for several months before reaching a settlement. Churchill Downs Incorporated Promotes Brad Blackwell to Senior Vice President and General Counsel. See Brad Blackwell's compensation, career history, education, & memberships. 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. Kentucky, at Louisville. Ky. 1998). 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. Prior to joining Cordish Gaming Group, Ms. Beeding served as Vice President, Senior Counsel and Corporate Compliance Officer at Churchill Downs Incorporated in Louisville, KY, where she was responsible for overseeing and managing compliance across the company's casinos, racinos, racetracks and interactive verticals, including the company's online ADW, interactive sports books and interactive casinos. 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 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. We have more work to do to make this a great Kentucky racetrack and are committed to doing so. But all good, you'll see improvement every quarter. (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. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. 2004). !Hb$^\*$PH2J`SS8~7o\Rx?7:Rv2_n(Mg.W*wq[mBU;.gcoOH Therefore, the panel remanded for further proceedings.
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