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. And that's a process that takes time in a competitive market. View All Contacts Details Industries Casino Casual Games Gaming Internet Racing Social Media Headquarters Regions Southern US Founded Date May 1, 1875 That's a really interesting question, and I think it's one that you'll see the answer play out over an extended period of time. 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. 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 In our organization, we track a lot of data and we look at it constantly. 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. We hope to achieve that. But it was a collective view of many, including us, and including the legislature that they were really harming and multiplying across the state. Thanks for that update. Live odds, betting, horse bios, travel info, tickets, news, and updates from Churchill Downs Race Track. Our capital projects to grow the scale and profitability of the Kentucky Derby will be supported by our continued ramp-up of sales efforts across the country as well as a more focused and strategic sales process in numerous foreign markets. Recently, there was some legislation there that cracked down on this. It's been quite a while for the people of Vigo County for this casino to get off the ground.". There was a problem saving your notification. We also expect to enter into other market access arrangements in the near future. You are looking up Churchill Downs, Inc. customer care, so you probably already know who they are. We do this in other markets. I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. Sign up for our free summaries and get the latest delivered directly to you. Churchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. R*_m0hyb##G>.$qW;f.p7"RXA3!R vj\~s`\_-t#JM}QAMChL 1@j6T{fIp!#-x6~.l^U#j=x_=$D/JCJggl~R~i!cT/A? Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. During this call, we will present both GAAP and non-GAAP financial measures. The law takes effect in 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. So it was a developed competitive market. 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. So getting that product converted for ours will always be something we're working on. The company itself said that the suggestion that they might be trying to influence Cameron by contributing six figures to the PAC supporting him, Bluegrass Freedom Action, is reaching to connect dots when there are none., We plan to be working in Kentucky for years to come, therefore, like many organizations, we have made contributions to candidates that we believe fundamentally support Kentucky small businesses, veterans groups, and fraternal clubs (our customers), the company said in a statement. I'll start this morning with a few insights on these financial results and then provide an update on capital management. Email notifications are only sent once a day, and only if there are new matching items. We'll do our best to process through that, to put ourselves in a position to conduct the referendum this year. Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). 1996). 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]." But for the existing projects -- the existing properties that were already there and operational, that's been a breath of fresh air. Of course, this letter was prior to the Consent Decree and therefore its probative value is limited. We're on a pathway to do that. 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. 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 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. 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). General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. The total cash However, Pace-O-Matic has pointed out that the horse industry which operates its own slot-like machines and calls them Historical Horse Racing holds significant sway in the legislature and argued that their efforts to shut gray machines out . And I think the proof will be in the pudding, though, and we're very close to starting to see some of that proof. endobj That bill took a rocky path towards final passage, particularly in the House where a surprise motion to table held it up. Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a " You're all set! 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. 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. Luttrell v. Cooper Industries, Inc., 60 F.Supp.2d 629, 631 (E.D. 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. 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. 2018) The Ninth Circuit reversed the dismissal of a purported class action against Churchill Downs alleging But right now, we've deployed 2,700, but we will get to 5,000 relatively quickly as we expand our footprint. 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? stream Where are we just in terms of the content journey? And so it's a really good thing. Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! Northeast Ohio Coal. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. 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. Apply to Associate Attorney, Counsel, Attorney and more! I think as we've said in the past, Jordan, we are very opportunistic on a share repurchase perspective. %PDF-1.5 Each of our racetracks and HRM facilities in Kentucky already have a sports bar that will be enhanced with sports betting kiosks so that our customers can easily and conveniently play their retail sports bets. 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." Bradley K. Blackwell, also known as Brad has been General Counsel and Senior Vice President at Churchill Downs Incorporated since March 01, 2017 and serves as its Secretary. But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. 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. TERRE HAUTE, Ind. That's a really good series of questions. Also, we are making solid progress on our sale of New Hampshire HRM site plans, and we'll share more details on future earnings calls. 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. Terre Haute city and Vigo County leaders joined officials from Churchill Downs on Tuesday morning. Yes, there can be challenges on material, but we're managing all those. There's nothing to report or dig deeper into at this time. The panel also held that plaintiff could recover the value of the virtual chips lost under the RMLGA. Pace-O-Matic has previously attempted to get Cameron in on a lawsuit in Rowan County by naming his office as a defendant, but Cameron won an appellate court ruling allowing his office to be excused, according to WDRB. This is a separate opportunity from our HRM operations in the state. So we do see initial signs that FanDuel is investing and pushing horse racing and that others will as well. But just as importantly, these were terrible for our industry. Wondering if you could just dig into that a little bit more. And Marcia, it looks like share repurchases were somewhat minimal or none in the quarter. It requires a hotel, a casino, which will include table games and Class III machines. 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. Churchill Downs, Inc. also goes by or is associated with the names Churchill Downs Inc., Churchill Downs. See, e.g., Schachner v. Blue Cross and Blue Shield of Ohio, 77 F.3d 889, 893 (6th Cir. However, officials are monitoring supply issues - which could delay the project and raise costs. That's a potentially $500 million to $600 million project. 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. She also has a certification in ICGIP Gaming Anti-Money Laundering Specialist. 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. 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. We will issue a press release after the Derby with all of the details. 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. WebSeating Chart at the Kentucky Derby. Ky. May. So the law isn't being implemented yet. 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 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. GetHuman's relationship is with consumers and not with Churchill Downs, Inc. or organizations like it. 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. Regarding our Gaming business, we realized significant contributions from the addition of the New York and Iowa properties acquired in the P2E Transaction. Make your practice more effective and efficient with Casetexts legal research suite. 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. 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. 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. 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. 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. We remain on course to complete the Paddock reimagination in time for the 150th Derby. Marcia? WebChief Executive Officer. 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. 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? Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Contact Information. Summary. Code 9.46.0237. 4 0 obj And if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. As general counsel, he was intimately involved in governmental affairs. It could mean one of two things. Both Draws to be Held in Aristides Lounge, Streamed Live on 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. 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 The first money has increased approximately 50% to over $15 million, and we have added 4 new stakes races. 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. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) 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. 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. 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"). However, commission staff asked Churchill Downs to offer an update due to the importance of the change. 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. 1995-2022 Hospitality Net All rights reserved Hospitality Net is powered by Hsyndicate. WebChurchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. 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. Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. 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. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. 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. Under Kentucky law, extrinsic evidence may not vary the terms of an unambiguous contract. These are the initial steps to unleash what we think would be a really fantastic project. 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. 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 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. 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. CHICAGO June 14, 2018 JLL (NYSE: JLL) has appointed Alan Tse Global General Counsel and Corporate Secretary effective June 27. 2, 2007). Web55 Counsel jobs available in Carwood, IN on Indeed.com. With that, I'll turn the call over to Marcia, and then we will take your questions. 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. Makes sense and something to look forward to. A big project, estimated at $185-200 million. After the company's prepared remarks, we will open the call for your questions. I'll unpack that one at a time. Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. You have permission to edit this article. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. Churchill Downs is part of the Gambling & <> 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. Sharing is what powers GetHuman's free customer service contact information and tools. And then just any way or hint on how to think about or quantify this impact of this more restrictive regulation? 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 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 also had nice growth in our Northern Kentucky market as Turfway Park and Newport Gaming continued to improve and expand their market presence during the first quarter. HRMs are a key strategic focus over the next 5 to 10 years for our company as we seek to expand our existing footprint. We bring the advantage of being the only gaming on our side of the Ohio River, but it is a very competitive developed market. (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. }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 Current Wait: 4 mins (4m avg) Hours: 24 hours, 7 days; best time to call: 10:45am. Should we expect to see or possibly see something a little bit more material in terms of contribution coming through with the Derby? And now I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen. Churchill Downs Ozair Shariff Current Workplace Ozair Shariff has been working as a Corporate Counsel at Churchill Downs for 2 years. 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. Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! 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. 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). We know you have the dividend in the fourth quarter as we think about capital allocation going forward? The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. 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. 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 Their traffic impact analysis indicates all intersections maintain acceptable levels of service. x]{o@XF :Mtg0]\uinyI=,80-M2y>Glg';O^rlYdif3"SybLJ&7~)zL,ybKdysVyR The grant or denial of a temporary restraining order and preliminary injunction is discretionary with the Court. 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. 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. Yes, there are challenges on labor. Really good question. So we will have 9 opportunities over time to deploy retail sports betting. 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. The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. So an optimistic time for us, but the proof is going to be in the pudding, and we're happy to wait for that. Great. Churchill Downs looks ahead with plans for casino on the east side, Officials break ground on new Terre Haute casino, Crews bring in the cranes as Terre Haute casino work continues, Churchill Downs site plan for the east side of Terre Haute, Zoning board approves variance for casino, hotel, "Our town is not fine" One Local Man Gives Back to Hometown Destroyed By Storms, Rubber duck season has started in the Wabash Valley - here's how you can adopt one and help a good cause, Officials identify the man who died in Labor Day drowning in Sullivan County, Murder charges filed against mother, brother of dumped boy, Library connecting community through the 'Big Read', Indiana zoos 3 surviving penguins improve after deaths of 6 others, Create a new subdivision plat that combines the two properties into one new parcel, Rezone the property from its current agricultural use to a commercial use, Obtain a variance to exceed 125 in height which is required on any site in Terre Haute, Receive approval from the FAA given the proximity to the airport, March 17 Terre Haute Board of Zoning Appeals Height Variance Approval Meeting, April 6 Vigo County Area Plan approves Subdivision Plat, Target closing on the property in April or May after all land-use approvals have been obtained, including the FAA permit. 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. CIVIL ACTION NO. We believe our retail sports books helped to drive additional traffic to our properties in other states and will further help to grow our HRM properties across Kentucky. We're not seeing material changes that we have to respond to. 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. As a consequence, the parties entered into a Consent Decree which this Court signed on January 6, 2003. 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 utilized the proceeds from the Term Loan A financing to fully repay the outstanding balance on our credit facility. So we will follow the strategies we've followed in our other markets around our sports bars. Overall, we are very excited about our progress towards this year's Kentucky Derby. So we have an approach. They are considered to be part of the following sectors and industries: Consumer Discretionary, Consumer Services, Hotels, Restaurants & Leisure, Casinos & Gaming. Regarding our online operations. From a financing perspective, at the end of February, we completed the $500 million Term Loan A financing. 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. 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. Can you talk about maybe some of the puts and takes in that Northern Kentucky market? We also completed a $600 million bond offering this past week. I just ask that you show a little patience and wait for the Triple Crown events that are happening in the second quarter where these folks can really do some marketing around. 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.
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