The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. And so I follow that data personally very, very carefully. Brad Blackwell, Senior Vice President and General Counsel, However, officials are monitoring supply issues - which could delay the project and raise costs. counsel General Counsel Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. This concludes today's conference call. Leadership Team; Board of Directors; Corporate Social Responsibility; 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. Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a " You're all set! <> After the company's prepared remarks, we will open the call for your questions. We do this while maintaining one of the best balance sheets in the industry. <> Andy Beshear the Democrats presumed 2023 nominee and Craft. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. Media Alert What are you guys seeing across your businesses? So as a business model, we're very, very pleased and excited about HRMs. We also were very encouraged to see early benefits of our decision to -- for the launch in the first quarter of our services to deliver racing content to FanDuel, DraftKings. And then just any way or hint on how to think about or quantify this impact of this more restrictive regulation? Q1 2023 Churchill Downs Inc Earnings Call However, commission staff asked Churchill Downs to offer an update due to the importance of the change. And I think our team will meet that challenge so far they have. Regarding our Gaming business, we realized significant contributions from the addition of the New York and Iowa properties acquired in the P2E Transaction. There are no definitive dates yet for construction because the project hasn't officially gone out for bidding. Thank you, Andrew. Prior to joining Live Nation, Michael served as Senior Vice President, Customer service. They were unregulated. So we do see initial signs that FanDuel is investing and pushing horse racing and that others will as well. Prior to the Consent Decree, counsel for Churchill Downs sent a letter to Defendants' former counsel dated April 17, 2002. In all, the PAC has raised $1.9 million total, mostly supported by the Concord Fund via $1.5 million in contributions. Any insights into how to think about that relative to a Derby City or an Oak Grove? But for the existing projects -- the existing properties that were already there and operational, that's been a breath of fresh air. 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. The phrase "except as permitted by law" is difficult to interpret. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. I want to start in Virginia. Good morning, everyone. Craft received $46,000 total from 30 people tied to Churchill Downs this year. Counsel x]{o@XF :Mtg0]\uinyI=,80-M2y>Glg';O^rlYdif3"SybLJ&7~)zL,ybKdysVyR So the short answer is we're doing our thing. 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. 2004). Despite a slight decline in adjusted EBITDA, we are pleased with the strong margins that this business delivered in first quarter. These were popping up in bars and taverns and restaurants and convenience stores across the state. So we're happy to see them go. The Court begins with the Consent Decree itself. The Kentucky Derby is just the beginning | Churchill Downs Churchill Downs is part of the Gambling & We'll do our best to process through that, to put ourselves in a position to conduct the referendum this year. 3:02CV-176-H (W.D. The Cordish Companies' origins date back to 1910 and encompass four generations of privately-held, family ownership. And we're on a path. 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. The location is in a thriving commercial area. 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 we have an approach. and Executive Comm. 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. ui. f Za:Kx U/z-{H%fkfUEHp2|.[I(h8m But there's still a pretty healthy product map and road map for what we want to see happen in terms of HRM product on our floor and our manufacturers, I think, get the attractiveness of HRMs for their business model, the ability to sell us machines and make a return on our HRM floors. This latter explanation makes little sense, especially when juxtaposed with the next phrase "or by agreement with Churchill Downs." 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. 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. Just wondering if we could revisit scope and scale there of a potential opportunity as well as just any milestones or things that need to occur relative to, I think, a competing proposal that exists up in Petersburg. Ms. Beeding holds gaming licenses in several jurisdictions and is a member of the Mississippi Bar. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. Mr. Blackwell served as Vice President of Operations at Churchill Downs Incorporated from March 2015 to March 01, 2017. Third, even assuming that the Consent Decree means what the Plaintiff says it means, Defendants did actually make reasonable attempts to comply with Plaintiff's demands. Kater v. Churchill Downs Inc., No. 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. Week to week, we always look carefully to look at trends. That was a week before they filed a joint lawsuit against the state on March 28 challenging a bill passed to ban the machines in Kentucky. It's working well. WebCole Carter was named Executive Vice President and General Counsel in July 2018. 3 0 obj Churchill Downs, Kentucky Derby, Kentucky Oaks, the twin spires design, and Churchill Downs Incorporated related trademarks are registered trademarks of IT IS HEREBY ORDERED that Plaintiff's motion for contempt and motion for a temporary restraining order are DENIED. The stock split reflects their belief and ours and the long-term growth potential of our company. That's just a function of how Kentucky law works. Luttrell v. Cooper Industries, Inc., 60 F.Supp.2d 629, 631 (E.D. The Consent Decree is in part ambiguous on its face and thus a temporary restraining order would be inappropriate. 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. Our overarching objective is to pursue what we have demonstrated we are good at, growing the Kentucky Derby, developing greenfield and organic opportunities as well as executing strategic acquisitions that fit our profile. fj+{e_pKD9}Mj?JUK?UA!zZF}fG?0b0;z{v%#-V zZ-sLGxNI j[Q6VdU?mktC".H ]ZWDwA 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 So initial signs prior to those events, I found encouraging but not the sort of thing that we should use this call to drill deeply into. 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. Yes, there can be challenges on material, but we're managing all those. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. We read everything everybody else does as well. 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. See Brad Blackwell's compensation, career history, education, & memberships. Overall, we are very pleased with the results that our team has delivered in the first quarter, and we believe we are very well positioned to continue to grow through the remainder of 2023. 502-636-4400. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. 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. We also completed a $600 million bond offering this past week. 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. Home | 2023 Kentucky Derby & Oaks | May 5 and May 6, 2023 Counsel Apply to Senior Counsel, Counsel, Associate Attorney and more! 1996). With me today are several members of our team, including Bill Mudd, our President and Chief Operating Officer; Marcia Dall, our Chief Financial Officer; and Brad Blackwell, our General Counsel. Summary. 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. We have announced a number of new guest experiences and ticket offerings that will be available for this very special Kentucky Derby. Sure. Web10 General Counsel jobs available in Carwood, IN on Indeed.com. JLL names Alan Tse general counsel Terre Haute city and Vigo County leaders joined officials from Churchill Downs on Tuesday morning. We do this in several other markets. We're on a pathway to do that. The 150th run for the roses will be a remarkable milestone for the longest continually run sporting event in the United States. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. Sharing is what powers GetHuman's free customer service contact information and tools. Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. They are considered to be part of the following sectors and industries: Consumer Discretionary, Consumer Services, Hotels, Restaurants & Leisure, Casinos & Gaming. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. You have permission to edit this article. And as a company that's driven first and foremost by margins, I think you see the evidence of that and see why we're excited about it. First, I want to touch on the Kentucky, the gray market. And then separately, just on the HRM content side of things. See EEOC v. Local 638, Local 28 of Sheet Metal Workers' Int'l Ass'n, 753 F.2d 1172, 1178 (2d Cir. The company's 2023 first quarter business results were released yesterday afternoon. 1985), aff'd, 478 U.S. 421 (1986). CHURCHILL DOWNS INC General Counsel Salary | Salary.com Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! We will look to go live in our retail locations once regulators have promulgated all of the required regulations and operational standards. endobj Sure, Dan. 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. General Counsel Chad Riney (Operator Instructions) As a reminder, this conference call is being recorded. We have more work to do to make this a great Kentucky racetrack and are committed to doing so. So it was a developed competitive market. Prior to joining Palmetto, Omar worked in various executive roles at Churchill Downs Incorporated. 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.". This represents a 48% margin collectively for these properties. So far, we've been really, really pleased with the P2E assets. This is a separate opportunity from our HRM operations in the state. 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. 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. Cathy Beeding But with respect to Kentucky sports betting, have you talked about what the opportunities are and sort of what the magnitude of that is and what your strategies are for activating that once it goes live? And then just a follow-up. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. This is the fifth and final full Class III license. counsel Counsel Further, Pace-o-Matic executives gave Camerons campaign personal contributions on March 27, just one day before filing the suit. 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. Our Oak Grove HRM facility continued to penetrate the Southwestern Kentucky and Nashville, Tennessee markets. 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. endobj That includes Churchill Downs Inc.s massive donations to members of the legislature and other politicians, noted a statement from the company. So the law isn't being implemented yet. Of course, this letter was prior to the Consent Decree and therefore its probative value is limited. Ky. May. W{@]/`XyNfUh\sNsN.uzylq3u(grvNgS\:"o6x p^0`at*$ We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. In summary, the first quarter was another great quarter for us with record financial results. Should we expect to see or possibly see something a little bit more material in terms of contribution coming through with the Derby? All good. The Cordish Companies today announced two key executive hires to Cordish Gaming Group, the gaming division of the Company. Their traffic impact analysis indicates all intersections maintain acceptable levels of service. 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. So this is the fifth license that the city of Richmond has awarded the partnership. We hope to get the opportunity to do it. Executive Management - The Kentucky Derby is just the Palmetto Executive Team - Omar Amin Bio Churchill Downs Chad Riney Current Workplace Chad Riney has been working as a Senior Counsel at Churchill Downs for 4 years. See Wash. Rev. And our next question comes from the line of David Katz with Jefferies. Appreciate the question. 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. Churchill Downs, Inc. customer service endobj I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. Web55 Counsel jobs available in Carwood, IN on Indeed.com. That's a really good series of questions. So I believe you said outside of Florida and Pennsylvania margins were very strong. And our next question comes from the line of Jordan Bender with JMP. They were untaxed. Counsel Currently, we expect this will happen in the second half of 2023. 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. And then just a follow-up on Kentucky and HRMs, the Turfway Park, I think it's obviously a newer property. 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? We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. Churchill Downs' Waldrop Becomes Chief Lobbying Strategist I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. Can you talk about maybe some of the puts and takes in that Northern Kentucky market? For similar reasons, the Court must also deny Plaintiff's motion for a temporary restraining order. 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. Before we get started, I would like to remind you that some of the statements that we make today may include forward-looking statements. 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. Churchill Downs, Inc. also goes by or is associated with the names Churchill Downs Inc., Churchill Downs. (WTHI) - Churchill Downs is moving forward with its plans for a casino on the east side of Terre Haute. WebChurchill Downs Incorporated 3.6 Senior Counsel, M&A & Corporate Development Louisville, KY $102K - $170K (Glassdoor est.) And we're up for it, though. The pivot out of the online sports and casino business provided a nice uplift to our adjusted EBITDA and margins in first quarter compared to the prior year quarter. And the thesis that we have here is that many of our customers will enjoy a bet on the Kentucky Derby or on horse racing, but we never managed to reach those customers with our TwinSpires offering. We are disciplined in our decisions regarding our long-term capital investments and sometimes that means taking additional time to determine the final location that will best meet our long-term return expectations and that is optimal for the communities in which we choose to invest significant time and capital to build long-term relationships. A reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release. And we look at Turfway and Newport as one combined product offering. GetHuman provides free tools and information to consumers that allow them to share their customer experiences and tips with each other for how to contact companies faster and how to solve common problems. 9|4O?K*YhDV}R%4>q}_?hz:$-9OoJ>gs|LtE}pl#<27eUmx+1C~3=^M*VjC^V UN6UVzcD2Ne} GG-5z=j;G=p Make your practice more effective and efficient with Casetexts legal research suite. With that, I'll turn the call back over to Bill so that he can open the call for questions. When it comes to construction timing and cost, I don't have an update on the timing or cost versus what we disclosed in our first quarter press release last year. Mr. Weinstein, who has announced his intent to retire in 2024, will work to ensure the smooth transition of all legal matters. 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). Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! Thank you. 16-35010 (9th Cir. Kentucky, at Louisville. 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. WebChief Executive Officer. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! Churchill Downs is part of the Gambling & for Homeless and Serv. The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. Groundbreaking could happen as early as late May if the remaining approvals are taken care of on the expected timeline.
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