churchill downs general counsel

Executives say the broader area around the revised site off Exit 11 has been planned to accommodate further development. Apply to Senior Counsel, Counsel, Associate Attorney and more! Among other things, it alleged that Defendants misappropriated Plaintiff's season ticket holder list and used it for ticket-scalping purposes. We look forward to seeing you at the 149th Kentucky Derby on May 6 of this year. See Brad Blackwell's compensation, career history, education, & memberships. 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. /-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 Parol evidence can include the behavior of the parties prior to or contemporaneous with the contract. After the company's prepared remarks, we will open the call for your questions. Can you talk about maybe some of the puts and takes in that Northern Kentucky market? This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. 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. 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. And then just any way or hint on how to think about or quantify this impact of this more restrictive regulation? This is a separate opportunity from our HRM operations in the state. 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. And every quarter is better than the last -- and I thought we showed great, great improvement between our opening last year and the first quarter of this year. IT IS HEREBY ORDERED that Plaintiff's motion for contempt and motion for a temporary restraining order are DENIED. When you have as many properties as we have, you might find an example of anything across that many properties. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- And I think this is one of those things where I can tell you that I paid a lot of attention to the TwinSpires business since the day it was conceptualized and became a real thing. The company's 2023 first quarter business results were released yesterday afternoon. 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. 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. Sure, Dan. And then separately, just on the HRM content side of things. 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. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. 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. Groundbreaking could happen as early as late May if the remaining approvals are taken care of on the expected timeline. So the law isn't being implemented yet. We bring the advantage of being the only gaming on our side of the Ohio River, but it is a very competitive developed market. 9|4O?K*YhDV}R%4>q}_?hz:$-9OoJ>gs|LtE}pl#<27eUmx+1C~3=^M*VjC^V UN6UVzcD2Ne} GG-5z=j;G=p As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! They were unregulated. 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 bill took a rocky path towards final passage, particularly in the House where a surprise motion to table held it up. Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! For similar reasons, the Court must also deny Plaintiff's motion for a temporary restraining order. They were untaxed. Andy Beshear the Democrats presumed 2023 nominee and Craft. 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. Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). There are 5 authorized licenses in the state of Virginia, 4 have been awarded. 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. First, I wanted to revisit just some comments around margins, I guess, specifically focusing on the gaming and then the HRM facilities. At the end of first quarter, our bank covenant net leverage was 3.9x. 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. Their traffic impact analysis indicates all intersections maintain acceptable levels of service. Let's start with our historical racing machines or HRM initiatives. We have announced a number of new guest experiences and ticket offerings that will be available for this very special Kentucky Derby. Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. And maybe what options do you have to best respond if you did see things deteriorate? UPDATE 2-JP Morgan to buy First Republic's assets and assume deposit base, JP Morgan to buy First Republic's assets and assume deposit base, Morgan Stanleys Wilson Says Hawkish Fed Surprise to Roil Stocks, Australian 7-Eleven franchise puts 700-store chain up for sale, UPDATE 1-Sudan conflict shows no sign of easing, Sudanese brace for more violence. 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. WebSeating Chart at the Kentucky Derby. Marcia? So it was a developed competitive market. 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. The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. 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. 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. As general counsel, he was intimately involved in governmental affairs. Those are a series of steps that we're processing through. 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. Therefore, the terms of Sections I-C and I-D are in almost direct contradiction with one another. It doesn't get implemented until the late summer. We are continuing to build on the success of our HRM operations in Kentucky, which began with our inaugural property opening in 2018, Derby City Gaming and Suburban Louisville. "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 Any insights into how to think about that relative to a Derby City or an Oak Grove? The Ninth Circuit reversed the dismissal of a purported class action against Churchill Downs alleging violations of Washington's Recovery of Money Lost (RMLGA) at Gambling Act and Consumer Protection Act, and unjust enrichment. Should we expect to see or possibly see something a little bit more material in terms of contribution coming through with the Derby? That's a really good series of questions. 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. So we're happy to see them go. endobj Compare Churchill Downs, Inc.'s email address, and phone number. And so it's a really good thing. The 150th run for the roses will be a remarkable milestone for the longest continually run sporting event in the United States. I'll unpack that one at a time. In order to make the project a reality, Churchill Downs is in the process of completing several steps. And so I follow that data personally very, very carefully. So we do see initial signs that FanDuel is investing and pushing horse racing and that others will as well. 4 0 obj So it's working fine. Churchill Downs is part of the Gambling & The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. Got it. Sure. Moving to Virginia. There are no definitive dates yet for construction because the project hasn't officially gone out for bidding. United States District Court, W.D. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States We're not seeing material changes that we have to respond to. Churchill Downs initiated this litigation in March 2002. TwinSpires had a nice first quarter. 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. Bill? However, commission staff asked Churchill Downs to offer an update due to the importance of the change. ui. f Za:Kx U/z-{H%fkfUEHp2|.[I(h8m I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. Churchill Downs, Kentucky Derby, Kentucky Oaks, the twin spires design, and Churchill Downs Incorporated related trademarks are registered trademarks of And if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. So more to come on that, but the market dynamics are -- we're the new guy in a developed market, and we have to convince the customers to try us and give us an opportunity to compete for their consumer dollar. We delivered record first quarter net revenue of $560 million and record adjusted EBITDA of $223 million. Live odds, betting, horse bios, travel info, tickets, news, and updates from Churchill Downs Race Track. 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 Derby has run annually since 1875 through World Wars, recessions and even pandemics. Second, regarding our TwinSpires horseracing business, our overall handle was higher in the first quarter than the prior year. And we're up for it, though. Despite a slight decline in adjusted EBITDA, we are pleased with the strong margins that this business delivered in first quarter. But so far, nothing to be concerned about. 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. Currently, we expect this will happen in the second half of 2023. They were not fully understood because they were no reporting on them. Andy Beshear the Democrats presumed 2023 nominee and Craft. The phrase "except as permitted by law" is difficult to interpret. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. Leadership Team; Board of Directors; Corporate Social Responsibility; 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. v. Blackwell, 388 F.3d 547, 553 (6th Cir. But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. Makes sense and something to look forward to. fj+{e_pKD9}Mj?JUK?UA!zZF}fG?0b0;z{v%#-V zZ-sLGxNI j[Q6VdU?mktC".H ]ZWDwA We used a portion of the proceeds from this bond offering to repay our term loan B that would have matured in December 2024. 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. 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? I wanted to go back to an issue and I apologize if this sort of came out in the remarks. We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. 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. Wondering if you could just dig into that a little bit more. The CDI Legal Department is looking for an experienced and motivated attorney to join our team as See, e.g., Schachner v. Blue Cross and Blue Shield of Ohio, 77 F.3d 889, 893 (6th Cir. There will be three entrances for gu. <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 16 0 R 29 0 R 30 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. In our organization, we track a lot of data and we look at it constantly. We do this in other markets. 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. We do this in several other markets. The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. So we will have 9 opportunities over time to deploy retail sports betting. Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. And on the subject of HRM facilities, one of the issues that comes up regularly with investors is the degree to which those HRM facilities can perform, right, whether an HRM machine, how it compares with the traditional regular slot machine, whether there's any noticeable difference in consumer spend or behaviors or any of those sorts of things? But right now, we've deployed 2,700, but we will get to 5,000 relatively quickly as we expand our footprint. Good morning, and welcome to our first quarter 2023 earnings conference call. So far, we've been really, really pleased with the P2E assets. All online or virtual gambling is illegal in Washington. 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. Sauer said Churchill Downs chose to acquire 25 acres from the original Premier Gaming plan, as well as an adjacent 25 acres. Thanks for that update. 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. stream We have the right under Virginia law to open up to 3 additional HRM facilities with the number of HRM machines permissible in each, a function of the size and location of the community, subject to an overall cap of 5,000 machines across all of our facilities in the state. Web10 General Counsel jobs available in Carwood, IN on Indeed.com. You have permission to edit this article. Ub%RUFi1I@Xb (M'lQV4,o==*4MbI*Z6JMR[ 5AzT wQ+4Fejh{col!DkD- G@m>];i3YxZ^. All good. She will also work closely with The Cordish Companies corporate development team on new projects. If you find the information on this site helpful, please share it- sharing is what has powered this consumer resource for over 15 years. Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a " You're all set! These are the initial steps to unleash what we think would be a really fantastic project. Churchill Downs says the east-side location is near the hub of Vigo County development. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. We read everything everybody else does as well. Additionally, any suggestion that we are attempting to sway an opinion through donations is reaching to connect dots where there are none., Krista Buckel, a spokesperson for the attorney generals office, said in a statement that they will defend all laws passed by the General Assembly and will continue to do so.. Kater v. Churchill Downs Inc., No. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. It requires a hotel, a casino, which will include table games and Class III machines. Camerons gubernatorial campaign manager Gus Herbert indicated the same. 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. But for the existing projects -- the existing properties that were already there and operational, that's been a breath of fresh air. 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. Never a guarantee that you get to the finish line, but so far, everything is going well, and we'll proceed down this path over the second and third quarter. We will kick off the Ellis Park race meet on Friday, July 7, after the end of the Churchill Downs Spring Meet. So there's still several steps here before the project could be realized, and we're on that path. Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. 1 0 obj Thanks, Phil. Best way to get Churchill Downs, Inc. help. They employ 4,500 people according to customers in the know. LOUISVILLE, Ky. (Wednesday, March 1, 2017) Churchill Downs We don't have enough machines ultimately. Appreciate the question. There are lots of pieces of content and some manufacturers that we haven't reached yet, that we haven't developed and it will be a constant state of catch-up because the businesses -- the manufacturing businesses really are run and oriented towards the Class III machines. Web55 Counsel jobs available in Carwood, IN on Indeed.com. We have more work to do to make this a great Kentucky racetrack and are committed to doing so. And then just a follow-up. This concludes today's conference call. 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 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. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) Our existing regional gaming properties in Maine, Maryland, Louisiana and our Harlow's property in Mississippi, collectively delivered a small increase in adjusted EBITDA compared to the prior year quarter that was more than offset by declines at our Pennsylvania and Florida properties and our Riverwalk property in Mississippi. Kentucky, at Louisville. 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. Apply to Senior Counsel, Counsel, Associate Attorney and more! WebBrad Blackwell is Exec VP/General Counsel at Churchill Downs Incorporated. 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. But just as importantly, these were terrible for our industry. Churchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. So look out for Derby, look out for handle on the Derby this year. With that, I'll turn the call over to Marcia, and then we will take your questions. And our next question comes from the line of David Katz with Jefferies. You don't bet all these other sports. 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. 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. And it will be a nice bonus. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. 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. WebCall Churchill Downs, Inc. customer service faster with GetHuman. The panel held that Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value." Our 6 HRM properties are performing as we expected, and in some cases, are exceeding our expectations. We will be permitted to have up to 9 retail locations and up to 8 online sports betting licenses that we can potentially monetize. (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. 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. A big project, estimated at $185-200 million. Churchill Downs is part of the Gambling & 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. Churchill Downs, Inc. also goes by or is associated with the names Churchill Downs Inc., Churchill Downs. From a financing perspective, at the end of February, we completed the $500 million Term Loan A financing.

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