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. Waldrop, who earned a law degree from the University of Kentucky in 1985, joined Churchill Downs as its general counsel in 1992. I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. 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? Thanks, Chad. 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. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States IT IS HEREBY ORDERED that Plaintiff's motion for contempt and motion for a temporary restraining order are DENIED. We bring the advantage of being the only gaming on our side of the Ohio River, but it is a very competitive developed market. 4 0 obj 1996). They were unauthorized. 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. It could mean one of two things. Customer service. We remain on course to complete the Paddock reimagination in time for the 150th Derby. The 50-acre site is double the size of the initial property, which offers opportunities for more growth. We are working through the required city of Richmond approvals to conduct a referendum this fall to obtain the authorization necessary to proceed with the construction of this project, which would include a casino, hotel and event center. Should we expect to see or possibly see something a little bit more material in terms of contribution coming through with the Derby? Churchill Downs, Kentucky Derby, Kentucky Oaks, the twin spires design, and Churchill Downs Incorporated related trademarks are registered trademarks of Let's start with our historical racing machines or HRM initiatives. 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. Other than as I disclosed in my prepared remarks, where we decided of our own volition that we could do better in Owensboro and select a better site that would serve us better long term. We haven't achieved that yet. In this specific instance, the Attorney Generals office has already been defending the legislation passed by the General Assembly. So it's part of the chess match, but I don't really view it as a margin threat because ultimately, that's on us to be smart on where we deploy our resources, and we have great locations now and we think really great locations that we'll deploy to in the future. 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. We do this in other markets. So it started with Newport for us, followed by building out the full Turfway Park. Yes, there are challenges on labor. WebPresident, Corporate & General Counsel Omar Amin is the President, Corporate, Chief Development Officer, and General Counsel at Palmetto responsible for the Companys Churchill Downs Chad Riney Current Workplace Chad Riney has been working as a Senior Counsel at Churchill Downs for 4 years. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. 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. 3:02CV-176-H (W.D. Web10 General Counsel jobs available in Carwood, IN on Indeed.com. And I'd say comparisons are always something that you have to give time to watch them to develop. Omar Amin is the President, Corporate, Chief Development Officer, and General Counsel at Palmetto responsible for the Companys mergers, acquisitions and fundraising efforts, along with overseeing all the legal matters including corporate governance, intellectual property and compliance of Palmetto. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. Prior to joining Live Nation, Michael served as Senior Vice President, So it was a developed competitive market. This is a separate opportunity from our HRM operations in the state. stream The new paddock will I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. HRMs are a key strategic focus over the next 5 to 10 years for our company as we seek to expand our existing footprint. Web10 General Counsel jobs available in Carwood, IN on Indeed.com. 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. So this was a circumstance where these machines were multiplying rapidly and it gained an unfortunate foothold in the state. So an optimistic time for us, but the proof is going to be in the pudding, and we're happy to wait for that. And we look at Turfway and Newport as one combined product offering. This site is protected by reCAPTCHA and the Google. And in that region, you have Ohio, Indiana and Kentucky, all coming to meet with orders. We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. Bradley Blackwell has been working as a Senior Vice President and General Counsel at Churchill Downs for 18 years. Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! Churchill Downs Names New General Counsel, Chief Development Officer. It's also larger than the other applicants initially proposed. Code 9.46.0237. We are focused on our other Kentucky projects for now. Unlike the last (Attorney General) Andy Beshear, he has defended Kentuckys laws, not attacked them. 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. Regarding our online operations. 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.. 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. 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. Full title:CHURCHILL DOWNS INCORPORATED PLAINTIFF v. DOUG DEAREN and THOROUGHBRED, Court:United States District Court, W.D. This is a one-of-a-kind entertainment venue that is itself the size of a small stadium with 5,300 covered stadium seats and an additional 2,000 reserved indoor dining seats with exclusive views of the horses and the racetrack from the rail on the first turn. (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. For the following reasons, the Court will deny both motions. Moving to Virginia. But so far, nothing to be concerned about. I think we were very, very pleased with the path we're on towards improvement. Magazine; News; Contact; ABOUT. We're not seeing material changes that we have to respond to. 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. Andy Beshear the Democrats presumed 2023 nominee and Craft. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. We are extremely excited about this project. 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. So as a business model, we're very, very pleased and excited about HRMs. Web55 Counsel jobs available in Carwood, IN on Indeed.com. However, Section I-D of the Consent Decree introduces significant ambiguity into the document. 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. There's been more concern, I think, across the market on the health of the consumer. 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 we think given the -- while not precisely counted clearly a huge number of these machines all around us that it's likely to have a positive impact when they go away on legal authorized gaming. We are excited about these projects, and we'll share more details on our next earnings call.We will also discuss in more detail on the next call, our plans with respect to our 50-50 partnership with Urban One to pursue a full Class III casino in the city of Richmond, Virginia. Neal Curtis has been working as a Corporate Counsel at Churchill Downs for 4 years. . Web55 Counsel jobs available in Carwood, IN on Indeed.com. You don't bet all these other sports. General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. Sure, Sean. ui. f Za:Kx U/z-{H%fkfUEHp2|.[I(h8m In all, the PAC has raised $1.9 million total, mostly supported by the Concord Fund via $1.5 million in contributions. I think your proposal has been around much longer, but just kind of a couple of the pros, cons there because I believe that the scope and scale there is pretty material. 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. Our 6 HRM properties are performing as we expected, and in some cases, are exceeding our expectations. When you have as many properties as we have, you might find an example of anything across that many properties. That's just a function of how Kentucky law works. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. So it's a constant journey to make the product better. Ms. Beeding holds gaming licenses in several jurisdictions and is a member of the Mississippi Bar. She also has a certification in ICGIP Gaming Anti-Money Laundering Specialist. But part of reaching maturity eventually property by property, and I am of the view that we haven't reached maturity at any of our HRM properties, part of reaching maturity over time is constantly improving, working with the manufacturers to improve the quality and depth of products available using the HRM model. Fruition of the project is still something that's not measured in 2023 time frame or probably even 2024. William Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating Our Oak Grove HRM facility continued to penetrate the Southwestern Kentucky and Nashville, Tennessee markets. Our new first turn experience is complete. Churchill Downs entered two definitive contracts for those properties - the first on February 14, and the second on March 7. 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. Ky. May. GetHuman's relationship is with consumers and not with Churchill Downs, Inc. or organizations like it. Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. All Churchill Downs, Inc. So we have to look at the results as they come in. We used a portion of the proceeds from this bond offering to repay our term loan B that would have matured in December 2024. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. Executives with Churchill Downs say elected officials, citizens, and other stakeholders urged them to build on the east end. There will be three entrances for gu. They employ And our next question comes from the line of David Katz with Jefferies. 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. You have permission to edit this article. WebChurchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. Overall, we are very excited about our progress towards this year's Kentucky Derby. 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? 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. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. 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. These were popping up in bars and taverns and restaurants and convenience stores across the state. Luttrell v. Cooper Industries, Inc., 60 F.Supp.2d 629, 631 (E.D. 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. I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. So the state has taken steps through legislation to ban them. 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. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- So we will have 9 opportunities over time to deploy retail sports betting. 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. 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. 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. We also expect to enter into other market access arrangements in the near future. 1985), aff'd, 478 U.S. 421 (1986). 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. Great. 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 $412,590. Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. 9|4O?K*YhDV}R%4>q}_?hz:$-9OoJ>gs|LtE}pl#<27eUmx+1C~3=^M*VjC^V UN6UVzcD2Ne} GG-5z=j;G=p And generally, they've been quite strong, and we're quite optimistic looking forward. And so it's a really good thing. 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. Can you talk about maybe some of the puts and takes in that Northern Kentucky market? A reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release. 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. It's been quite a while for the people of Vigo County for this casino to get off the ground.". 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. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. endobj Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. 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. Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. The phrase "except as permitted by law" is difficult to interpret. 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. 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. Plaintiff's motion for contempt does not meet any of the three prongs enunciated supra. So there's still several steps here before the project could be realized, and we're on that path. Parol evidence can include the behavior of the parties prior to or contemporaneous with the contract. We expect that it will improve all facilities out there that are licensed and regulated like ours, but to precisely quantify it, it's really hard because there was never an accurate count of the number of these things that were out there. And that's a process that takes time in a competitive market. WebCall Churchill Downs, Inc. customer service faster with GetHuman. ." We utilized the proceeds from the Term Loan A financing to fully repay the outstanding balance on our credit facility. And then just a follow-up on Kentucky and HRMs, the Turfway Park, I think it's obviously a newer property. 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. Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). 3 0 obj A distinguished attorney and leader with extensive experience in companies with global operations, he will be responsible for JLL's legal and compliance functions. These are the initial steps to unleash what we think would be a really fantastic project. So far, we've been really, really pleased with the P2E assets. Those are a series of steps that we're processing through. 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. But I've been around doing this for a long time. 16-35010 (9th Cir. First, I wanted to revisit just some comments around margins, I guess, specifically focusing on the gaming and then the HRM facilities. And we're on a path. 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. Churchill Downs Ozair Shariff Current Workplace Ozair Shariff has been working as a Corporate Counsel at Churchill Downs for 2 years. Compare Churchill Downs, Inc.'s email address, and phone number. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. The donations to Bluegrass Freedom Action came from three sources: a $50,000 donation from Pom (short for Pace-o-Matic) of Kentucky, and $25,000 contributions from Pace-O-Matic Chairman Michael Pace and Pace-O-Matic President Paul Goldean. And then separately, just on the HRM content side of things. W{@]/`XyNfUh\sNsN.uzylq3u(grvNgS\:"o6x p^0`at*$ Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Description Industry Gambling & Gaming Recreation
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