The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. However, officials are monitoring supply issues - which could delay the project and raise costs. 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. The parties litigated the matter vigorously for several months before reaching a settlement. I would answer that by saying, look at our results for the quarter, those are the trends that are in the books that we see and that we can fully understand. WebChief Executive Officer. % Andy Beshear the Democrats presumed 2023 nominee and Craft. 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. Churchill Downs Incorporated Promotes Brad Blackwell to 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. At this point, we'd like to take any questions that you have for us. Churchill Downs Incorporated Promotes Brad Blackwell to Senior Vice President and General Counsel. We bring the advantage of being the only gaming on our side of the Ohio River, but it is a very competitive developed market. In our organization, we track a lot of data and we look at it constantly. So we're happy to see them go. Counsel 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. 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 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. So this is the fifth license that the city of Richmond has awarded the partnership. Compare Churchill Downs, Inc.'s email address, and phone number. 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. Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. Have we seen the labor and utility pressures kind of plateau? Cathy Beeding So an optimistic time for us, but the proof is going to be in the pudding, and we're happy to wait for that. We have announced a number of new guest experiences and ticket offerings that will be available for this very special Kentucky Derby. Regarding our Gaming business, we realized significant contributions from the addition of the New York and Iowa properties acquired in the P2E Transaction. Ms. Beeding holds gaming licenses in several jurisdictions and is a member of the Mississippi Bar. But just as importantly, these were terrible for our industry. 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. Let's start with our historical racing machines or HRM initiatives. HRM entertainment facilities in Kentucky will soon benefit from the passage in the first quarter of legislation, allowing retail sports and online betting across the Commonwealth. And Marcia, it looks like share repurchases were somewhat minimal or none in the quarter. 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. Their traffic impact analysis indicates all intersections maintain acceptable levels of service. 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. We hope to get the opportunity to do it. Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! You have permission to edit this article. And we're on a path. Certainly, there is competition coming online. Unlike the last (Attorney General) Andy Beshear, he has defended Kentuckys laws, not attacked them. They are considered to be part of the following sectors and industries: Consumer Discretionary, Consumer Services, Hotels, Restaurants & Leisure, Casinos & Gaming. We look forward to seeing you at the 149th Kentucky Derby on May 6 of this year. Yes, there can be challenges on material, but we're managing all those. 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. fj+{e_pKD9}Mj?JUK?UA!zZF}fG?0b0;z{v%#-V zZ-sLGxNI j[Q6VdU?mktC".H ]ZWDwA counsel WebPresident, Corporate & General Counsel Omar Amin is the President, Corporate, Chief Development Officer, and General Counsel at Palmetto responsible for the Companys 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"). Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. You don't bet all these other sports. I'll unpack that one at a time. So the short answer is we're doing our thing. 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 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. Counsel Of course, this letter was prior to the Consent Decree and therefore its probative value is limited. The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. It could mean one of two things. CHICAGO June 14, 2018 JLL (NYSE: JLL) has appointed Alan Tse Global General Counsel and Corporate Secretary effective June 27. That's just a function of how Kentucky law works. We are focused on our other Kentucky projects for now. So what we disclosed last quarter in terms of timing for our projects and costs for those projects, we're still on course for that. Counsel 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? The location is in a thriving commercial area. Sure, Sean. CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ It doesn't get implemented until the late summer. We haven't achieved that yet. And so it's a really good thing. Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! WebSeating Chart at the Kentucky Derby. 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. We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. General Counsel See Wash. Rev. Neal Curtis has been working as a Corporate Counsel at Churchill Downs for 4 years. For the following reasons, the Court will deny both motions. Customer service. The Cordish Companies today announced two key executive hires to Cordish Gaming Group, the gaming division of the Company. Or is it really just the same? 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]." We have been very happy with how the property has been performing through the significant disruption across the site caused by the floor expansion and the construction of the hotel. 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. She will also work closely with The Cordish Companies corporate development team on new projects. Groundbreaking could happen as early as late May if the remaining approvals are taken care of on the expected timeline. It's working well. And we look at Turfway and Newport as one combined product offering. But right now, we're not really doing that because there isn't enough trend data to suggest that we need to. You already receive all suggested Justia Opinion Summary Newsletters. for Homeless and Serv. 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? There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. After the company's prepared remarks, we will open the call for your questions. 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. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. 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 . Churchill Downs, Inc. Phone Number | Call Now & Shortcut to Rep So getting that product converted for ours will always be something we're working on. Therefore, the panel remanded for further proceedings. stream We know you have the dividend in the fourth quarter as we think about capital allocation going forward? Counsel So Indiana and Ohio has had gaming in that market for many years. And it will be a nice bonus. 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. 2006). Prior to the Consent Decree, counsel for Churchill Downs sent a letter to Defendants' former counsel dated April 17, 2002. At the end of first quarter, our bank covenant net leverage was 3.9x. We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. counsel 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. 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. Marcia? TERRE HAUTE, Ind. The total cash So it was a developed competitive market. So we will have 9 opportunities over time to deploy retail sports betting. 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? 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. This site is protected by reCAPTCHA and the Google. 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. 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. WebCall Churchill Downs, Inc. customer service faster with GetHuman. Thank you. 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). endobj 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 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. Executive Management - The Kentucky Derby is just the 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. And our next question comes from the line of Jordan Bender with JMP. 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. These are the initial steps to unleash what we think would be a really fantastic project. We're just going to execute as we have been executing. O.P. Churchill Downs entered two definitive contracts for those properties - the first on February 14, and the second on March 7. <> 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. }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 Wondering if you could just dig into that a little bit more. Thanks, Barry. Justia makes no guarantees or warranties that the annotations are accurate or reflect the current state of law, and no annotation is intended to be, nor should it be construed as, legal advice. (WTHI) - Churchill Downs is moving forward with its plans for a casino on the east side of Terre Haute. LOUISVILLE, Kentucky (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: 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. A copy of this release announcing results and other financial and statistical information about the period to be presented in this conference call, including information required by Regulation G, is available at the section of the company's website titled, News, located at churchilldownsincorporated.com as well as in the website's Investors section. Ky. May. 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. CHURCHILL DOWNS INC General Counsel Salary | Salary.com Summary. 2004). With that, I'll turn the call back over to Bill so that he can open the call for questions. During this call, we will present both GAAP and non-GAAP financial measures. Those are a series of steps that we're processing through. We will kick off the Ellis Park race meet on Friday, July 7, after the end of the Churchill Downs Spring Meet. For most of that time, that Web site was replete with references to the "Kentucky Derby" and "Churchill Downs." 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. 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. Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! 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. Great. However, commission staff asked Churchill Downs to offer an update due to the importance of the change. And now we have to go through the process to authorize the referendum or get the referendum authorized so that it can be conducted. 1 0 obj But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. However, Defendant Doug Dearen has submitted an affidavit stating that "[a]s of January 2003, Churchill Downs had approved the content of the derbybox.com web site for continued use. 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. Churchill Downs is part of the Gambling & So this year, we're working towards authorization by the city to conduct the referendum. Understood. 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. This is an extremely important project because of its proximity to the significant population in Northern Virginia Interstate 95 corridor. Churchill Downs is projecting a 14-month construction window. <> 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. And in that region, you have Ohio, Indiana and Kentucky, all coming to meet with orders. That includes Churchill Downs Inc.s massive donations to members of the legislature and other politicians, noted a statement from the company. <>/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>> I want to start in Virginia. Code 9.46.0237. 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. As a consequence, the parties entered into a Consent Decree which this Court signed on January 6, 2003. 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. They employ Turning to capital management. 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. So far, we've been really, really pleased with the P2E assets. General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. Now that you've had some time owning the P2E assets, curious what you see as the upside case and how that maybe compares to when you initially underwrote the deal? From that time until the April 5, 2007 letter, Defendants continued to use the Marks "Kentucky Derby" and "Churchill Downs" on the www.derbybox.com Web site. Hopefully achieve all the required approvals, hopefully, you then conduct a referendum and win the referendum and then the process to construct would start. WebMr. The Kentucky Derby is just the beginning | Churchill Downs 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). Churchill Downs claims that Defendants are violating a Consent Decree that the parties entered into on January 6, 2003. 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 Brad Blackwell, Senior Vice President and General Counsel, Sharing is what powers GetHuman's free customer service contact information and tools. wQ+4Fejh{col!DkD- G@m>];i3YxZ^. . This is a 150-unit facility that remains on track to be completed in the third quarter of 2023. I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. PACs like Bluegrass Freedom Action and the campaigns they support are barred by state law from coordinating, a subject that drew the attention of the Kentucky Registry of Finance when a finance report for a PAC supporting fellow GOP gubernatorial candidate Kelly Craft showed that her husband Joe Craft had contributed $1.5 million. Makes sense and something to look forward to. Thanks for that update. Make your practice more effective and efficient with Casetexts legal research suite. What are you guys seeing across your businesses? We are extremely excited about this project. 9|4O?K*YhDV}R%4>q}_?hz:$-9OoJ>gs|LtE}pl#<27eUmx+1C~3=^M*VjC^V UN6UVzcD2Ne} GG-5z=j;G=p Churchill Downs Names New General Counsel, Chief Development And maybe what options do you have to best respond if you did see things deteriorate? But all good, you'll see improvement every quarter. ui. f Za:Kx U/z-{H%fkfUEHp2|.[I(h8m 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. All Churchill Downs, Inc. 3:02CV-176-H (W.D. and Executive Comm. Got it. The CDI Legal Department is looking for an experienced and motivated attorney to join our team as Apply to Associate Attorney, Counsel, Attorney and more! 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.
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