Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. William Carstanjen | Executive Officers | Churchill Downs, 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. Kentucky, at Louisville. Appreciate the question. . That's a potentially $500 million to $600 million project. I'll unpack that one at a time. 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. 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. 16-35010 (9th Cir. 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. The Cordish Companies' origins date back to 1910 and encompass four generations of privately-held, family ownership. % Wondering if you could just dig into that a little bit more. And generally, they've been quite strong, and we're quite optimistic looking forward. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. 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 At this point, we'd like to take any questions that you have for us. (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. And our next question comes from the line of David Katz with Jefferies. I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. Ms. Beeding holds gaming licenses in several jurisdictions and is a member of the Mississippi Bar. Currently, we expect this will happen in the second half of 2023. Churchill Downs Incorporated Promotes Brad Blackwell to Senior Vice President and General Counsel. We look forward to seeing you at the 149th Kentucky Derby on May 6 of this year. Sign up for our free summaries and get the latest delivered directly to you. 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 I'd leave the question on that. Our Oak Grove HRM facility continued to penetrate the Southwestern Kentucky and Nashville, Tennessee markets. Media Alert stream 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 Churchill Downs Chad Riney Current Workplace Chad Riney has been working as a Senior Counsel at Churchill Downs for 4 years. 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. And then just a follow-up. But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. 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. 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 it was a developed competitive market. Craft received $46,000 total from 30 people tied to Churchill Downs this year. General counsel Jobs in Louisville, KY Their traffic impact analysis indicates all intersections maintain acceptable levels of service. Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. Compare Churchill Downs, Inc.'s email address, and phone number. So we've already built the sports bars and we'll put in the kiosks, refine the customer offering. 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. r*RS Wv%j|E9qq0g_uF We believe the B2B expansion related to our horseracing technology and related services will provide a further enhancement to our adjusted EBITDA and margins in the coming quarters. Camerons gubernatorial campaign manager Gus Herbert indicated the same. Churchill Downs entered two definitive contracts for those properties - the first on February 14, and the second on March 7. We actually designed our facilities thinking that this may happen in Kentucky at some point. Web55 Counsel jobs available in Carwood, IN on Indeed.com. And our next question comes from the line of Jordan Bender with JMP. This is a separate opportunity from our HRM operations in the state. All online or virtual gambling is illegal in Washington. Second, regarding our TwinSpires horseracing business, our overall handle was higher in the first quarter than the prior year. Casino & Hotel properties in Maryland and Pennsylvania, along with igaming and sports betting initiatives. Churchill Downs, Kentucky Derby, Kentucky Oaks, the twin spires design, and Churchill Downs Incorporated related trademarks are registered trademarks of Apply to Associate Attorney, Counsel, Attorney and more! 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. At the end of first quarter, our bank covenant net leverage was 3.9x. Executive Management - The Kentucky Derby is just the endobj Both Draws to be Held in Aristides Lounge, Streamed Live on So we're happy to see them go. General Counsel So getting that product converted for ours will always be something we're working on. Sharing is what powers GetHuman's free customer service contact information and tools. Thank you. 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. It strains credulity to suggest that between the entry of the Consent Decree and early April 2007, Churchill Downs failed to reviewwww.derbybox.com, especially considering Churchill Downs invested significant resources in the prior lawsuit against Defendants. That includes Churchill Downs Inc.s massive donations to members of the legislature and other politicians, noted a statement from the company. !Hb$^\*$PH2J`SS8~7o\Rx?7:Rv2_n(Mg.W*wq[mBU;.gcoOH 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. As general counsel, he was intimately involved in governmental affairs. I will share some high-level thoughts on several strategic topics, and then Marcia will walk through our results and provide an update on our capital management strategy. The use of the "Kentucky Derby" and "Churchill Downs" words as descriptive phrases for over four years could well suggest Plaintiff's understanding that such use did not violate the intended meaning of the Consent Decree. She also has a certification in ICGIP Gaming Anti-Money Laundering Specialist. 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. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. After the company's prepared remarks, we will open the call for your questions. 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. Vice President Associate General Counsel at Churchill Downs Counsel You already receive all suggested Justia Opinion Summary Newsletters. Employees Int'l Union, Local 1199 v. Blackwell, 467 F.3d 999, 1009 (6th Cir. 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. We read everything everybody else does as well. 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. her husband Joe Craft had contributed $1.5 million, mostly supported by the Concord Fund via $1.5 million in contributions, where a surprise motion to table held it up, working as legal counsel for another large company, Beshear and the Kentucky Democratic Party have received $140,000. So there's still several steps here before the project could be realized, and we're on that path. 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. First, the Consent Decree, as discussed above, was neither clear nor unambiguous. In fact, early ticket sales are already underway and selling nicely. Should we expect to see or possibly see something a little bit more material in terms of contribution coming through with the Derby? General Counsel This represents a 48% margin collectively for these properties. Churchill Downs is part of the Gambling & Palmetto Executive Team - Omar Amin Bio Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. '-3:(LQTiQR ]Si&LV[Y`g?=VtR\G(^T2t+@%99 Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States And I would tell you that I think there are ways to further improve it, most with concentrated around the variety of product, getting more gains available to us. During the 2022 election cycle, Churchill Downs CEO Bill Carstanjen gave $2,000 or $1,000 to more than 100 state legislative candidates on both sides of the political aisle. v. Blackwell, 388 F.3d 547, 553 (6th Cir. Media Alert 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 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. 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. 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. 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. Sauer said Churchill Downs chose to acquire 25 acres from the original Premier Gaming plan, as well as an adjacent 25 acres. Neal Curtis has been working as a Corporate Counsel at Churchill Downs for 4 years. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Ultimately, our real challenge in the State of Virginia is the number of machines we have and we have 10 places we can move those machines around based on the competitive environment. I wanted to go back to an issue and I apologize if this sort of came out in the remarks. So this was a circumstance where these machines were multiplying rapidly and it gained an unfortunate foothold in the state. We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. The phrase "except as permitted by law" is difficult to interpret. The 150th run for the roses will be a remarkable milestone for the longest continually run sporting event in the United States. 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. Any insights into how to think about that relative to a Derby City or an Oak Grove? We'll do our best to process through that, to put ourselves in a position to conduct the referendum this year. 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. Churchill Downs is projecting a 14-month construction window. 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. We used a portion of the proceeds from this bond offering to repay our term loan B that would have matured in December 2024. And now we have to go through the process to authorize the referendum or get the referendum authorized so that it can be conducted. (WTHI) - Churchill Downs is moving forward with its plans for a casino on the east side of Terre Haute. Therefore, the panel remanded for further proceedings. 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. (Operator Instructions) As a reminder, this We will look to go live in our retail locations once regulators have promulgated all of the required regulations and operational standards. There will be three entrances for gu. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. 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. Kater v. Churchill Downs Inc., No. So we have to look at the results as they come in. x]{o@XF :Mtg0]\uinyI=,80-M2y>Glg';O^rlYdif3"SybLJ&7~)zL,ybKdysVyR Churchill Downs' Waldrop Becomes Chief Lobbying Strategist Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! And that's a process that takes time in a competitive market. We will be permitted to have up to 9 retail locations and up to 8 online sports betting licenses that we can potentially monetize. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. Jason Sauer, Senior Vice President of Corporate Development, said Churchill Downs hopes to break ground as early as late May. Counsel Churchill Downs Ub%RUFi1I@Xb (M'lQV4,o==*4MbI*Z6JMR[ 5AzT If we did see these things developing in our operations, then we move to plans where we tighten up the cost structure and tighten up the operations in order to best maintain our margins. David, yes, we can put these in our racetracks and also our HRM extensions. The Kentucky Derby is just the beginning | Churchill Downs For similar reasons, the Court must also deny Plaintiff's motion for a temporary restraining order. Regarding our online operations. 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. WebSeating Chart at the Kentucky Derby. 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. Email notifications are only sent once a day, and only if there are new matching items. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. Recently, there was some legislation there that cracked down on this. But right now, we've deployed 2,700, but we will get to 5,000 relatively quickly as we expand our footprint. 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. "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 William Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating 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"). That's a really good series of questions. Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. The location is in a thriving commercial area. So I believe you said outside of Florida and Pennsylvania margins were very strong. You can help! Luttrell v. Cooper Industries, Inc., 60 F.Supp.2d 629, 631 (E.D. 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. Turning to capital management. Kater v. Churchill Downs Inc., No. 16-35010 (9th Cir. 2018) 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. Current Wait: 4 mins (4m avg) Hours: 24 hours, 7 days; best time to call: 10:45am. They were unauthorized. Sure. Seating Chart 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. Among other things, it alleged that Defendants misappropriated Plaintiff's season ticket holder list and used it for ticket-scalping purposes. HRMs are a key strategic focus over the next 5 to 10 years for our company as we seek to expand our existing footprint. 2, 2007). We hope to achieve that. In this specific instance, the Attorney Generals office has already been defending the legislation passed by the General Assembly. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC, specifically the most recent reports on Form 10-Q and Form 10-K. Any forward-looking statements that we make are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. Thank you, Andrew. 1995-2022 Hospitality Net All rights reserved Hospitality Net is powered by Hsyndicate. It's an area of significant strategic focus for us to think about how to improve the floors and what product is out there of various types that would help us shape the floor. It's still ramping. CATHY BEEDING joins the team as Executive Vice President and General Counsel. They employ Michael Rowles - Live Nation Entertainment A city referendum is required for authorization to move forward with the project. The Court begins with the Consent Decree itself. endobj Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. Thank you, Marcia. And we're up for it, though. And it will be a nice bonus. And our next question comes from the line of Chad Beynon with Macquarie. Fruition of the project is still something that's not measured in 2023 time frame or probably even 2024. And then separately, just on the HRM content side of things. 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. So, so far, particularly FanDuel, I think they're showing a lot of interest and appetite. Churchill Downs Incorporated Promotes Brad Blackwell to Our challenge in the state are -- across all our facilities there were limited to 5,000 machines. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. 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. Got it. Churchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. This is a 150-unit facility that remains on track to be completed in the third quarter of 2023. The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. 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. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. We do this in several other markets. 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?
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