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 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. General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. It's also larger than the other applicants initially proposed. So this was a circumstance where these machines were multiplying rapidly and it gained an unfortunate foothold in the state. Thank you. Code 9.46.0237. Certainly, there is competition coming online. They were unregulated. fj+{e_pKD9}Mj?JUK?UA!zZF}fG?0b0;z{v%#-V zZ-sLGxNI j[Q6VdU?mktC".H ]ZWDwA The Court begins with the Consent Decree itself. Casino & Hotel properties in Maryland and Pennsylvania, along with igaming and sports betting initiatives. However, commission staff asked Churchill Downs to offer an update due to the importance of the change. 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. We hope to get the opportunity to do it. 16-35010 (9th Cir. In all, the PAC has raised $1.9 million total, mostly supported by the Concord Fund via $1.5 million in contributions. And I'd say comparisons are always something that you have to give time to watch them to develop. So we will have 9 opportunities over time to deploy retail sports betting. 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. Kentucky, at Louisville. 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. We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. A big project, estimated at $185-200 million. 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. Michael Rowles - Live Nation Entertainment So the Northern Kentucky market is the Cincinnati region. (Operator Instructions) As a reminder, this conference call is being recorded. You can help! It's about reaching these customers in the market and convincing them they have an alternative to driving over these bridges to Indiana and Ohio. Our 6 HRM properties are performing as we expected, and in some cases, are exceeding our expectations. A distinguished attorney and leader with extensive experience in companies with global operations, he will be responsible for JLL's legal and compliance functions. The 50-acre site is double the size of the initial property, which offers opportunities for more growth. You can see it's a very competitive project -- product. And we look at Turfway and Newport as one combined product offering. Q1 2023 Churchill Downs Inc Earnings Call Ms. Beeding holds gaming licenses in several jurisdictions and is a member of the Mississippi Bar. (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. 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. 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. 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. TERRE HAUTE, Ind. Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! They are considered to be part of the following sectors and industries: Consumer Discretionary, Consumer Services, Hotels, Restaurants & Leisure, Casinos & Gaming. I think as we've said in the past, Jordan, we are very opportunistic on a share repurchase perspective. 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. 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. 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. 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 Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. We'll talk about that in more detail next quarter. <> Thank you, Marcia. It's still ramping. All online or virtual gambling is illegal in Washington. counsel LOUISVILLE, Ky. (Wednesday, March 1, 2017) Churchill Downs Counsel You have permission to edit this article. Web10 General Counsel jobs available in Carwood, IN on Indeed.com. Any insights into how to think about that relative to a Derby City or an Oak Grove? We used a portion of the proceeds from this bond offering to repay our term loan B that would have matured in December 2024. The Cordish Companies today announced two key executive hires to Cordish Gaming Group, the gaming division of the Company. Churchill Downs Chad Riney Current Workplace Chad Riney has been working as a Senior Counsel at Churchill Downs for 4 years. At the end of first quarter, our bank covenant net leverage was 3.9x. We were pleased with the performance of all of our segments, and our expectations remain high for the rest of the year. Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. First, I want to touch on the Kentucky, the gray market. However, Section I-D of the Consent Decree introduces significant ambiguity into the document. 2, 2007). 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. But so far, they've been pretty strong and I feel pretty good in general. By April 13, 2007, these negotiations had broken down and Churchill Downs filed this motion. Based on our planned acquisition of Exacta and our capital investments, we expect our bank covenant net leverage to remain in the 4x range over the coming year. And then separately, just on the HRM content side of things. Sure. We are working towards a goal of conducting HRM-related referendums in 2 new communities this coming fall. It could mean one of two things. Churchill Downs initiated this litigation in March 2002. So we've already built the sports bars and we'll put in the kiosks, refine the customer offering. Churchill Downs Incorporated Promotes Brad Blackwell to Senior Vice President and General Counsel. So, so far, particularly FanDuel, I think they're showing a lot of interest and appetite. Our challenge in the state are -- across all our facilities there were limited to 5,000 machines. Under Kentucky law, extrinsic evidence may not vary the terms of an unambiguous contract. Thank you for participating, and you may now disconnect. Churchill Downs Incorporated Promotes Brad Blackwell to That bill took a rocky path towards final passage, particularly in the House where a surprise motion to table held it up. 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. Northeast Ohio Coal. Media Alert 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. This is a separate opportunity from our HRM operations in the state. 1996). Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. Chad Riney General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. This represents a 48% margin collectively for these properties. r*RS Wv%j|E9qq0g_uF I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. Ms. Beeding joins Howard Weinstein, who has served as General Counsel for the company since 2012. Regarding new projects, we are constructing the Rosie's Emporia HRM venue in the southern portion of the state, near the Virginia and North Carolina border right off of Interstate 95. 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. 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. Counsel Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. WebChurchill Downs Incorporated 3.6 Senior Counsel, M&A & Corporate Development Louisville, KY $102K - $170K (Glassdoor est.) 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. Churchill Downs Ozair Shariff Current Workplace Ozair Shariff has been working as a Corporate Counsel at Churchill Downs for 2 years. In addition, we are building a significantly larger HRM facility in Dumfries, which is located in Northern Virginia, approximately 30 miles south of Washington, D.C., also directly off of Interstate 95. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Description Industry Gambling & Gaming Recreation Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. In this case, plaintiff alleged that she lost over $1,000 worth of virtual chips while playing Big Fish Casino, and she can recover the value of these lost chips from Churchill Downs, as proprietor of Big Fish Casino. Churchill Downs Incorporated Promotes Brad Blackwell to We are focused on our other Kentucky projects for now. Bob Baffert Announces Lawsuit Against Churchill Downs But I've been around doing this for a long time. Churchill Downs '-3:(LQTiQR ]Si&LV[Y`g?=VtR\G(^T2t+@%99 Ky. 1998). 2004). Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. Prior to the Consent Decree, counsel for Churchill Downs sent a letter to Defendants' former counsel dated April 17, 2002. Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Justia makes no guarantees or warranties that the annotations are accurate or reflect the current state of law, and no annotation is intended to be, nor should it be construed as, legal advice. But otherwise, yes, there can be challenges on the construction side, but we're managing through those, and there's nothing really to report on the call. We're on a pathway to do that. The Ninth Circuit reversed the dismissal of a purported class action against Churchill Downs alleging violations of Washington's Recovery of Money Lost (RMLGA) at Gambling Act and Consumer Protection Act, and unjust enrichment. And every quarter is better than the last -- and I thought we showed great, great improvement between our opening last year and the first quarter of this year. CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ Mr. Weinstein, who has announced his intent to retire in 2024, will work to ensure the smooth transition of all legal matters. And in that region, you have Ohio, Indiana and Kentucky, all coming to meet with orders. Counsel W{@]/`XyNfUh\sNsN.uzylq3u(grvNgS\:"o6x p^0`at*$ Home | 2023 Kentucky Derby & Oaks | May 5 and May 6, 2023 JLL names Alan Tse general counsel We are nowhere near the end of the journey. 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. Regarding our online operations. Neal Curtis has been working as a Corporate Counsel at Churchill Downs for 4 years. endobj And then just any way or hint on how to think about or quantify this impact of this more restrictive regulation? 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. Web10 General Counsel jobs available in Carwood, IN on Indeed.com. 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. 1 0 obj I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. Unlike the last (Attorney General) Andy Beshear, he has defended Kentuckys laws, not attacked them. Those are a series of steps that we're processing through. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. 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. We're not seeing material changes that we have to respond to. So we have an approach. It's been quite a while for the people of Vigo County for this casino to get off the ground.". Executives say the broader area around the revised site off Exit 11 has been planned to accommodate further development. 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. So there's still several steps here before the project could be realized, and we're on that path. Marcia? Our overarching objective is to pursue what we have demonstrated we are good at, growing the Kentucky Derby, developing greenfield and organic opportunities as well as executing strategic acquisitions that fit our profile. We obviously have a lot going on right now with the Kentucky Derby and all of our growth projects. These are the initial steps to unleash what we think would be a really fantastic project. These were popping up in bars and taverns and restaurants and convenience stores across the state. The Kentucky Derby is just the beginning | Churchill Downs 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. ui. f Za:Kx U/z-{H%fkfUEHp2|.[I(h8m So we do see initial signs that FanDuel is investing and pushing horse racing and that others will as well. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- 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. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) The phrase "except as permitted by law" is difficult to interpret. 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]." 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. Employees Int'l Union, Local 1199 v. Blackwell, 467 F.3d 999, 1009 (6th Cir. 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. 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. Got it. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. 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. 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. Kater v. Churchill Downs Inc., No. 16-35010 (9th Cir. 2018) I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. We will kick off the Ellis Park race meet on Friday, July 7, after the end of the Churchill Downs Spring Meet. 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? Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. This is an extremely important project because of its proximity to the significant population in Northern Virginia Interstate 95 corridor. Churchill Downs entered two definitive contracts for those properties - the first on February 14, and the second on March 7. But it's -- I would leave it at this. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. Counsel So we're happy to see them go. That's a really good series of questions. 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? Both Draws to be Held in Aristides Lounge, Streamed Live on I think we were very, very pleased with the path we're on towards improvement. 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. 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. With that, I'll turn the call over to Marcia, and then we will take your questions. So if one particular property feels pressure versus another because of competition, essentially, that's an opportunity to move product around the state. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Jason Sauer, Senior Vice President of Corporate Development, said Churchill Downs hopes to break ground as early as late May. But we're not where we're going to be over the long term yet. <> Fruition of the project is still something that's not measured in 2023 time frame or probably even 2024. So the state has taken steps through legislation to ban them. We are extremely excited about this project. With that, I'll turn the call back over to Bill so that he can open the call for questions. They were untaxed. I'll unpack that one at a time. Churchill Downs, Inc. also goes by or is associated with the names Churchill Downs Inc., Churchill Downs. A reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release. 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? 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 Web55 Counsel jobs available in Carwood, IN on Indeed.com. Vice President Associate General Counsel at Churchill Downs When we decide that we want to and you'll see us buy shares back opportunistically in the future as well. It's working well. As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. So far, we've been really, really pleased with the P2E assets. 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. But so far, nothing to be concerned about. There's nothing to report or dig deeper into at this time. We also completed a $600 million bond offering this past week. So getting that product converted for ours will always be something we're working on.