Bob Baffert Announces Lawsuit Against Churchill Downs Summary. 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. We will look to go live in our retail locations once regulators have promulgated all of the required regulations and operational standards. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. 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. Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. This latter explanation makes little sense, especially when juxtaposed with the next phrase "or by agreement with Churchill Downs." WebSeating Chart at the Kentucky Derby. It's not material to the scale of the company or anything like that, but it will help each of these HRM properties not only from the contribution of the sports wagering piece, but from the additional traffic that it drives to the rest of the facility. v. Blackwell, 388 F.3d 547, 553 (6th Cir. 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. 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. Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. endobj We're not seeing material changes that we have to respond to. They were untaxed. Can you talk about maybe some of the puts and takes in that Northern Kentucky market? CHURCHILL DOWNS INC General Counsel Salary | Salary.com We do this in other markets. 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. The first money has increased approximately 50% to over $15 million, and we have added 4 new stakes races. The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. Sure, Dan. 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. Good to hear. But with respect to Kentucky sports betting, have you talked about what the opportunities are and sort of what the magnitude of that is and what your strategies are for activating that once it goes live? 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. 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. 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 panel held that plaintiff Cheryl Kater stated a cause of action under Recovery of Money Lost at Gambling Act where she alleged that she lost over $1,000 worth of virtual chips while playing Big Fish Casino, and she could recover the value of those lost chips from Churchill Downs, as, Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value.". And our next question comes from the line of Jordan Bender with JMP. Craft received $46,000 total from 30 people tied to Churchill Downs this year. Churchill Downs Chad Riney Current Workplace Chad Riney has been working as a Senior Counsel at Churchill Downs for 4 years. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. 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. William Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating In our organization, we track a lot of data and we look at it constantly. General Counsel Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! 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. Before we get started, I would like to remind you that some of the statements that we make today may include forward-looking statements. Andy Beshear the Democrats presumed 2023 nominee and Craft. However, commission staff asked Churchill Downs to offer an update due to the importance of the change. 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. We're just going to execute as we have been executing. CATHY BEEDING joins the team as Executive Vice President and General Counsel. <>/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>> Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Description Industry Gambling & Gaming Recreation Ky. May. So this year, we're working towards authorization by the city to conduct the referendum. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a " You're all set! 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. LOUISVILLE, Kentucky (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: UPDATE 2-JP Morgan to buy First Republic's assets and assume deposit base, JP Morgan to buy First Republic's assets and assume deposit base, Morgan Stanleys Wilson Says Hawkish Fed Surprise to Roil Stocks, Australian 7-Eleven franchise puts 700-store chain up for sale, UPDATE 1-Sudan conflict shows no sign of easing, Sudanese brace for more violence. So far, we've been really, really pleased with the P2E assets. counsel CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ So as a business model, we're very, very pleased and excited about HRMs. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. WebChurchill Downs Incorporated 3.6 Senior Counsel, M&A & Corporate Development Louisville, KY $102K - $170K (Glassdoor est.) As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! Wondering if you could just dig into that a little bit more. Regarding maintenance capital, we spent $12 million in the first quarter and continue to expect to spend $75 million to $95 million in total for the year. (Operator Instructions) As a reminder, this conference call is being recorded. That's a potentially $500 million to $600 million project. 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. I wanted to go back to an issue and I apologize if this sort of came out in the remarks. WebChief Executive Officer. Sign up for our free summaries and get the latest delivered directly to you. 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. 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). Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? Kater v. Churchill Downs Inc., No. 16-35010 (9th Cir. 2018) And now we have to go through the process to authorize the referendum or get the referendum authorized so that it can be conducted. wQ+4Fejh{col!DkD- G@m>];i3YxZ^. Or is it really just the same? 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. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. So more to come and I think that's part of the reason I'm excited about the exact acquisition as well when we are able to close that over the rest of the year. 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. 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. Thanks for that update. 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. And then just a follow-up. We'll try to be good stewards of your capital. Just wanted to ask a specific one around TwinSpires, maybe just to start, is -- are we yet seeing any -- we consider material contribution from some of the agreements reached with FanDuel and DraftKings on the partnership side there. Of course, this letter was prior to the Consent Decree and therefore its probative value is limited. After she finishes, we will take your questions. This section implies that Defendants were actually giving up all of their rights to the use of the Marks, including any Fair Use under trademark law. 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. We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. Thanks, Phil. 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 really, if you'll show some patients, I think we'll be able to provide you a better, more complete answer in the second quarter after there's a chance for the Triple Crown events around which some of these folks can actually do comprehensive marketing because they have events to push people towards. 2, 2007). 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. 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. Good morning, everyone. 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. At the end of first quarter, our bank covenant net leverage was 3.9x. 16-35010 (9th Cir. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- View All Contacts Details Industries Casino Casual Games Gaming Internet Racing Social Media Headquarters Regions Southern US Founded Date May 1, 1875 These statements involve a number of risks and uncertainties that could cause actual results to differ materially. (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. I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. r*RS Wv%j|E9qq0g_uF "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 Pace-O-Matic has previously attempted to get Cameron in on a lawsuit in Rowan County by naming his office as a defendant, but Cameron won an appellate court ruling allowing his office to be excused, according to WDRB. During this call, we will present both GAAP and non-GAAP financial measures. 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. Brad Blackwell, Senior Vice President and General Counsel, Churchill Downs Incorporated By April 13, 2007, these negotiations had broken down and Churchill Downs filed this motion. Prior to joining Palmetto, Omar worked in various executive roles at Churchill Downs Incorporated. Code 9.46.0237. First, all of our HRM properties made strong contributions to our financial results in first quarter. The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. So we have to look at the results as they come in. And our next question comes from the line of Shaun Kelley with Bank of America. 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. I think you'll see improvement over the next several quarters. So thank you, and we'll talk to you all soon. Churchill Downs, Inc. also goes by or is associated with the names Churchill Downs Inc., Churchill Downs. And then just a follow-up on Kentucky and HRMs, the Turfway Park, I think it's obviously a newer property. Under Section I-C of the Consent Decree, Defendants cannot use the Churchill Downs Marks in connection with the solicitation and sale of horse racing tickets. You can explore additional available newsletters here. Contact Information. Thank you. Marcia? 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. WebMr. 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. Kater v. Churchill Downs Inc., No. Seating Chart See Summit County Democratic Cent. Those are a series of steps that we're processing through. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. The horse industrys influence in Frankfort runs deep, and has persisted for more than a century dating back to the power of the Jockey Club in the early 20th century. Second question would just be Richmond came up just kind of on the slate of -- it sounds like you got a couple referendum you're targeting in Virginia for this fall. Palmetto Executive Team - Omar Amin Bio Best way to get Churchill Downs, Inc. help. Churchill Downs' Waldrop Becomes Chief Lobbying Strategist 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. However, if the contract is ambiguous, parol evidence may be considered. We hope to get the opportunity to do it. 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. 2 0 obj Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. Good morning, and welcome to our first quarter 2023 earnings conference call. 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 if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. Thank you for participating, and you may now disconnect. 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.
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