churchill downs general counsel

CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. 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. Can you talk about maybe some of the puts and takes in that Northern Kentucky market? So thank you, and we'll talk to you all soon. 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. 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 utilized the proceeds from the Term Loan A financing to fully repay the outstanding balance on our credit facility. WebCole Carter was named Executive Vice President and General Counsel in July 2018. 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. The total cash After the company's prepared remarks, we will open the call for your questions. Thanks, Phil. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. We hope to achieve that. 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. for Homeless and Serv. Sure, Dan. So we have to look at the results as they come in. 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. First, all of our HRM properties made strong contributions to our financial results in first quarter. DIG\ 8PMP8|&3WRb6MME$2-Hzu*(VQPU;Vp4Bh rL\;'J|ak+>_qW Np~lwA>WG7iuHu>{:NL:khHo@[7DTQ) .cRBE(7r $_ILnA/'s#.po_8a,u;Ferm+0)|cepk++%#R[q The Cordish Companies today announced two key executive hires to Cordish Gaming Group, the gaming division of the Company. /-7dr!\S 8@n?Sh4>|z|,; +U,zSHs#W[ylU f@"` b\/z/-qKQlUox+Bt4}6]{}`aYj,3y$\iaR'uy\MhY[2sbTFy&?#2P[8GHR'>P7F3+H&qM`ded8,b="-MvJVHEs`T8TZc8a+PLl&dJ)/Lco7|X[Myc]_,.b=N 2iH)fg&dPcI^X Wo?>|o'nw\/C-?;}jn,-v~W:U*3}w 0uvb%G25@ p $=( L3C "s`XJ1S8KK`zX&n1!U{c.gNquW_$K'qxbu,7>ZZxw~MYg^{d`@muF#(LeEtWJ- l3 }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 General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. O.P. 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. Although our top line declined primarily because of our decision to exit the direct online sports and casino business in 2022, our bottom line improved significantly. And our next question comes from the line of Shaun Kelley with Bank of America. Yes, there are challenges on labor. 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. Churchill Downs is part of the Gambling & WebChurchill Downs Incorporated Senior Vice President and General Counsel Mar-2015 to Feb-2017 Churchill Downs Incorporated Vice President of Operations Apr-2005 to Mar-2015 Before we get started, I would like to remind you that some of the statements that we make today may include forward-looking statements. Craft received $46,000 total from 30 people tied to Churchill Downs this year. 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? We obviously have a lot going on right now with the Kentucky Derby and all of our growth projects. 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. Yes, there can be challenges on material, but we're managing all those. Apply to Senior Counsel, Counsel, Associate Attorney and more! As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! IT IS HEREBY ORDERED that Plaintiff's motion for contempt and motion for a temporary restraining order are DENIED. I think you'll see improvement over the next several quarters. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. The Court begins with the Consent Decree itself. So it was a developed competitive market. 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 our next question comes from the line of Jordan Bender with JMP. Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. First, I wanted to revisit just some comments around margins, I guess, specifically focusing on the gaming and then the HRM facilities. And the thesis that we have here is that many of our customers will enjoy a bet on the Kentucky Derby or on horse racing, but we never managed to reach those customers with our TwinSpires offering. We are extremely excited about this project. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. Good morning, and welcome to our first quarter 2023 earnings conference call. So I don't really have anything material to say or any material concerns about the interplay between people that go to Newport versus Turfway. We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. Churchill Downs Chad Riney Current Workplace Chad Riney has been working as a Senior Counsel at Churchill Downs for 4 years. But right now, we've deployed 2,700, but we will get to 5,000 relatively quickly as we expand our footprint. Summary. With me today are several members of our team, including Bill Mudd, our President and Chief Operating Officer; Marcia Dall, our Chief Financial Officer; and Brad Blackwell, our General Counsel. 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. 2 0 obj And I guess, just going back to the hypothetical, if revenues and demand remain strong, are these margins that are sustainable at least for the year? And our next question comes from the line of David Katz with Jefferies. For similar reasons, the Court must also deny Plaintiff's motion for a temporary restraining order. And then just any way or hint on how to think about or quantify this impact of this more restrictive regulation? Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. It could mean one of two things. A member of House GOP leadership who voted against the bill was working as legal counsel for another large company in the industry, the Herald-Leader reported. It's working well. . (Operator Instructions) As a reminder, this conference call is being recorded. The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. We did generate lower adjusted EBITDA from our online TwinSpires horseracing business as a result of higher content-related expenses and slightly higher ADW taxes in certain jurisdictions. So far, we've been really, really pleased with the P2E assets. Bill? "u 1>k*\Y5aX3:@NFcZv-t%)3*mI0rm,]+.U*H"g:s`#1*iEGZ1iV=%8|H.PeH{w|VeT$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 Magazine; News; Contact; ABOUT. This is an exciting time for us, an optimistic time for us, and we just want to execute and take good care of your capital investment in us. 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. In order to make the project a reality, Churchill Downs is in the process of completing several steps. Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? 9|4O?K*YhDV}R%4>q}_?hz:$-9OoJ>gs|LtE}pl#<27eUmx+1C~3=^M*VjC^V UN6UVzcD2Ne} GG-5z=j;G=p It's still ramping. There's nothing to report or dig deeper into at this time. 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. Currently, we expect this will happen in the second half of 2023. 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. Of course, this letter was prior to the Consent Decree and therefore its probative value is limited. We will look to go live in our retail locations once regulators have promulgated all of the required regulations and operational standards. So it's working fine. 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. 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. We were pleased with the performance of all of our segments, and our expectations remain high for the rest of the year. I think we were very, very pleased with the path we're on towards improvement. Current Wait: 4 mins (4m avg) Hours: 24 hours, 7 days; best time to call: 10:45am. 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. 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.". The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. There already is competition that's come online in Virginia. 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. CATHY BEEDING joins the team as Executive Vice President and General Counsel. Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! Sauer said Churchill Downs chose to acquire 25 acres from the original Premier Gaming plan, as well as an adjacent 25 acres. The CDI Legal Department is looking for an experienced and motivated attorney to join our team as It doesn't get implemented until the late summer. 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. 3 0 obj 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. Our most recent gaming floor expansion there is now complete, and the new hotel is on track to open by the end of the second quarter. 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. 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. All good. Kentucky, at Louisville. Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a " You're all set! We delivered record first quarter net revenue of $560 million and record adjusted EBITDA of $223 million. If we do see in the future, if we do see economic headwinds -- external economic headwinds in the economy, we'll adjust our marketing and our expense structure to deal with it appropriately because we're always going to be focused on our margins. Our Oak Grove HRM facility continued to penetrate the Southwestern Kentucky and Nashville, Tennessee markets. 16-35010 (9th Cir. 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 Incorporated Promotes Brad Blackwell to Senior Vice President and General Counsel. In our organization, we track a lot of data and we look at it constantly. Second, regarding our TwinSpires horseracing business, our overall handle was higher in the first quarter than the prior year. 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. Waldrop, who earned a law degree from the University of Kentucky in 1985, joined Churchill Downs as its general counsel in 1992. But so far, they've been pretty strong and I feel pretty good in general. The press release and Form 10-Q are available on our website at churchilldownsincorporated.com. stream Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. At this point, we'd like to take any questions that you have for us. We will issue a press release after the Derby with all of the details. 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. That's a potentially $500 million to $600 million project. Andy Beshear the Democrats presumed 2023 nominee and Craft. This represents a 48% margin collectively for these properties. Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). See Brad Blackwell's compensation, career history, education, & memberships. 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. Web55 Counsel jobs available in Carwood, IN on Indeed.com. For the purposes of this action, two terms of the Consent Decree are of particular importance: For more than four years after the parties entered into the Consent Decree, Defendants continued to operate www.derbybox.com, a Web site that advertised itself as "The undisputed Derby Ticket and Derby Travel Package Specialist." Compare Churchill Downs, Inc.'s email address, and phone number. Churchill Downs claims that Defendants are violating a Consent Decree that the parties entered into on January 6, 2003. Certainly, there is competition coming online. Bradley Blackwell has been working as a Senior Vice President and General Counsel at Churchill Downs for 18 years. And our next question comes from the line of Chad Beynon with Macquarie. Churchill Downs Names New General Counsel, Chief Development Officer. Second, the proof of noncompliance is not clear and convincing, given the ambiguity of the Consent Decree. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. 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. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. Moving to Virginia. First, the Consent Decree, as discussed above, was neither clear nor unambiguous. We're on a pathway to do that. L ." <> 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. The location is in a thriving commercial area. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. Sauer said Churchill Downs is excited about the east-side property, citing the size, accessibility, and public support of this location. But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. There was a problem saving your notification. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. 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. 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. 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.

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