So an optimistic time for us, but the proof is going to be in the pudding, and we're happy to wait for that. 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). 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. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- HRMs are a key strategic focus over the next 5 to 10 years for our company as we seek to expand our existing footprint. (Operator Instructions) As a reminder, this conference call is being recorded. Great. General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. And on the subject of HRM facilities, one of the issues that comes up regularly with investors is the degree to which those HRM facilities can perform, right, whether an HRM machine, how it compares with the traditional regular slot machine, whether there's any noticeable difference in consumer spend or behaviors or any of those sorts of things? As a consequence, the parties entered into a Consent Decree which this Court signed on January 6, 2003. Ryan Jordan, SeniorVice Presidentof Real Estate Development, told the Indiana Gaming Commission that the original plan called for a $240 million project, but based on other projects, they've updated that range to up to $260 million. So it started with Newport for us, followed by building out the full Turfway Park. I want to start in Virginia. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) 502-636-4400. 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. 2006). Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! Can you talk about maybe some of the puts and takes in that Northern Kentucky market? We are extremely excited about this project. Both Draws to be Held in Aristides Lounge, Streamed Live on 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. We read everything everybody else does as well. Casino & Hotel properties in Maryland and Pennsylvania, along with igaming and sports betting initiatives. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. Despite a slight decline in adjusted EBITDA, we are pleased with the strong margins that this business delivered in first quarter. 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. During this call, we will present both GAAP and non-GAAP financial measures. Churchill Downs claims that Defendants are violating a Consent Decree that the parties entered into on January 6, 2003. So I believe you said outside of Florida and Pennsylvania margins were very strong. Everyone, we really appreciate your interest in our company and your investment in our company. Prior to the Consent Decree, counsel for Churchill Downs sent a letter to Defendants' former counsel dated April 17, 2002. <> 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. Marcia Ann Dall; Executive VP & CFO; Churchill Downs Incorporated, William C. Carstanjen; CEO & Director; Churchill Downs Incorporated, Barry Jonathan Jonas; Gaming Analyst ; Truist Securities, Inc., Research Division, Chad C. Beynon; Head of US Consumer, SVP and Senior Analyst; Macquarie Research, Daniel Brian Politzer; Senior Equity Analyst; Wells Fargo Securities, LLC, Research Division, David Brian Katz; MD and Senior Equity Analyst of Gaming, Lodging & Leisure; Jefferies LLC, Research Division, Jordan Maxwell Bender; Director & Equity Research Analyst; JMP Securities LLC, Research Division, Shaun Clisby Kelley; MD in Americas Equity Research & Research Analyst; BofA Securities, Research Division. 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 We actually designed our facilities thinking that this may happen in Kentucky at some point. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. But right now, we're not really doing that because there isn't enough trend data to suggest that we need to. And as a company that's driven first and foremost by margins, I think you see the evidence of that and see why we're excited about it. Where are we just in terms of the content journey? Second, the proof of noncompliance is not clear and convincing, given the ambiguity of the Consent Decree. 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. 3:02CV-176-H (W.D. General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. Churchill Downs Incorporated Promotes Brad Blackwell to Senior Vice President and General Counsel. Good to hear. So the short answer is we're doing our thing. For most of that time, that Web site was replete with references to the "Kentucky Derby" and "Churchill Downs." Andy Beshear the Democrats presumed 2023 nominee and Craft. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. They employ 4,500 people according to customers in the know. 1 0 obj The Cordish Companies' origins date back to 1910 and encompass four generations of privately-held, family ownership. 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 do this in several other markets. These were popping up in bars and taverns and restaurants and convenience stores across the state. However, officials are monitoring supply issues - which could delay the project and raise costs. So Indiana and Ohio has had gaming in that market for many years. We used a portion of the proceeds from this bond offering to repay our term loan B that would have matured in December 2024. Executives at Kentuckys biggest so-called gray machine company gave $100,000 in donations to a political action committee supporting Attorney General Daniel Camerons campaign for governor in mid-March. Should we expect to see or possibly see something a little bit more material in terms of contribution coming through with the Derby? As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. It's still ramping. So it's a constant journey to make the product better. However, if the contract is ambiguous, parol evidence may be considered. Executives say the broader area around the revised site off Exit 11 has been planned to accommodate further development. And we think given the -- while not precisely counted clearly a huge number of these machines all around us that it's likely to have a positive impact when they go away on legal authorized gaming. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. There are lots of pieces of content and some manufacturers that we haven't reached yet, that we haven't developed and it will be a constant state of catch-up because the businesses -- the manufacturing businesses really are run and oriented towards the Class III machines. And I think our team will meet that challenge so far they have. Appreciate the question. }d3a0nS($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 L 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. Magazine; News; Contact; ABOUT. Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? United States District Court, W.D. 3 0 obj LOUISVILLE, Kentucky (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: Bradley K. Blackwell, also known as Brad has been General Counsel and Senior Vice President at Churchill Downs Incorporated since March 01, 2017 and serves as its Secretary. 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. But all good, you'll see improvement every quarter. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. Or is it really just the same? Our 6 HRM properties are performing as we expected, and in some cases, are exceeding our expectations. After the company's prepared remarks, we will open the call for your questions. 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. CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ Prior to joining Palmetto, Omar worked in various executive roles at Churchill Downs Incorporated. 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. We'll try to be good stewards of your capital. But it's -- I would leave it at this. Good morning, everyone. Certainly, there is competition coming online. Sure, Sean. But generally, in operations, I feel good. 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. 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. A group tied to the industry, Louisvilles Churchill Downs in particular, spent $348,263 this legislative session to lobby for passage of House Bill 594, according to the Kentucky Legislative Ethics Commission. 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. Wondering if you could just dig into that a little bit more. But I've been around doing this for a long time. We are focused on our other Kentucky projects for now. The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. But it helps to get an idea of how big they are and what their support operation looks like if you are a customer. 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. As general counsel, he was intimately involved in governmental affairs. Ub%RUFi1I@Xb (M'lQV4,o==*4MbI*Z6JMR[ 5AzT From a financing perspective, at the end of February, we completed the $500 million Term Loan A financing. I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. We don't have enough machines ultimately. 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. All online or virtual gambling is illegal in Washington. Overall, we are very excited about our progress towards this year's Kentucky Derby. We delivered record first quarter net revenue of $560 million and record adjusted EBITDA of $223 million. '-3:(LQTiQR ]Si&LV[Y`g?=VtR\G(^T2t+@%99 The Cordish Companies today announced two key executive hires to Cordish Gaming Group, the gaming division of the Company. Understood. Yes, there can be challenges on material, but we're managing all those. Our next question comes from the line of Dan Politzer with Wells Fargo. 1995-2022 Hospitality Net All rights reserved Hospitality Net is powered by Hsyndicate. Bill? So for everyone else on the call, during the first quarter, the Kentucky legislature passed new legislation that was signed by the governor banning the category of gaming machines that sort of euphemistically we refer to as gray games. We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. It requires a hotel, a casino, which will include table games and Class III machines. I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. A city referendum is required for authorization to move forward with the project. 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. And then just any way or hint on how to think about or quantify this impact of this more restrictive regulation? 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. The law takes effect in the late summer. 2018) The Ninth Circuit reversed the dismissal of a purported class action against Churchill Downs alleging If you find the information on this site helpful, please share it- sharing is what has powered this consumer resource for over 15 years. For similar reasons, the Court must also deny Plaintiff's motion for a temporary restraining order. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! And so based on all things considered based on our leverage, we have tremendous capacity, as you just saw with our credit facility to be in the market to buy shares back. ui. f Za:Kx U/z-{H%fkfUEHp2|.[I(h8m Kater v. Churchill Downs Inc., No. 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. WebChurchill Downs Incorporated 3.6 Senior Counsel, M&A & Corporate Development Louisville, KY $102K - $170K (Glassdoor est.) 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. We'll do our best to process through that, to put ourselves in a position to conduct the referendum this year. View All Contacts Details Industries Casino Casual Games Gaming Internet Racing Social Media Headquarters Regions Southern US Founded Date May 1, 1875 You have permission to edit this article. You don't bet all these other sports. The phrase "except as permitted by law" is difficult to interpret. 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. Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a " You're all set! In our organization, we track a lot of data and we look at it constantly. 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. Email notifications are only sent once a day, and only if there are new matching items. The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. 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. Craft received $46,000 total from 30 people tied to Churchill Downs this year. 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. Our capital projects to grow the scale and profitability of the Kentucky Derby will be supported by our continued ramp-up of sales efforts across the country as well as a more focused and strategic sales process in numerous foreign markets. 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. 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. IT IS HEREBY ORDERED that Plaintiff's motion for contempt and motion for a temporary restraining order are DENIED. It's also larger than the other applicants initially proposed. When we decide that we want to and you'll see us buy shares back opportunistically in the future as well. ." Churchill Downs is part of the Gambling & In Western Kentucky, we have shifted our plans for our Owensboro HRM extension and are evaluating new locations that will better meet our long-term growth profile and better enable us to create a premier entertainment destination for all of the residents of the region. And maybe what options do you have to best respond if you did see things deteriorate? Code 9.46.0237. 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. So it was a developed competitive market. Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! And if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. "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 Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, 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. 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. 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. First, I want to touch on the Kentucky, the gray market. Among other things, it alleged that Defendants misappropriated Plaintiff's season ticket holder list and used it for ticket-scalping purposes. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. 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. 2, 2007). wQ+4Fejh{col!DkD- G@m>];i3YxZ^. We are working towards a goal of conducting HRM-related referendums in 2 new communities this coming fall. 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. 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. 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. Make your practice more effective and efficient with Casetexts legal research suite. The panel held that Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value." We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. There will be three entrances for gu. WebGeneral Counsel, Senior VP VP, Executive Legal, Management 1 email found 1 phone number found View contacts for Churchill Downs Incorporated to access new leads and connect with decision-makers. I wanted to go back to an issue and I apologize if this sort of came out in the remarks. Customer service. Churchill Downs, Kentucky Derby, Kentucky Oaks, the twin spires design, and Churchill Downs Incorporated related trademarks are registered trademarks of Unlike the last (Attorney General) Andy Beshear, he has defended Kentuckys laws, not attacked them. We do this in other markets. The press release and Form 10-Q are available on our website at churchilldownsincorporated.com. We do this while maintaining one of the best balance sheets in the industry. Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. Churchill Downs Names New General Counsel, Chief Development Officer. They are considered to be part of the following sectors and industries: Consumer Discretionary, Consumer Services, Hotels, Restaurants & Leisure, Casinos & Gaming. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. 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. endobj 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. Apply to Associate Attorney, Counsel, Attorney and more! However, commission staff asked Churchill Downs to offer an update due to the importance of the change. So we will have 9 opportunities over time to deploy retail sports betting. Just kind of how to think about that relationship? So it's part of the chess game of how to maximize the utilization of these machines so that we maximize our margins in the state. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. This is a separate opportunity from our HRM operations in the state. You can help! 4 0 obj We haven't achieved that yet. 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. 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. 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. For the following reasons, the Court will deny both motions. (Operator Instructions) And our first question comes from the line of Barry Jonas with Truist. 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. Thank you, Marcia. Web55 Counsel jobs available in Carwood, IN on Indeed.com. Jason Sauer, Senior Vice President of Corporate Development, said Churchill Downs hopes to break ground as early as late May. That's a potentially $500 million to $600 million project. She also has a certification in ICGIP Gaming Anti-Money Laundering Specialist. I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. It strains credulity to suggest that between the entry of the Consent Decree and early April 2007, Churchill Downs failed to reviewwww.derbybox.com, especially considering Churchill Downs invested significant resources in the prior lawsuit against Defendants. But so far, nothing to be concerned about. Churchill Downs is projecting a 14-month construction window. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! You can see it's a very competitive project -- product. Under Kentucky law, extrinsic evidence may not vary the terms of an unambiguous contract. W{@]/`XyNfUh\sNsN.uzylq3u(grvNgS\:"o6x p^0`at*$ There's always weather events from prior year or other things like that, that can affect them. And our next question comes from the line of Chad Beynon with Macquarie. So we do see initial signs that FanDuel is investing and pushing horse racing and that others will as well. And I think the proof will be in the pudding, though, and we're very close to starting to see some of that proof. /-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 And I think this is one of those things where I can tell you that I paid a lot of attention to the TwinSpires business since the day it was conceptualized and became a real thing. So we're happy to see them go.
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