Camerons gubernatorial campaign manager Gus Herbert indicated the same. We're on a pathway to do that. With that, I'll turn the call over to Marcia, and then we will take your questions. Both Draws to be Held in Aristides Lounge, Streamed Live on Churchill Downs initiated this litigation in March 2002. We're not seeing material changes that we have to respond to. She will also work closely with The Cordish Companies corporate development team on new projects. And Marcia, it looks like share repurchases were somewhat minimal or none in the quarter. 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. This is a separate opportunity from our HRM operations in the state. 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 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. 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. But I've been around doing this for a long time. 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. We look forward to seeing you at the 149th Kentucky Derby on May 6 of this year. CATHY BEEDING joins the team as Executive Vice President and General Counsel. Apply to Senior Counsel, Counsel, Associate Attorney and more! But right now, we've deployed 2,700, but we will get to 5,000 relatively quickly as we expand our footprint. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) Darren.Rogers@KyDerby.com KENTUCKY OAKS, DERBY POST POSITION DRAWS TO BE HELD MONDAY 2-3 P.M. As a consequence, the parties entered into a Consent Decree which this Court signed on January 6, 2003. Churchill Downs Ozair Shariff Current Workplace Ozair Shariff has been working as a Corporate Counsel at Churchill Downs for 2 years. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. But these folks that are out there now with a broader sports wagering platform like FanDuel, they've reached a lot more customers than we ever were able to with our very narrowly focused TwinSpires app, which we still think is the absolute best in the business for betting on horse racing, but that's all you do on it. Sauer said Churchill Downs is excited about the east-side property, citing the size, accessibility, and public support of this location. 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 . I think we were very, very pleased with the path we're on towards improvement. Parol evidence can include the behavior of the parties prior to or contemporaneous with the contract. We know you have the dividend in the fourth quarter as we think about capital allocation going forward? TERRE HAUTE, Ind. Jason Sauer, Senior Vice President of Corporate Development, said Churchill Downs hopes to break ground as early as late May. Thank you, Marcia. ui. f Za:Kx U/z-{H%fkfUEHp2|.[I(h8m 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 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. It's still ramping. Churchill Downs Names New General Counsel, Chief Development Officer. 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. 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 I believe you said outside of Florida and Pennsylvania margins were very strong. In our organization, we track a lot of data and we look at it constantly. We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. And now we have to go through the process to authorize the referendum or get the referendum authorized so that it can be conducted. There are no definitive dates yet for construction because the project hasn't officially gone out for bidding. LOUISVILLE, Kentucky (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: 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. Where are we just in terms of the content journey? 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. I'll unpack that one at a time. 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? Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? Live odds, betting, horse bios, travel info, tickets, news, and updates from Churchill Downs Race Track. We hope to achieve that. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- Thank you for participating, and you may now disconnect. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. HRMs are a key strategic focus over the next 5 to 10 years for our company as we seek to expand our existing footprint. 2018) The Ninth Circuit reversed the dismissal of a purported class action against Churchill Downs alleging 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. She also has a certification in ICGIP Gaming Anti-Money Laundering Specialist. Our Oak Grove HRM facility continued to penetrate the Southwestern Kentucky and Nashville, Tennessee markets. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. And so I follow that data personally very, very carefully. Overall, we are very pleased with the results that our team has delivered in the first quarter, and we believe we are very well positioned to continue to grow through the remainder of 2023. For the following reasons, the Court will deny both motions. WebCole Carter was named Executive Vice President and General Counsel in July 2018. There's nothing to report or dig deeper into at this time. And so it's a really good thing. Groundbreaking could happen as early as late May if the remaining approvals are taken care of on the expected timeline. Churchill Downs is part of the Gambling & So we do see initial signs that FanDuel is investing and pushing horse racing and that others will as well. %PDF-1.5 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. They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. The panel also held that plaintiff could recover the value of the virtual chips lost under the RMLGA. (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 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. Kater v. Churchill Downs Inc., No. Web55 Counsel jobs available in Carwood, IN on Indeed.com. 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. The grant or denial of a temporary restraining order and preliminary injunction is discretionary with the Court. So as a business model, we're very, very pleased and excited about HRMs. Got it. As general counsel, he was intimately involved in governmental affairs. 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. I think your proposal has been around much longer, but just kind of a couple of the pros, cons there because I believe that the scope and scale there is pretty material. 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. Magazine; News; Contact; ABOUT. Prior to joining Palmetto, Omar worked in various executive roles at Churchill Downs Incorporated. Thanks, Chad. First, I want to touch on the Kentucky, the gray market. I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). So we're happy to see them go. 3 0 obj 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. Best way to get Churchill Downs, Inc. help. First, I wanted to revisit just some comments around margins, I guess, specifically focusing on the gaming and then the HRM facilities. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! WebSeating Chart at the Kentucky Derby. 1996). So this is the fifth license that the city of Richmond has awarded the partnership. The panel held that Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value." /-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 Appreciate the question. x]{o@XF :Mtg0]\uinyI=,80-M2y>Glg';O^rlYdif3"SybLJ&7~)zL,ybKdysVyR Currently, we expect this will happen in the second half of 2023. Should we expect to see or possibly see something a little bit more material in terms of contribution coming through with the Derby? What are you guys seeing across your businesses? 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. 9|4O?K*YhDV}R%4>q}_?hz:$-9OoJ>gs|LtE}pl#<27eUmx+1C~3=^M*VjC^V UN6UVzcD2Ne} GG-5z=j;G=p The total cash 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. 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. 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. Churchill Downs, Inc. also goes by or is associated with the names Churchill Downs Inc., Churchill Downs. Of course, this letter was prior to the Consent Decree and therefore its probative value is limited. 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 have made numerous improvements at Ellis Park to enhance the racing experience for our customers and improve safety and environmental compliance at the property. 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. And now I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen. Northeast Ohio Coal. 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. Kentucky, at Louisville. So it started with Newport for us, followed by building out the full Turfway Park. In the last two years, Beshear and the Kentucky Democratic Party have received $140,000 from people tied to Churchill Downs, according to the Kentucky Lantern. Regarding our Gaming business, we realized significant contributions from the addition of the New York and Iowa properties acquired in the P2E Transaction. Prior to her appointment as General Manager of Riverwalk, Beeding served as Executive Vice President and General Counsel for Cordish Gaming and previously worked for Churchill Downs Incorporated (CDI) as Vice President, Senior Counsel & Corporate Compliance Officer where she was responsible for overseeing and managing compliance So this year, we're working towards authorization by the city to conduct the referendum. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. There was a problem saving your notification. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. 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. United States District Court, W.D. This site is protected by reCAPTCHA and the Google. LOUISVILLE, Ky. (Wednesday, March 1, 2017) Churchill Downs At this point, we'd like to take any questions that you have for us. ." We do this in several other markets. <>/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>> 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. Certainly, there is competition coming online. The press release and Form 10-Q are available on our website at churchilldownsincorporated.com. 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). for Homeless and Serv. And I think the proof will be in the pudding, though, and we're very close to starting to see some of that proof. Prior to the Consent Decree, counsel for Churchill Downs sent a letter to Defendants' former counsel dated April 17, 2002. Ms. Beeding joins Howard Weinstein, who has served as General Counsel for the company since 2012. Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. 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 have announced a number of new guest experiences and ticket offerings that will be available for this very special Kentucky Derby. Employees Int'l Union, Local 1199 v. Blackwell, 467 F.3d 999, 1009 (6th Cir. 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. 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. 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. 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. 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. The 150th run for the roses will be a remarkable milestone for the longest continually run sporting event in the United States. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. Thanks, Barry. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! You are looking up Churchill Downs, Inc. customer care, so you probably already know who they are. But just as importantly, these were terrible for our industry. 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. You can explore additional available newsletters here. It's been quite a while for the people of Vigo County for this casino to get off the ground.". 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. A court's inherent power to hold a party in civil contempt may be exercised only when (1) the order the party allegedly failed to comply with is clear and unambiguous, (2) the proof of noncompliance is clear and convincing, and (3) the party has not diligently attempted in a reasonable manner to comply. Understood. Week to week, we always look carefully to look at trends. Marcia? This is a one-of-a-kind entertainment venue that is itself the size of a small stadium with 5,300 covered stadium seats and an additional 2,000 reserved indoor dining seats with exclusive views of the horses and the racetrack from the rail on the first turn.

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