churchill downs general counsel churchill downs general counsel

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. 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. And I think our team will meet that challenge so far they have. 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. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. And our next question comes from the line of Jordan Bender with JMP. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. 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. <>/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>> TERRE HAUTE, Ind. Apply to Associate Attorney, Counsel, Attorney and more! Ub%RUFi1I@Xb (M'lQV4,o==*4MbI*Z6JMR[ 5AzT I'll unpack that one at a time. And we're on a path. Good morning, and welcome to our first quarter 2023 earnings conference call. 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. Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a " You're all set! It's an area of significant strategic focus for us to think about how to improve the floors and what product is out there of various types that would help us shape the floor. Fruition of the project is still something that's not measured in 2023 time frame or probably even 2024. This is a 150-unit facility that remains on track to be completed in the third quarter of 2023. We actually designed our facilities thinking that this may happen in Kentucky at some point. Best way to get Churchill Downs, Inc. help. 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. Good morning, everyone. Bill? And if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. But for the existing projects -- the existing properties that were already there and operational, that's been a breath of fresh air. 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. Summary. The panel held that Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value." See Summit County Democratic Cent. We find that it does drive traffic to our properties that it does help the overall energy and flow of people through our properties. We also completed a $600 million bond offering this past week. Bradley Blackwell has been working as a Senior Vice President and General Counsel at Churchill Downs for 18 years. 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. Unlike the last (Attorney General) Andy Beshear, he has defended Kentuckys laws, not attacked them. They were unregulated. A reconciliation of GAAP to non-GAAP measures is included in yesterday's earnings press release. After she finishes, we will take your questions. Before we get started, I would like to remind you that some of the statements that we make today may include forward-looking statements. All Churchill Downs, Inc. The company's 2023 first quarter business results were released yesterday afternoon. One of our thesis in investing to acquire P2E was that these properties were still on the early stages of their development and haven't reached maturity and in general, we see that. Despite a slight decline in adjusted EBITDA, we are pleased with the strong margins that this business delivered in first quarter. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. But so far, they've been pretty strong and I feel pretty good in general. Great. Prior to joining Palmetto, Omar worked in various executive roles at Churchill Downs Incorporated. So it started with Newport for us, followed by building out the full Turfway Park. However, Section I-D of the Consent Decree introduces significant ambiguity into the document. 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. General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. First, I want to touch on the Kentucky, the gray market. Recently, there was some legislation there that cracked down on this. Happy to do that. 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. We are nowhere near the end of the journey. 4 0 obj So look out for Derby, look out for handle on the Derby this year. 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. I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. 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. You have permission to edit this article. CHICAGO June 14, 2018 JLL (NYSE: JLL) has appointed Alan Tse Global General Counsel and Corporate Secretary effective June 27. Turning to capital management. The stock split reflects their belief and ours and the long-term growth potential of our company. Are there still opportunities to kind of improve the floor, whether it's diversification or overall content, obviously, understanding that the exact acquisition is pending. Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. We haven't achieved that yet. It could mean one of two things. Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. Can you talk about maybe some of the puts and takes in that Northern Kentucky market? Thanks, Chad. Ms. Beeding joins Howard Weinstein, who has served as General Counsel for the company since 2012. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. A distinguished attorney and leader with extensive experience in companies with global operations, he will be responsible for JLL's legal and compliance functions. Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). In summary, the first quarter was another great quarter for us with record financial results. 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. And maybe what options do you have to best respond if you did see things deteriorate? Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. The Court begins with the Consent Decree itself. 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. 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. Thank you. endobj At this point, we'd like to take any questions that you have for us. It doesn't get implemented until the late summer. But generally, in operations, I feel good. Mr. Blackwell served as Vice President of Operations at Churchill Downs Incorporated from March 2015 to March 01, 2017. After the company's prepared remarks, we will open the call for your questions. So we have an approach. In order to make the project a reality, Churchill Downs is in the process of completing several steps. However, if the contract is ambiguous, parol evidence may be considered. 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. 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. 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. 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. 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. There will be three entrances for gu. Of course, this letter was prior to the Consent Decree and therefore its probative value is limited. Is it kind of fair to assume that share repurchases will be kind of close to none until we get through most of these growth projects. So we've already built the sports bars and we'll put in the kiosks, refine the customer offering. Jason Sauer, Senior Vice President of Corporate Development, said Churchill Downs hopes to break ground as early as late May. So Indiana and Ohio has had gaming in that market for many years. Yes, there can be challenges on material, but we're managing all those. 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. 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. They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. These were popping up in bars and taverns and restaurants and convenience stores across the state. So we're very excited to see the first real milestone of that, though, around the Kentucky Derby. And then separately, just on the HRM content side of things. 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. 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. Ultimately, our real challenge in the State of Virginia is the number of machines we have and we have 10 places we can move those machines around based on the competitive environment. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! 3:02CV-176-H (W.D. Executives with Churchill Downs say elected officials, citizens, and other stakeholders urged them to build on the east end. And so I follow that data personally very, very carefully. 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. First, the Consent Decree, as discussed above, was neither clear nor unambiguous. 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. 2006). So getting that product converted for ours will always be something we're working on. 1996). Thank you. Sure. Churchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. And we look at Turfway and Newport as one combined product offering. This concludes today's conference call. Churchill Downs looks ahead with plans for casino on the east side, Officials break ground on new Terre Haute casino, Crews bring in the cranes as Terre Haute casino work continues, Churchill Downs site plan for the east side of Terre Haute, Zoning board approves variance for casino, hotel, "Our town is not fine" One Local Man Gives Back to Hometown Destroyed By Storms, Rubber duck season has started in the Wabash Valley - here's how you can adopt one and help a good cause, Officials identify the man who died in Labor Day drowning in Sullivan County, Murder charges filed against mother, brother of dumped boy, Library connecting community through the 'Big Read', Indiana zoos 3 surviving penguins improve after deaths of 6 others, Create a new subdivision plat that combines the two properties into one new parcel, Rezone the property from its current agricultural use to a commercial use, Obtain a variance to exceed 125 in height which is required on any site in Terre Haute, Receive approval from the FAA given the proximity to the airport, March 17 Terre Haute Board of Zoning Appeals Height Variance Approval Meeting, April 6 Vigo County Area Plan approves Subdivision Plat, Target closing on the property in April or May after all land-use approvals have been obtained, including the FAA permit. 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. Marcia? 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. 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. See Wash. Rev. %PDF-1.5 WebCall Churchill Downs, Inc. customer service faster with GetHuman. Regarding our online operations. You are looking up Churchill Downs, Inc. customer care, so you probably already know who they are. But it helps to get an idea of how big they are and what their support operation looks like if you are a customer. 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. Churchill Downs claims that Defendants are violating a Consent Decree that the parties entered into on January 6, 2003. That's a really good series of questions. Groundbreaking could happen as early as late May if the remaining approvals are taken care of on the expected timeline. You can see it's a very competitive project -- product. This is the fifth and final full Class III license. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. When we decide that we want to and you'll see us buy shares back opportunistically in the future as well. So the state has taken steps through legislation to ban them. But it's -- I would leave it at this. Churchill Downs, Inc. also goes by or is associated with the names Churchill Downs Inc., Churchill Downs. 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. We do this in several other markets. 2004). Hopefully achieve all the required approvals, hopefully, you then conduct a referendum and win the referendum and then the process to construct would start. Magazine; News; Contact; ABOUT. 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. 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. Full title:CHURCHILL DOWNS INCORPORATED PLAINTIFF v. DOUG DEAREN and THOROUGHBRED, Court:United States District Court, W.D. Camerons gubernatorial campaign manager Gus Herbert indicated the same. And our next question comes from the line of Chad Beynon with Macquarie. Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. 1995-2022 Hospitality Net All rights reserved Hospitality Net is powered by Hsyndicate. Churchill Downs, Kentucky Derby, Kentucky Oaks, the twin spires design, and Churchill Downs Incorporated related trademarks are registered trademarks of We have announced a number of new guest experiences and ticket offerings that will be available for this very special Kentucky Derby. But I would also say that already we've achieved a quality product, but our goal is always to be as good as any of our competition has, and we always are going to have that extra step that we're HRM. Craft received $46,000 total from 30 people tied to Churchill Downs this year. Therefore, the panel remanded for further proceedings. Therefore, the terms of Sections I-C and I-D are in almost direct contradiction with one another. See, e.g., Schachner v. Blue Cross and Blue Shield of Ohio, 77 F.3d 889, 893 (6th Cir. It could mean that Defendant may not use Churchill Downs' Marks and Designs in any way except as permitted by law; that is, that fair use under trademark law would be allowed. 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. General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. 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). But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. Ms. Beeding holds gaming licenses in several jurisdictions and is a member of the Mississippi Bar. There are no definitive dates yet for construction because the project hasn't officially gone out for bidding. You can explore additional available newsletters here. The law takes effect in the late summer. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- So it's a constant journey to make the product better. So thank you, and we'll talk to you all soon. Executives say the broader area around the revised site off Exit 11 has been planned to accommodate further development. We're on a pathway to do that. WebBrad Blackwell is Exec VP/General Counsel at Churchill Downs Incorporated. 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. Everyone, we really appreciate your interest in our company and your investment in our company. WebCole Carter was named Executive Vice President and General Counsel in July 2018. However, officials are monitoring supply issues - which could delay the project and raise costs. (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 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. 3 0 obj WebSeating Chart at the Kentucky Derby. Have we seen the labor and utility pressures kind of plateau? If you find the information on this site helpful, please share it- sharing is what has powered this consumer resource for over 15 years. We generated $204 million of free cash flow in the first quarter, up $79 million over the prior year, primarily as a result of the strong cash flow generated from our businesses. Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. This is a separate opportunity from our HRM operations in the state. But I've been around doing this for a long time. . A city referendum is required for authorization to move forward with the project. For the following reasons, the Court will deny both motions. Thank you for participating, and you may now disconnect. One of the most exciting developments will be the completion of the Paddock Project with breathtaking and unrestricted views of the TwinSpires, along with spectacular new seating and dining experiences. ." With that, I'll turn the call over to Marcia, and then we will take your questions. We also expect to enter into other market access arrangements in the near future. 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. 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 Thank you, Marcia. 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. The CDI Legal Department is looking for an experienced and motivated attorney to join our team as 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. 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. Some markets are better than others, but across a portfolio that is as broad and as diverse as ours, I don't have any yellow or red flags to raise with you at this time. Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. Sure, Dan. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. And Marcia, it looks like share repurchases were somewhat minimal or none in the quarter. 2018) The Ninth Circuit reversed the dismissal of a purported class action against Churchill Downs alleging So we will follow the strategies we've followed in our other markets around our sports bars. So what we disclosed last quarter in terms of timing for our projects and costs for those projects, we're still on course for that. So there's still several steps here before the project could be realized, and we're on that path. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. Prior to joining Cordish Gaming Group, Ms. Beeding served as Vice President, Senior Counsel and Corporate Compliance Officer at Churchill Downs Incorporated in Louisville, KY, where she was responsible for overseeing and managing compliance across the company's casinos, racinos, racetracks and interactive verticals, including the company's online ADW, interactive sports books and interactive casinos. Where are we just in terms of the content journey? Good to hear. So it was a developed competitive market. What are you guys seeing across your businesses? 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. Our Oak Grove HRM facility continued to penetrate the Southwestern Kentucky and Nashville, Tennessee markets. It's working well. 16-35010 (9th Cir. 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 total cash 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. First, all of our HRM properties made strong contributions to our financial results in first quarter. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. Apply to Associate Attorney, Counsel, Attorney and more! The panel also held that plaintiff could recover the value of the virtual chips lost under the RMLGA. During this call, we will present both GAAP and non-GAAP financial measures. 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.