churchill downs general counsel

Churchill Downs Incorporated Promotes Brad Blackwell to And we look at Turfway and Newport as one combined product offering. It's working well. Second, regarding our TwinSpires horseracing business, our overall handle was higher in the first quarter than the prior year. And if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. 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. Q1 2023 Churchill Downs Inc Earnings Call <> Our challenge in the state are -- across all our facilities there were limited to 5,000 machines. Bob Baffert Announces Lawsuit Against Churchill Downs 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. When you have as many properties as we have, you might find an example of anything across that many properties. See Summit County Democratic Cent. We expect to see our B2B business accelerate in the second quarter with the Kentucky Derby. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. Kater v. Churchill Downs Inc., No. We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. %PDF-1.5 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? So this is the fifth license that the city of Richmond has awarded the partnership. Apply to Senior Counsel, Counsel, Associate Attorney and more! Employees Int'l Union, Local 1199 v. Blackwell, 467 F.3d 999, 1009 (6th Cir. "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 And our next question comes from the line of Shaun Kelley with Bank of America. UPDATE 2-JP Morgan to buy First Republic's assets and assume deposit base, JP Morgan to buy First Republic's assets and assume deposit base, Morgan Stanleys Wilson Says Hawkish Fed Surprise to Roil Stocks, Australian 7-Eleven franchise puts 700-store chain up for sale, UPDATE 1-Sudan conflict shows no sign of easing, Sudanese brace for more violence. 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. The first money has increased approximately 50% to over $15 million, and we have added 4 new stakes races. It's still ramping. But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. Thank you for participating, and you may now disconnect. 1985), aff'd, 478 U.S. 421 (1986). Happy to do that. Certainly, there is competition coming online. Live odds, betting, horse bios, travel info, tickets, news, and updates from Churchill Downs Race Track. 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. 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). In this specific instance, the Attorney Generals office has already been defending the legislation passed by the General Assembly. 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. O.P. We haven't achieved that yet. (Operator Instructions) And our first question comes from the line of Barry Jonas with Truist. Mr. Weinstein, who has announced his intent to retire in 2024, will work to ensure the smooth transition of all legal matters. 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 . TERRE HAUTE, Ind. All online or virtual gambling is illegal in Washington. Turning to capital management. 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. 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. Media Alert Court Description: Washington Gambling Law The panel reversed the district courts dismissal of a purported class action against Churchill Downs alleging violations of Washingtons Recovery of Money Lost at Gambling Act and Consumer Protection Act, and unjust enrichment; and held that Churchill Downs virtual game platform Big Fish Casino constituted illegal gambling under Washington law. The stock split reflects their belief and ours and the long-term growth potential of our company. So it's working fine. The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. 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. Their traffic impact analysis indicates all intersections maintain acceptable levels of service. General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. 3:02CV-176-H (W.D. 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. You are looking up Churchill Downs, Inc. customer care, so you probably already know who they are. Churchill Downs is part of the Gambling & Bradley Blackwell has been working as a Senior Vice President and General Counsel at Churchill Downs for 18 years. stream The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. Based on advanced reserve ticket sales and other metrics available at this time, we expect to deliver record Derby week results. ui. f Za:Kx U/z-{H%fkfUEHp2|.[I(h8m You can help! It's been quite a while for the people of Vigo County for this casino to get off the ground.". We're just going to execute as we have been executing. 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. (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 now we have to go through the process to authorize the referendum or get the referendum authorized so that it can be conducted. Waldrop, who earned a law degree from the University of Kentucky in 1985, joined Churchill Downs as its general counsel in 1992. A big project, estimated at $185-200 million. Churchill Downs Names New General Counsel, Chief Development Officer. WebChurchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. wQ+4Fejh{col!DkD- G@m>];i3YxZ^. So Indiana and Ohio has had gaming in that market for many years. Executive Management - The Kentucky Derby is just the % For similar reasons, the Court must also deny Plaintiff's motion for a temporary restraining order. 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. Counsel 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. In order to make the project a reality, Churchill Downs is in the process of completing several steps. 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. 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. All Churchill Downs, Inc. We're on a pathway to do that. At the end of first quarter, our bank covenant net leverage was 3.9x. And I think the proof will be in the pudding, though, and we're very close to starting to see some of that proof. So it was a developed competitive market. 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. Executives at Kentuckys biggest so-called gray machine company gave $100,000 in donations to a political action committee supporting Attorney General Daniel Camerons campaign for governor in mid-March. Groundbreaking could happen as early as late May if the remaining approvals are taken care of on the expected timeline. So look out for Derby, look out for handle on the Derby this year. Apply to Associate Attorney, Counsel, Attorney and more! In our organization, we track a lot of data and we look at it constantly. But it's -- I would leave it at this. R*_m0hyb##G>.$qW;f.p7"RXA3!R vj\~s`\_-t#JM}QAMChL 1@j6T{fIp!#-x6~.l^U#j=x_=$D/JCJggl~R~i!cT/A? Counsel In his role, he is responsible for the legal affairs of the company and he serves as the principle legal advisor to CoreCivic's executive leadership team and Board of Directors. The panel also held that plaintiff could recover the value of the virtual chips lost under the RMLGA. 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. CIVIL ACTION NO. 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. That includes Churchill Downs Inc.s massive donations to members of the legislature and other politicians, noted a statement from the company. So as a business model, we're very, very pleased and excited about HRMs. Ms. Beeding joins Howard Weinstein, who has served as General Counsel for the company since 2012. The Consent Decree is in part ambiguous on its face and thus a temporary restraining order would be inappropriate. endobj But I've been around doing this for a long time.

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