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. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. There already is competition that's come online in Virginia. They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. It doesn't get implemented until the late summer. The Cordish Companies' origins date back to 1910 and encompass four generations of privately-held, family ownership. 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. Unlike the last (Attorney General) Andy Beshear, he has defended Kentuckys laws, not attacked them. But all good, you'll see improvement every quarter. 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. WebPresident, Corporate & General Counsel Omar Amin is the President, Corporate, Chief Development Officer, and General Counsel at Palmetto responsible for the Companys Prior to joining Palmetto, Omar worked in various executive roles at Churchill Downs Incorporated. You have permission to edit this article. We remain on course to complete the Paddock reimagination in time for the 150th Derby. (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. They employ 4,500 people according to customers in the know. 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. We obviously have a lot going on right now with the Kentucky Derby and all of our growth projects. 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. Ub%RUFi1I@Xb (M'lQV4,o==*4MbI*Z6JMR[ 5AzT That includes Churchill Downs Inc.s massive donations to members of the legislature and other politicians, noted a statement from the company. In fact, early ticket sales are already underway and selling nicely. 502-636-4400. 2004). The location is in a thriving commercial area. 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. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. Got it. Great. 1985), aff'd, 478 U.S. 421 (1986). Email notifications are only sent once a day, and only if there are new matching items. Second, the proof of noncompliance is not clear and convincing, given the ambiguity of the Consent Decree. 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. Bob Baffert Announces Lawsuit Against Churchill Downs and Executive Comm. CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ Bradley Blackwell has been working as a Senior Vice President and General Counsel at Churchill Downs for 18 years. A city referendum is required for authorization to move forward with the project. The total cash W{@]/`XyNfUh\sNsN.uzylq3u(grvNgS\:"o6x p^0`at*$ But it helps to get an idea of how big they are and what their support operation looks like if you are a customer. Obviously, there's a lot we could talk about and we do work on here. Therefore, the terms of Sections I-C and I-D are in almost direct contradiction with one another. I want to start in Virginia. We will be permitted to have up to 9 retail locations and up to 8 online sports betting licenses that we can potentially monetize. Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. 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. Plaintiff Churchill Downs Incorporated ("Churchill Downs") has moved for an order of contempt and for a temporary restraining order against Defendants Doug Dearen and Thoroughbred Traditions, Inc. (collectively "Defendants"). fj+{e_pKD9}Mj?JUK?UA!zZF}fG?0b0;z{v%#-V zZ-sLGxNI j[Q6VdU?mktC".H ]ZWDwA 2 0 obj Those are a series of steps that we're processing through. Thanks for that update. v. Blackwell, 388 F.3d 547, 553 (6th Cir. And our next question comes from the line of Chad Beynon with Macquarie. And we're up for it, though. Churchill Downs 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. Recently, there was some legislation there that cracked down on this. General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. WebCall Churchill Downs, Inc. customer service faster with GetHuman. 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. We will share more on these plans on our next earnings call and are very optimistic we are on a better path now. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! Overall, we are very excited about our progress towards this year's Kentucky Derby. Churchill Downs Names New General Counsel, Chief Development Officer. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. And then separately, just on the HRM content side of things. Regarding our online operations. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. First, all of our HRM properties made strong contributions to our financial results in first quarter. O.P. If you find the information on this site helpful, please share it- sharing is what has powered this consumer resource for over 15 years. Seating Chart But with respect to Kentucky sports betting, have you talked about what the opportunities are and sort of what the magnitude of that is and what your strategies are for activating that once it goes live? This is a 150-unit facility that remains on track to be completed in the third quarter of 2023. 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 this is the fifth license that the city of Richmond has awarded the partnership. Churchill Downs Incorporated Promotes Brad Blackwell to Senior Vice President and General Counsel. So I believe you said outside of Florida and Pennsylvania margins were very strong. Web10 General Counsel jobs available in Carwood, IN on Indeed.com. 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? Justia makes no guarantees or warranties that the annotations are accurate or reflect the current state of law, and no annotation is intended to be, nor should it be construed as, legal advice. 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. 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. 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. Appreciate the question. 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. Ky. 1998). 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. HRMs are a key strategic focus over the next 5 to 10 years for our company as we seek to expand our existing footprint. TERRE HAUTE, Ind. ." We also expect to enter into other market access arrangements in the near future. 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. However, Section I-D of the Consent Decree introduces significant ambiguity into the document. So we're happy to see them go. Terre Haute city and Vigo County leaders joined officials from Churchill Downs on Tuesday morning. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. Plaintiff's motion for contempt does not meet any of the three prongs enunciated supra. That letter made one objection to the content of a previous Web site maintained by Defendants, but did not object to the use of the name "Kentucky Derby" elsewhere on the same page. Churchill Downs initiated this litigation in March 2002. Everyone, we really appreciate your interest in our company and your investment in our company. 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. We also completed a $600 million bond offering this past week. So if one particular property feels pressure versus another because of competition, essentially, that's an opportunity to move product around the state. David, yes, we can put these in our racetracks and also our HRM extensions. We delivered record first quarter net revenue of $560 million and record adjusted EBITDA of $223 million. Thank you for participating, and you may now disconnect. We're on a pathway to do that. Churchill Downs is projecting a 14-month construction window. 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. Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! 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. William Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating 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. Code 9.46.0237. The 150th run for the roses will be a remarkable milestone for the longest continually run sporting event in the United States. So thank you, and we'll talk to you all soon. But right now, we've deployed 2,700, but we will get to 5,000 relatively quickly as we expand our footprint. 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. 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. They were unauthorized. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. We read everything everybody else does as well. General
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