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The parties litigated the matter vigorously for several months before reaching a settlement. Casino & Hotel properties in Maryland and Pennsylvania, along with igaming and sports betting initiatives. 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. But for the existing projects -- the existing properties that were already there and operational, that's been a breath of fresh air. I wanted to go back to an issue and I apologize if this sort of came out in the remarks. And then just a follow-up on Kentucky and HRMs, the Turfway Park, I think it's obviously a newer property. We will look to go live in our retail locations once regulators have promulgated all of the required regulations and operational standards. William Carstanjen | Executive Officers | Churchill Downs, Great. 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. Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! General Good to hear. We'll talk about that in more detail next quarter. Thank you, Andrew. We're on a pathway to do that. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. 1 0 obj JLL names Alan Tse general counsel Thank you for participating, and you may now disconnect. Those are a series of steps that we're processing through. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. 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. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. It requires a hotel, a casino, which will include table games and Class III machines. But right now, we're not really doing that because there isn't enough trend data to suggest that we need to. Email notifications are only sent once a day, and only if there are new matching items. Kater v. Churchill Downs Inc., No. 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 just ask that you show a little patience and wait for the Triple Crown events that are happening in the second quarter where these folks can really do some marketing around. 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. Compare Churchill Downs, Inc.'s email address, and phone number. Overall, we are very excited about our progress towards this year's Kentucky Derby. 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. They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. The Kentucky Derby is just the beginning | Churchill Downs So as a business model, we're very, very pleased and excited about HRMs. CIVIL ACTION NO. And we look at Turfway and Newport as one combined product offering. After the company's prepared remarks, we will open the call for your questions. As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. Therefore, the terms of Sections I-C and I-D are in almost direct contradiction with one another. So we have an approach. 502-636-4400. Web10 General Counsel jobs available in Carwood, IN on Indeed.com. 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. Additionally, any suggestion that we are attempting to sway an opinion through donations is reaching to connect dots where there are none., Krista Buckel, a spokesperson for the attorney generals office, said in a statement that they will defend all laws passed by the General Assembly and will continue to do so.. 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. Luttrell v. Cooper Industries, Inc., 60 F.Supp.2d 629, 631 (E.D. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. So the short answer is we're doing our thing. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. The law takes effect in the late summer. Got it. Apply to Associate Attorney, Counsel, Attorney and more! 1996). But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. The company's 2023 first quarter business results were released yesterday afternoon. 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, so far, particularly FanDuel, I think they're showing a lot of interest and appetite. This latter explanation makes little sense, especially when juxtaposed with the next phrase "or by agreement with Churchill Downs." We are working towards a goal of conducting HRM-related referendums in 2 new communities this coming fall. Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! Turning to capital management. Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. Big Fish Casinos virtual chips have no monetary value and could not be exchanged for cash, but Big Fish Casino did contain a mechanism for transferring chips between users, which could be used to cash out winnings. So the law isn't being implemented yet. And so it's a really good thing. But so far, they've been pretty strong and I feel pretty good in general. So if you think about game titles, it's a process constantly of getting more game titles from the traditional Class III manufacturers converted to HRMs. WebChief Executive Officer. Understood. 2006). We're just going to execute as we have been executing. For most of that time, that Web site was replete with references to the "Kentucky Derby" and "Churchill Downs." 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. 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. To do so, Defendants removed numerous references to "Churchill Downs" and "the Kentucky Derby," although several uses of these words do remain, most prominently in the "applet" used to display tickets. But we're not where we're going to be over the long term yet. So we have to look at the results as they come in. Leadership Team; Board of Directors; Corporate Social Responsibility; If you find the information on this site helpful, please share it- sharing is what has powered this consumer resource for over 15 years. 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. And now I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen. Also, we are making solid progress on our sale of New Hampshire HRM site plans, and we'll share more details on future earnings calls. This is an extremely important project because of its proximity to the significant population in Northern Virginia Interstate 95 corridor. However, officials are monitoring supply issues - which could delay the project and raise costs. TwinSpires had a nice first quarter. 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. counsel The new paddock will 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. And our next question comes from the line of David Katz with Jefferies. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. From a financing perspective, at the end of February, we completed the $500 million Term Loan A financing. That includes Churchill Downs Inc.s massive donations to members of the legislature and other politicians, noted a statement from the company. WebBrad Blackwell is Exec VP/General Counsel at Churchill Downs Incorporated. 3:02CV-176-H (W.D. <> She will also work closely with The Cordish Companies corporate development team on new projects. Cathy Beeding The grant or denial of a temporary restraining order and preliminary injunction is discretionary with the Court. Good morning, and welcome to our first quarter 2023 earnings conference call. L Among other things, it alleged that Defendants misappropriated Plaintiff's season ticket holder list and used it for ticket-scalping purposes. Certainly, there is competition coming online. Andy Beshear the Democrats presumed 2023 nominee and Craft. (Operator Instructions) As a reminder, this conference call is being recorded. 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. 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. endobj The area around Owensboro is the larger and more economically attractive market and thus our focus will be on that first from an HRM perspective. 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. But right now, we've deployed 2,700, but we will get to 5,000 relatively quickly as we expand our footprint. But just as importantly, these were terrible for our industry. And we're up for it, though. 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. Churchill Downs says the east-side location is near the hub of Vigo County development. (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. Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. Churchill Downs Names New General Counsel, Chief Development Officer. They were not fully understood because they were no reporting on them. There are no definitive dates yet for construction because the project hasn't officially gone out for bidding. 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. 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. 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. Wondering if you could just dig into that a little bit more. The first money has increased approximately 50% to over $15 million, and we have added 4 new stakes races. Northeast Ohio Coal. Thanks, Phil. They are considered to be part of the following sectors and industries: Consumer Discretionary, Consumer Services, Hotels, Restaurants & Leisure, Casinos & Gaming. % We obviously have a lot going on right now with the Kentucky Derby and all of our growth projects. IT IS HEREBY ORDERED that Plaintiff's motion for contempt and motion for a temporary restraining order are DENIED. Got it. Regarding our online operations. But part of reaching maturity eventually property by property, and I am of the view that we haven't reached maturity at any of our HRM properties, part of reaching maturity over time is constantly improving, working with the manufacturers to improve the quality and depth of products available using the HRM model. 16-35010 (9th Cir. 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. 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. 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. v. Blackwell, 388 F.3d 547, 553 (6th Cir. ." WebMr. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. This is a 150-unit facility that remains on track to be completed in the third quarter of 2023. So when we think about the land-based product on the casino side coming online in the coming months, is that 48% margin sustainable or something we should think about kind of throughout the rest of the year? The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. And I'd leave the question on that. So getting that product converted for ours will always be something we're working on. 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. I'll start this morning with a few insights on these financial results and then provide an update on capital management. Executives at Kentuckys biggest so-called gray machine company gave $100,000 in donations to a political action committee supporting Attorney General Daniel Camerons campaign for governor in mid-March. Our new first turn experience is complete. And our next question comes from the line of Jordan Bender with JMP. A city referendum is required for authorization to move forward with the project. We have been very happy with how the property has been performing through the significant disruption across the site caused by the floor expansion and the construction of the hotel. Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. Churchill Downs Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States And we think given the -- while not precisely counted clearly a huge number of these machines all around us that it's likely to have a positive impact when they go away on legal authorized gaming. }d3a0nS($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 GetHuman provides free tools and information to consumers that allow them to share their customer experiences and tips with each other for how to contact companies faster and how to solve common problems. Apply to Senior Counsel, Counsel, Associate Attorney and more! In this case, plaintiff alleged that she lost over $1,000 worth of virtual chips while playing Big Fish Casino, and she can recover the value of these lost chips from Churchill Downs, as proprietor of Big Fish Casino. So it's working fine. So I don't really have anything material to say or any material concerns about the interplay between people that go to Newport versus Turfway. Churchill Downs claims that Defendants are violating a Consent Decree that the parties entered into on January 6, 2003. Contact Information. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! Counsel I know the economics are spread across a couple of different places, but just kind of help us think strategically about maybe where those partnerships sit at this stage. Churchill Downs Incorporated Promotes Brad Blackwell to We remain on course to complete the Paddock reimagination in time for the 150th Derby. Our challenge in the state are -- across all our facilities there were limited to 5,000 machines. First, all of our HRM properties made strong contributions to our financial results in first quarter. However, Pace-O-Matic has pointed out that the horse industry which operates its own slot-like machines and calls them Historical Horse Racing holds significant sway in the legislature and argued that their efforts to shut gray machines out . CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ Web55 Counsel jobs available in Carwood, IN on Indeed.com. Churchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. She also has a certification in ICGIP Gaming Anti-Money Laundering Specialist. 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. And in that region, you have Ohio, Indiana and Kentucky, all coming to meet with orders. Week to week, we always look carefully to look at trends. Bob Baffert Announces Lawsuit Against Churchill Downs But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. View All Contacts Details Industries Casino Casual Games Gaming Internet Racing Social Media Headquarters Regions Southern US Founded Date May 1, 1875 So thank you, and we'll talk to you all soon. WebChurchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. This concludes today's conference call. So I believe you said outside of Florida and Pennsylvania margins were very strong. 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. I think we were very, very pleased with the path we're on towards improvement. During the 2022 election cycle, Churchill Downs CEO Bill Carstanjen gave $2,000 or $1,000 to more than 100 state legislative candidates on both sides of the political aisle. Thank you, Marcia. We are disciplined in our decisions regarding our long-term capital investments and sometimes that means taking additional time to determine the final location that will best meet our long-term return expectations and that is optimal for the communities in which we choose to invest significant time and capital to build long-term relationships. They employ Now that you've had some time owning the P2E assets, curious what you see as the upside case and how that maybe compares to when you initially underwrote the deal? It could mean one of two things. 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. And it will be a nice bonus. After she finishes, we will take your questions. We haven't achieved that yet. 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. See Wash. Rev. Andy Beshear the Democrats presumed 2023 nominee and Craft. A distinguished attorney and leader with extensive experience in companies with global operations, he will be responsible for JLL's legal and compliance functions. 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. wQ+4Fejh{col!DkD- G@m>];i3YxZ^. Kentucky, at Louisville. I would answer that by saying, look at our results for the quarter, those are the trends that are in the books that we see and that we can fully understand. Churchill Downs, Inc. customer service We did generate lower adjusted EBITDA from our online TwinSpires horseracing business as a result of higher content-related expenses and slightly higher ADW taxes in certain jurisdictions. Recently, there was some legislation there that cracked down on this. For the following reasons, the Court will deny both motions. And generally, they've been quite strong, and we're quite optimistic looking forward. So it was a developed competitive market. (WTHI) - Churchill Downs is moving forward with its plans for a casino on the east side of Terre Haute. See Brad Blackwell's compensation, career history, education, & memberships. Yes, there can be challenges on material, but we're managing all those. So if one particular property feels pressure versus another because of competition, essentially, that's an opportunity to move product around the state. 2004). But it's -- I would leave it at this. 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. 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. However, commission staff asked Churchill Downs to offer an update due to the importance of the change. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. We will be permitted to have up to 9 retail locations and up to 8 online sports betting licenses that we can potentially monetize. 2, 2007). We don't have enough machines ultimately. 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. and Executive Comm. 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. Q1 2023 Churchill Downs Inc Earnings Call Both Draws to be Held in Aristides Lounge, Streamed Live on 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 we're happy to see them go. CATHY BEEDING joins the team as Executive Vice President and General Counsel. Groundbreaking could happen as early as late May if the remaining approvals are taken care of on the expected timeline. 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"). 3 0 obj We read everything everybody else does as well. And Marcia, it looks like share repurchases were somewhat minimal or none in the quarter. 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 are nowhere near the end of the journey. Fruition of the project is still something that's not measured in 2023 time frame or probably even 2024. 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. The panel also held that plaintiff could recover the value of the virtual chips lost under the RMLGA. !%e iQR~gi( g$Z7')38+K&3(^C%fq4^10M!Cx6j:6Vl+*[sbr*-@ekt*P*JXBE+Dn0axf0[#O%pj _3r+Eg_w^moY/ 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. We do this while maintaining one of the best balance sheets in the industry. Just kind of how to think about that relationship? We hope to achieve that. Sauer said Churchill Downs chose to acquire 25 acres from the original Premier Gaming plan, as well as an adjacent 25 acres. WebChurchill Downs Incorporated 3.6 Senior Counsel, M&A & Corporate Development Louisville, KY $102K - $170K (Glassdoor est.) You have permission to edit this article. And I would tell you that I think there are ways to further improve it, most with concentrated around the variety of product, getting more gains available to us. There's nothing to report or dig deeper into at this time. They were unregulated. Bill? Churchill Downs, Kentucky Derby, Kentucky Oaks, the twin spires design, and Churchill Downs Incorporated related trademarks are registered trademarks of 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. We actually designed our facilities thinking that this may happen in Kentucky at some point. Marcia? So we've already built the sports bars and we'll put in the kiosks, refine the customer offering. Customer service. 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