So far, we've been really, really pleased with the P2E assets. 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. We do this in several other markets. The press release and Form 10-Q are available on our website at churchilldownsincorporated.com. General Second, the proof of noncompliance is not clear and convincing, given the ambiguity of the Consent Decree. Churchill Downs Incorporated Promotes Brad Blackwell to 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. I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. counsel 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. And then separately, just on the HRM content side of things. Apply to Associate Attorney, Counsel, Attorney and more! 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. That's just a function of how Kentucky law works. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). WebChurchill Downs Incorporated Senior Vice President and General Counsel Mar-2015 to Feb-2017 Churchill Downs Incorporated Vice President of Operations Apr-2005 to Mar-2015 Kater v. Churchill Downs Inc., No. 16-35010 (9th Cir. 2018) We will kick off the Ellis Park race meet on Friday, July 7, after the end of the Churchill Downs Spring Meet. This is the fifth and final full Class III license. Everyone, we really appreciate your interest in our company and your investment in our company. 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? Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. If you find the information on this site helpful, please share it- sharing is what has powered this consumer resource for over 15 years. A city referendum is required for authorization to move forward with the project. We are nowhere near the end of the journey. The Court has no reason to believe that the website has changed significantly in its use of the Marks "Kentucky Derby" and "Churchill Downs" since January 6, 2003. And I'd leave the question on that. 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. Fruition of the project is still something that's not measured in 2023 time frame or probably even 2024. 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. Customer service. Great. There's always weather events from prior year or other things like that, that can affect them. See, e.g., Schachner v. Blue Cross and Blue Shield of Ohio, 77 F.3d 889, 893 (6th Cir. Terre Haute city and Vigo County leaders joined officials from Churchill Downs on Tuesday morning. Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. However, if the contract is ambiguous, parol evidence may be considered. 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. Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. 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. (Operator Instructions) As a reminder, this conference call is being recorded. We are extremely excited about this project. wQ+4Fejh{col!DkD- G@m>];i3YxZ^. 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. I'll start this morning with a few insights on these financial results and then provide an update on capital management. Certainly, there is competition coming online. 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. The Cordish Companies today announced two key executive hires to Cordish Gaming Group, the gaming division of the Company. 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. Thanks, Bill, and good morning, everyone. Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. 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. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. 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. So this year, we're working towards authorization by the city to conduct the referendum. From that time until the April 5, 2007 letter, Defendants continued to use the Marks "Kentucky Derby" and "Churchill Downs" on the www.derbybox.com Web site. There are no definitive dates yet for construction because the project hasn't officially gone out for bidding. In fact, early ticket sales are already underway and selling nicely. Third, even assuming that the Consent Decree means what the Plaintiff says it means, Defendants did actually make reasonable attempts to comply with Plaintiff's demands. 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. (Operator Instructions) As a reminder, this We will look to go live in our retail locations once regulators have promulgated all of the required regulations and operational standards. Michael Rowles - Live Nation Entertainment Sure, Sean. Sharing is what powers GetHuman's free customer service contact information and tools. We read everything everybody else does as well. 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. Yes, there can be challenges on material, but we're managing all those. 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. 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? 502-636-4400. 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. At the end of first quarter, our bank covenant net leverage was 3.9x. You can help! Bradley Blackwell - Senior Vice Pres.. - Churchill Downs | ZoomInfo Churchill Downs is part of the Gambling & Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Description Industry Gambling & Gaming Recreation Churchill Downs is part of the Gambling & But I've been around doing this for a long time. Seating Chart This is a separate opportunity from our HRM operations in the state. ." 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 $412,590. We remain on course to complete the Paddock reimagination in time for the 150th Derby. So it started with Newport for us, followed by building out the full Turfway Park. Counsel CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ 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. So we have to look at the results as they come in. They were not fully understood because they were no reporting on them. 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. 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. The company's 2023 first quarter business results were released yesterday afternoon. When you have as many properties as we have, you might find an example of anything across that many properties. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. You don't bet all these other sports. Andy Beshear the Democrats presumed 2023 nominee and Craft. We haven't achieved that yet. So the short answer is we're doing our thing. Churchill Downs Incorporated Promotes Brad Blackwell to 2, 2007). 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. This latter explanation makes little sense, especially when juxtaposed with the next phrase "or by agreement with Churchill Downs." In summary, the first quarter was another great quarter for us with record financial results. The parties litigated the matter vigorously for several months before reaching a settlement. 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. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? We used a portion of the proceeds from this bond offering to repay our term loan B that would have matured in December 2024. 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. I think that just helps us with our toolkit to work with manufacturers to make this product as competitive as we can with Class III. Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. 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. 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. As general counsel, he was intimately involved in governmental affairs. And in that region, you have Ohio, Indiana and Kentucky, all coming to meet with orders. Despite a slight decline in adjusted EBITDA, we are pleased with the strong margins that this business delivered in first quarter. So, so far, particularly FanDuel, I think they're showing a lot of interest and appetite. So getting that product converted for ours will always be something we're working on. This is an extremely important project because of its proximity to the significant population in Northern Virginia Interstate 95 corridor. General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. 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 law takes effect in the late summer. 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.