Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States We are working towards a goal of conducting HRM-related referendums in 2 new communities this coming fall. Terre Haute city and Vigo County leaders joined officials from Churchill Downs on Tuesday morning. WebMr. The horse industrys influence in Frankfort runs deep, and has persisted for more than a century dating back to the power of the Jockey Club in the early 20th century. William Carstanjen | Executive Officers | Churchill Downs, Seating Chart Churchill Downs entered two definitive contracts for those properties - the first on February 14, and the second on March 7. Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. Q1 2023 Churchill Downs Inc Earnings Call Everyone, we really appreciate your interest in our company and your investment in our company. It doesn't get implemented until the late summer. TERRE HAUTE, Ind. And I think our team will meet that challenge so far they have. endobj 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. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! Web55 Counsel jobs available in Carwood, IN on Indeed.com. Apply to Senior Counsel, Counsel, Associate Attorney and more! 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. Counsel But all good, you'll see improvement every quarter. So this was a circumstance where these machines were multiplying rapidly and it gained an unfortunate foothold in the state. Kater v. Churchill Downs Inc., No. 16-35010 (9th Cir. 2018) Apply to Associate Attorney, Counsel, Attorney and more! 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're just going to execute as we have been executing. 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. Our new first turn experience is complete. Just kind of how to think about that relationship? 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). You can see it's a very competitive project -- product. All of the covered stadium seats are sold and more than 3/4 of the indoor reserve seats are also sold with the remainder selling quickly each day. If we do see in the future, if we do see economic headwinds -- external economic headwinds in the economy, we'll adjust our marketing and our expense structure to deal with it appropriately because we're always going to be focused on our margins. We'll do our best to process through that, to put ourselves in a position to conduct the referendum this year. Really good question. So we're very excited to see the first real milestone of that, though, around the Kentucky Derby. General Counsel The company's 2023 first quarter business results were released yesterday afternoon. Unlike the last (Attorney General) Andy Beshear, he has defended Kentuckys laws, not attacked them. Andy Beshear the Democrats presumed 2023 nominee and Craft. 1 0 obj LOUISVILLE, Kentucky (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: Make your practice more effective and efficient with Casetexts legal research suite. And then just any way or hint on how to think about or quantify this impact of this more restrictive regulation? We haven't achieved that yet. William Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating First, I want to touch on the Kentucky, the gray market. We don't have enough machines ultimately. Got it. For the following reasons, the Court will deny both motions. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. For the purposes of this action, two terms of the Consent Decree are of particular importance: For more than four years after the parties entered into the Consent Decree, Defendants continued to operate www.derbybox.com, a Web site that advertised itself as "The undisputed Derby Ticket and Derby Travel Package Specialist." IT IS HEREBY ORDERED that Plaintiff's motion for contempt and motion for a temporary restraining order are DENIED. Craft received $46,000 total from 30 people tied to Churchill Downs this year. WebChurchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. Churchill Downs Incorporated Cathy Beeding Thanks, Bill, and good morning, everyone. I'll start this morning with a few insights on these financial results and then provide an update on capital management. Each of our racetracks and HRM facilities in Kentucky already have a sports bar that will be enhanced with sports betting kiosks so that our customers can easily and conveniently play their retail sports bets. Appreciate the question. The panel also held that plaintiff could recover the value of the virtual chips lost under the RMLGA. WebCole Carter was named Executive Vice President and General Counsel in July 2018. 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. But generally, in operations, I feel good. We also had nice growth in our Northern Kentucky market as Turfway Park and Newport Gaming continued to improve and expand their market presence during the 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 . So look out for Derby, look out for handle on the Derby this year. (Operator Instructions) And our first question comes from the line of Barry Jonas with Truist. Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! Obviously, there's a lot we could talk about and we do work on here. By April 13, 2007, these negotiations had broken down and Churchill Downs filed this motion. The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. 2004). Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! Ms. Beeding joins Howard Weinstein, who has served as General Counsel for the company since 2012. It's also larger than the other applicants initially proposed. Executives from Churchill Downs presented to the Indiana Gaming Commission on Tuesday. And our next question comes from the line of Chad Beynon with Macquarie. It's still ramping. In order to make the project a reality, Churchill Downs is in the process of completing several steps. Our existing regional gaming properties in Maine, Maryland, Louisiana and our Harlow's property in Mississippi, collectively delivered a small increase in adjusted EBITDA compared to the prior year quarter that was more than offset by declines at our Pennsylvania and Florida properties and our Riverwalk property in Mississippi. Good morning, and welcome to our first quarter 2023 earnings conference call. However, Defendant Doug Dearen has submitted an affidavit stating that "[a]s of January 2003, Churchill Downs had approved the content of the derbybox.com web site for continued use. Hopefully achieve all the required approvals, hopefully, you then conduct a referendum and win the referendum and then the process to construct would start. r*RS Wv%j|E9qq0g_uF Currently, we expect this will happen in the second half of 2023. Second, regarding our TwinSpires horseracing business, our overall handle was higher in the first quarter than the prior year. (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. 3 0 obj And really, if you'll show some patients, I think we'll be able to provide you a better, more complete answer in the second quarter after there's a chance for the Triple Crown events around which some of these folks can actually do comprehensive marketing because they have events to push people towards. See Summit County Democratic Cent. 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. 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.