churchill downs general counsel

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"). The parties litigated the matter vigorously for several months before reaching a settlement. In order to make the project a reality, Churchill Downs is in the process of completing several steps. 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. 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. 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 Thank you for participating, and you may now disconnect. I think as we've said in the past, Jordan, we are very opportunistic on a share repurchase perspective. We'll try to be good stewards of your capital. Executives with Churchill Downs say elected officials, citizens, and other stakeholders urged them to build on the east end. Our new first turn experience is complete. A lobbying group affiliated with Pace-O-Matic spent a record amount on lobbying expenses, $483,324, in the three months of this past session lobbying against the gray machine ban bill that passed, House Bill 594. They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. Great. Bob Baffert Announces Lawsuit Against Churchill Downs Makes sense and something to look forward to. I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. Considering that Defendants could have faced significant damages if they were found liable in the underlying action, it is not entirely inconceivable that Defendants would give up their rights under trademark law. Second question would just be Richmond came up just kind of on the slate of -- it sounds like you got a couple referendum you're targeting in Virginia for this fall. WebSeating Chart at the Kentucky Derby. One of our thesis in investing to acquire P2E was that these properties were still on the early stages of their development and haven't reached maturity and in general, we see that. 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. CHURCHILL DOWNS INC General Counsel Salary | Salary.com It doesn't get implemented until the late summer. And so I follow that data personally very, very carefully. counsel So we have to look at the results as they come in. We also expect to enter into other market access arrangements in the near future. 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. Thank you. Currently, we expect this will happen in the second half of 2023. WebMr. The Cordish Companies today announced two key executive hires to Cordish Gaming Group, the gaming division of the Company. Counsel endobj Any cannibalization between that and Newport and how you look to grow that as well as the margin profile over time? 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. Apply to Associate Attorney, Counsel, Attorney and more! 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. Yes, there are challenges on labor. Certainly, there is competition coming online. JLL names Alan Tse general counsel Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. As general counsel, he was intimately involved in governmental affairs. William Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating With that, I'll turn the call back over to Bill so that he can open the call for questions. The Ninth Circuit reversed the dismissal of a purported class action against Churchill Downs alleging violations of Washington's Recovery of Money Lost (RMLGA) at Gambling Act and Consumer Protection Act, and unjust enrichment. Overall, we are very pleased with the results that our team has delivered in the first quarter, and we believe we are very well positioned to continue to grow through the remainder of 2023. What are you guys seeing across your businesses? So more to come and I think that's part of the reason I'm excited about the exact acquisition as well when we are able to close that over the rest of the year. When you have as many properties as we have, you might find an example of anything across that many properties. But all good, you'll see improvement every quarter. I'll unpack that one at a time. We read everything everybody else does as well. I want to start in Virginia. Camerons gubernatorial campaign manager Gus Herbert indicated the same. endobj Northeast Ohio Coal. 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. We have more work to do to make this a great Kentucky racetrack and are committed to doing so. 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. They employ Thank you. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. 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. The company's 2023 first quarter business results were released yesterday afternoon. 2 0 obj Churchill Downs But there's no cause for alarm here, things generally look pretty solid across the whole portfolio. 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. That's a really interesting question, and I think it's one that you'll see the answer play out over an extended period of time. Second, the proof of noncompliance is not clear and convincing, given the ambiguity of the Consent Decree. A court's inherent power to hold a party in civil contempt may be exercised only when (1) the order the party allegedly failed to comply with is clear and unambiguous, (2) the proof of noncompliance is clear and convincing, and (3) the party has not diligently attempted in a reasonable manner to comply. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. 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. Counsel DIG\ 8PMP8|&3WRb6MME$2-Hzu*(VQPU;Vp4Bh rL\;'J|ak+>_qW Np~lwA>WG7iuHu>{:NL:khHo@[7DTQ) .cRBE(7r $_ILnA/'s#.po_8a,u;Ferm+0)|cepk++%#R[q First, I want to touch on the Kentucky, the gray market. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. And every quarter is better than the last -- and I thought we showed great, great improvement between our opening last year and the first quarter of this year. These were popping up in bars and taverns and restaurants and convenience stores across the state. 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. Churchill Downs Names New General Counsel, Chief Development Thank you, Andrew. You are looking up Churchill Downs, Inc. customer care, so you probably already know who they are. We are nowhere near the end of the journey. There was a problem saving your notification. We used a portion of the proceeds from this bond offering to repay our term loan B that would have matured in December 2024. Sure. Contact: Darren Rogers Senior Director, Communications & Media Services Churchill Downs Racetrack (502) 636-4461 (office) (502) 345-1030 (mobile) 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. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- 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. Prior to joining Live Nation, Michael served as Senior Vice President, Ky. May. So there's still several steps here before the project could be realized, and we're on that path. Regarding project capital, we spent $123 million in the first quarter and continue to expect to spend between $575 million to $675 million in total for the year. %PDF-1.5 Is it kind of fair to assume that share repurchases will be kind of close to none until we get through most of these growth projects. See, e.g., Schachner v. Blue Cross and Blue Shield of Ohio, 77 F.3d 889, 893 (6th Cir. /-7dr!\S 8@n?Sh4>|z|,; +U,zSHs#W[ylU f@"` b\/z/-qKQlUox+Bt4}6]{}`aYj,3y$\iaR'uy\MhY[2sbTFy&?#2P[8GHR'>P7F3+H&qM`ded8,b="-MvJVHEs`T8TZc8a+PLl&dJ)/Lco7|X[Myc]_,.b=N 2iH)fg&dPcI^X Wo?>|o'nw\/C-?;}jn,-v~W:U*3}w 0uvb%G25@ p $=( L3C "s`XJ1S8KK`zX&n1!U{c.gNquW_$K'qxbu,7>ZZxw~MYg^{d`@muF#(LeEtWJ- l3 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. But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. 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. We also completed a $600 million bond offering this past week. We hope to achieve that. So we do see initial signs that FanDuel is investing and pushing horse racing and that others will as well. Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! The panel held that Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value." Summary. For most of that time, that Web site was replete with references to the "Kentucky Derby" and "Churchill Downs." David, yes, we can put these in our racetracks and also our HRM extensions. 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. Q1 2023 Churchill Downs Inc Earnings Call Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. Therefore, the terms of Sections I-C and I-D are in almost direct contradiction with one another. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. You can help! This is a one-of-a-kind entertainment venue that is itself the size of a small stadium with 5,300 covered stadium seats and an additional 2,000 reserved indoor dining seats with exclusive views of the horses and the racetrack from the rail on the first turn. ." Media Alert Thanks, Bill, and good morning, everyone. TwinSpires had a nice first quarter. So if one particular property feels pressure versus another because of competition, essentially, that's an opportunity to move product around the state. HRMs are a key strategic focus over the next 5 to 10 years for our company as we seek to expand our existing footprint. Our 6 HRM properties are performing as we expected, and in some cases, are exceeding our expectations. Ms. Beeding holds gaming licenses in several jurisdictions and is a member of the Mississippi Bar. They were unauthorized. for Homeless and Serv. General Counsel 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. 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. L We actually designed our facilities thinking that this may happen in Kentucky at some point. 2006). Obviously, there's a lot we could talk about and we do work on here. See Wash. Rev. Prior to joining Palmetto, Omar worked in various executive roles at Churchill Downs Incorporated. Churchill Downs claims that Defendants are violating a Consent Decree that the parties entered into on January 6, 2003. For the following reasons, the Court will deny both motions. 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. So the short answer is we're doing our thing. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. William Carstanjen | Executive Officers | Churchill Downs, You can see it's a very competitive project -- product. And now I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen. 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. Based on advanced reserve ticket sales and other metrics available at this time, we expect to deliver record Derby week results. 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. The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. Customer service. I feel really good about our margins and our ability to sustain and improve as we do the exact transaction. Their traffic impact analysis indicates all intersections maintain acceptable levels of service. This site is protected by reCAPTCHA and the Google. So more to come on that, but the market dynamics are -- we're the new guy in a developed market, and we have to convince the customers to try us and give us an opportunity to compete for their consumer dollar. CIVIL ACTION NO. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. Bradley Blackwell has been working as a Senior Vice President and General Counsel at Churchill Downs for 18 years. 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. 9|4O?K*YhDV}R%4>q}_?hz:$-9OoJ>gs|LtE}pl#<27eUmx+1C~3=^M*VjC^V UN6UVzcD2Ne} GG-5z=j;G=p So it started with Newport for us, followed by building out the full Turfway Park. In all, the PAC has raised $1.9 million total, mostly supported by the Concord Fund via $1.5 million in contributions. The Court begins with the Consent Decree itself. However, Section I-D of the Consent Decree introduces significant ambiguity into the document. See Summit County Democratic Cent. Churchill Downs' Waldrop Becomes Chief Lobbying Strategist Waldrop, who earned a law degree from the University of Kentucky in 1985, joined Churchill Downs as its general counsel in 1992. Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. Churchill Downs is part of the Gambling & <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 16 0 R 29 0 R 30 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Mr. Weinstein, who has announced his intent to retire in 2024, will work to ensure the smooth transition of all legal matters. So as a business model, we're very, very pleased and excited about HRMs. They were unregulated. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. Our team is also working hard to prepare for the opening of Derby City Gaming Downtown, our HRM entertainment venue in downtown Louisville set to open in the fourth quarter of 2023. wQ+4Fejh{col!DkD- G@m>];i3YxZ^. However, officials are monitoring supply issues - which could delay the project and raise costs. The area around Owensboro is the larger and more economically attractive market and thus our focus will be on that first from an HRM perspective. Neal Curtis has been working as a Corporate Counsel at Churchill Downs for 4 years. However, commission staff asked Churchill Downs to offer an update due to the importance of the change. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. Apply to Senior Counsel, Counsel, Associate Attorney and more! W{@]/`XyNfUh\sNsN.uzylq3u(grvNgS\:"o6x p^0`at*$ As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! 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. But right now, we're not really doing that because there isn't enough trend data to suggest that we need to. We expect to see our B2B business accelerate in the second quarter with the Kentucky Derby. 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. Bradley Blackwell - Senior Vice Pres.. - Churchill Downs | ZoomInfo Full title:CHURCHILL DOWNS INCORPORATED PLAINTIFF v. DOUG DEAREN and THOROUGHBRED, Court:United States District Court, W.D. She also has a certification in ICGIP Gaming Anti-Money Laundering Specialist. 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 fact, early ticket sales are already underway and selling nicely. They are considered to be part of the following sectors and industries: Consumer Discretionary, Consumer Services, Hotels, Restaurants & Leisure, Casinos & Gaming. We look forward to seeing you at the 149th Kentucky Derby on May 6 of this year. I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. Previously, Ms. Beeding worked for Gulfside Casino Partnership in Gulfport, MS, for 18 years where she handled all legal affairs for three privately owned casinos, the Island View Casino Resort, Copa Casino - Rick's Place and Copa Casino in Gulfport, MS. During her tenure, she held roles of Vice President and General Counsel for the Island View Casino Resort and Copa Casino - Rick's Place and General Counsel for Copa Casino. So we're very excited to see the first real milestone of that, though, around the Kentucky Derby. 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. 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." So this is the fifth license that the city of Richmond has awarded the partnership. Counsel I'll start this morning with a few insights on these financial results and then provide an update on capital management. The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. TERRE HAUTE, Ind. But it's -- I would leave it at this. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. And then separately, just on the HRM content side of things. 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 . Regarding our online operations. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. 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. Magazine; News; Contact; ABOUT. A big project, estimated at $185-200 million. This is the fifth and final full Class III license. First, the Consent Decree, as discussed above, was neither clear nor unambiguous. Sign up for our free summaries and get the latest delivered directly to you. The total cash 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. 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. We do this in other markets. This section implies that Defendants were actually giving up all of their rights to the use of the Marks, including any Fair Use under trademark law. It could mean that Defendant may not use Churchill Downs' Marks and Designs in any way except as permitted by law; that is, that fair use under trademark law would be allowed. Andy Beshear the Democrats presumed 2023 nominee and Craft. See EEOC v. Local 638, Local 28 of Sheet Metal Workers' Int'l Ass'n, 753 F.2d 1172, 1178 (2d Cir. WebChurchill Downs, Inc. is associated with terms like public, gambling & casinos, e-commerce, b2c, entertainment & recreation by their customers and industry analysts. The Cordish Companies' origins date back to 1910 and encompass four generations of privately-held, family ownership. 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. 2004). All online or virtual gambling is illegal in Washington. Brad Blackwell, Churchill Downs Incorporated: Profile and WebChief Executive Officer. During this call, we will present both GAAP and non-GAAP financial measures. General Counsel As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! The Consent Decree is in part ambiguous on its face and thus a temporary restraining order would be inappropriate.

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