Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. A big project, estimated at $185-200 million. 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. At this point, we'd like to take any questions that you have for us. PACs like Bluegrass Freedom Action and the campaigns they support are barred by state law from coordinating, a subject that drew the attention of the Kentucky Registry of Finance when a finance report for a PAC supporting fellow GOP gubernatorial candidate Kelly Craft showed that her husband Joe Craft had contributed $1.5 million. 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. Churchill Downs Churchill Downs Incorporated The press release and Form 10-Q are available on our website at churchilldownsincorporated.com. This is a separate opportunity from our HRM operations in the state. 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. Therefore, the panel remanded for further proceedings. Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. Luttrell v. Cooper Industries, Inc., 60 F.Supp.2d 629, 631 (E.D. Any insights into how to think about that relative to a Derby City or an Oak Grove? There's nothing to report or dig deeper into at this time. Among other things, it alleged that Defendants misappropriated Plaintiff's season ticket holder list and used it for ticket-scalping purposes. 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. Churchill Downs Names New General Counsel, Chief Development Andy Beshear the Democrats presumed 2023 nominee and Craft. We're on a pathway to do that. And we're on a path. So Indiana and Ohio has had gaming in that market for many years. Kentucky, at Louisville. The Cordish Companies today announced two key executive hires to Cordish Gaming Group, the gaming division of the Company. counsel See EEOC v. Local 638, Local 28 of Sheet Metal Workers' Int'l Ass'n, 753 F.2d 1172, 1178 (2d Cir. See, e.g., Schachner v. Blue Cross and Blue Shield of Ohio, 77 F.3d 889, 893 (6th Cir. I wanted to go back to an issue and I apologize if this sort of came out in the remarks. v. Blackwell, 388 F.3d 547, 553 (6th Cir. Thanks, Phil. R*_m0hyb##G>.$qW;f.p7"RXA3!R vj\~s`\_-t#JM}QAMChL 1@j6T{fIp!#-x6~.l^U#j=x_=$D/JCJggl~R~i!cT/A? Based on advanced reserve ticket sales and other metrics available at this time, we expect to deliver record Derby week results. 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. 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. I'll start this morning with a few insights on these financial results and then provide an update on capital management. Are there still opportunities to kind of improve the floor, whether it's diversification or overall content, obviously, understanding that the exact acquisition is pending. General Counsel Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. Full title:CHURCHILL DOWNS INCORPORATED PLAINTIFF v. DOUG DEAREN and THOROUGHBRED, Court:United States District Court, W.D. So as a business model, we're very, very pleased and excited about HRMs. %PDF-1.5 Unlike the last (Attorney General) Andy Beshear, he has defended Kentuckys laws, not attacked them. 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. We have positioned our company for strong growth for years to come with the ongoing investments in the Kentucky Derby, the acquisition of the P2E assets, including the existing operational properties and our Virginia growth projects, our Terra Haute project in Indiana, our Salem, New Hampshire HRM project and other Kentucky HRM projects and the pending acquisition of Exacta Systems, which will greatly improve our Virginia, New Hampshire and Kentucky capabilities, all of which we expect to drive a material increase in adjusted EBITDA and free cash flow in the coming years. 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. Should we expect to see or possibly see something a little bit more material in terms of contribution coming through with the Derby? Churchill Downs' Waldrop Becomes Chief Lobbying Strategist Chad Riney William Carstanjen | Executive Officers | Churchill Downs, stream Our new first turn experience is complete. I think you'll see improvement over the next several quarters. I think in the first quarter, we were pleased with the consumer trends that we saw across our properties. Regarding our Gaming business, we realized significant contributions from the addition of the New York and Iowa properties acquired in the P2E Transaction. Easy Apply Manage due diligence, financial modeling, and feasibility analysis of potential corporate development transactions. 30d+ Humana 3.9 Senior Counsel - Provider Agreements/Contracts Louisville, KY Churchill Downs Ozair Shariff Current Workplace Ozair Shariff has been working as a Corporate Counsel at Churchill Downs for 2 years. The Consent Decree is in part ambiguous on its face and thus a temporary restraining order would be inappropriate. Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. Our next question comes from the line of Dan Politzer with Wells Fargo. Turning to capital management. LOUISVILLE, Ky., March 01, 2017 (GLOBE NEWSWIRE) -- 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. We haven't achieved that yet. That includes Churchill Downs Inc.s massive donations to members of the legislature and other politicians, noted a statement from the company. Wondering if you could just dig into that a little bit more. A copy of this release announcing results and other financial and statistical information about the period to be presented in this conference call, including information required by Regulation G, is available at the section of the company's website titled, News, located at churchilldownsincorporated.com as well as in the website's Investors section. So I believe you said outside of Florida and Pennsylvania margins were very strong. Thank you for participating, and you may now disconnect. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. But there's still a pretty healthy product map and road map for what we want to see happen in terms of HRM product on our floor and our manufacturers, I think, get the attractiveness of HRMs for their business model, the ability to sell us machines and make a return on our HRM floors. 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. 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. For the following reasons, the Court will deny both motions. LOUISVILLE, Ky. (Wednesday, March 1, 2017) Churchill Downs I'll unpack that one at a time. Executive Leadership Crafts brother, Marc Guilfoil, was a longtime employee of the Kentucky Horse Racing Commission and worked as executive director there for six years until mid-2022. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! Customer service. CHURCHILL DOWNS INC General Counsel Salary | Salary.com /-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 So the short answer is we're doing our thing. There's been more concern, I think, across the market on the health of the consumer. But it helps to get an idea of how big they are and what their support operation looks like if you are a customer. x]{o@XF :Mtg0]\uinyI=,80-M2y>Glg';O^rlYdif3"SybLJ&7~)zL,ybKdysVyR WebWilliam Bill C. Carstanjen was named the Companys 12th Chief Executive Officer in August 2014 after serving as CDIs President and Chief Operating Officer (2011 2014), CDIs Chief Operating Officer (2008-2011) and as Executive Vice President, General Counsel and Chief Development Officer for the Company (2005-2008). On April 5, 2007, Churchill Downs sent a letter to Defendants, stating that Churchill Downs was aware of the use of these Marks on the www.derbybox.com Web site, that Defendants could not use the Marks without permission, and that Defendants were violating the Consent Decree. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. So it's a constant journey to make the product better. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. With that, I'll turn the call back over to Bill so that he can open the call for questions. We have made numerous improvements at Ellis Park to enhance the racing experience for our customers and improve safety and environmental compliance at the property. 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. 1 0 obj Churchill Downs, Inc. Phone Number | Call Now & Shortcut to Rep General Cameron has always been a staunch advocate of defending the laws passed by the General assembly. When we decide that we want to and you'll see us buy shares back opportunistically in the future as well. Home | 2023 Kentucky Derby & Oaks | May 5 and May 6, 2023 As a consequence, the parties entered into a Consent Decree which this Court signed on January 6, 2003. And we look at Turfway and Newport as one combined product offering. 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. Ultimately, our real challenge in the State of Virginia is the number of machines we have and we have 10 places we can move those machines around based on the competitive environment. With that, I'll turn the call over to Marcia, and then we will take your questions. Code 9.46.0285s definition of a thing of value. The panel concluded that Big Fish Casino fell within Washingtons definition of an illegal gambling game. Churchill Downs, Inc. customer service We will issue a press release after the Derby with all of the details. Thanks, Chad. O.P. The new paddock will 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. 1996). So we've already built the sports bars and we'll put in the kiosks, refine the customer offering. United States District Court, W.D. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. We will kick off the Ellis Park race meet on Friday, July 7, after the end of the Churchill Downs Spring Meet. It could mean one of two things. 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. As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. Prior to joining Live Nation, Michael served as Senior Vice President, Obviously, there's a lot we could talk about and we do work on here. GetHuman's relationship is with consumers and not with Churchill Downs, Inc. or organizations like it. But we're not where we're going to be over the long term yet. If we did see these things developing in our operations, then we move to plans where we tighten up the cost structure and tighten up the operations in order to best maintain our margins. 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 Mr. Weinstein, who has announced his intent to retire in 2024, will work to ensure the smooth transition of all legal matters.