We generated $204 million of free cash flow in the first quarter, up $79 million over the prior year, primarily as a result of the strong cash flow generated from our businesses. Is it kind of fair to assume that share repurchases will be kind of close to none until we get through most of these growth projects. JLL names Alan Tse general counsel Defendant Doug Dearen and Churchill Downs Assistant General Counsel Shawn Bailey corresponded several times over the next week as Dearen attempted to comply with Churchill Downs' requests, at least in part. General Counsel Terre Haute city and Vigo County leaders joined officials from Churchill Downs on Tuesday morning. Best way to get Churchill Downs, Inc. help. In deciding whether or not the requested injunctive relief is appropriate, the Court must consider four factors: "(1) whether the movant has a strong likelihood of success on the merits, (2) whether the movant would suffer irreparable injury absent a stay, (3) whether granting the stay would cause substantial harm to others, and (4) whether the public interest would be served by granting the [motion]." . Web10 General Counsel jobs available in Carwood, IN on Indeed.com. See EEOC v. Local 638, Local 28 of Sheet Metal Workers' Int'l Ass'n, 753 F.2d 1172, 1178 (2d Cir. 2018) The Ninth Circuit reversed the dismissal of a purported class action against Churchill Downs alleging The company's 2023 first quarter business results were released yesterday afternoon. So we have an approach. Good to hear. It's still ramping. Bradley Blackwell - Senior Vice Pres.. - Churchill Downs | ZoomInfo Counsel I think we were very, very pleased with the path we're on towards improvement. I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. lW{bToH9V'>YP8|J bnV`w=(*+_V]uu* Ru-Ts],HK(nI\wnMVoN\pFGQnv*%+#1crb_El+AXr+}:;l. Omar has a Juris Doctor from University of Kentucky College of Law and a BA in Economics from Vanderbilt University. R*_m0hyb##G>.$qW;f.p7"RXA3!R vj\~s`\_-t#JM}QAMChL 1@j6T{fIp!#-x6~.l^U#j=x_=$D/JCJggl~R~i!cT/A? All online or virtual gambling is illegal in Washington. After she finishes, we will take your questions. 502-636-4400. 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? 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. The remainder of the proceeds will be used for capital projects or for the Exacta transaction.And lastly, on Tuesday this week, our Board approved a 2-for-1 stock split and a corresponding proportionate increase to the authorized shares of the company. Ms. Beeding joins Howard Weinstein, who has served as General Counsel for the company since 2012. You can help! In summary, the first quarter was another great quarter for us with record financial results. CATHY BEEDING joins the team as Executive Vice President and General Counsel. Regarding our online operations. 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. O.P. Have we seen the labor and utility pressures kind of plateau? We believe the B2B expansion related to our horseracing technology and related services will provide a further enhancement to our adjusted EBITDA and margins in the coming quarters. Sure. 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. 3 0 obj 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. Marcia? Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States Description Industry Gambling & Gaming Recreation Therefore, the terms of Sections I-C and I-D are in almost direct contradiction with one another. 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. We will be permitted to have up to 9 retail locations and up to 8 online sports betting licenses that we can potentially monetize. Good morning, and welcome to our first quarter 2023 earnings conference call. Churchill Downs Incorporated Promotes Brad Blackwell to Senior Vice President and General Counsel. So what we disclosed last quarter in terms of timing for our projects and costs for those projects, we're still on course for that. Second, the proof of noncompliance is not clear and convincing, given the ambiguity of the Consent Decree. There already is competition that's come online in Virginia. In the last two years, Beshear and the Kentucky Democratic Party have received $140,000 from people tied to Churchill Downs, according to the Kentucky Lantern. You don't bet all these other sports. Hopefully achieve all the required approvals, hopefully, you then conduct a referendum and win the referendum and then the process to construct would start. These were popping up in bars and taverns and restaurants and convenience stores across the state. Overall, we are very excited about our progress towards this year's Kentucky Derby. Plaintiff's motion for contempt does not meet any of the three prongs enunciated supra. As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. They employ 4,500 people according to customers in the know. And on the subject of HRM facilities, one of the issues that comes up regularly with investors is the degree to which those HRM facilities can perform, right, whether an HRM machine, how it compares with the traditional regular slot machine, whether there's any noticeable difference in consumer spend or behaviors or any of those sorts of things? This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. That bill took a rocky path towards final passage, particularly in the House where a surprise motion to table held it up. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. CTTYYZJ&d\R8q,"9V$-Gf]y_KA'NQ~m+EeTP)oS*j;L;2v[+=bsD+ Churchill Downs We delivered record first quarter net revenue of $560 million and record adjusted EBITDA of $223 million. 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. r*RS Wv%j|E9qq0g_uF Marcia Ann Dall; Executive VP & CFO; Churchill Downs Incorporated, William C. Carstanjen; CEO & Director; Churchill Downs Incorporated, Barry Jonathan Jonas; Gaming Analyst ; Truist Securities, Inc., Research Division, Chad C. Beynon; Head of US Consumer, SVP and Senior Analyst; Macquarie Research, Daniel Brian Politzer; Senior Equity Analyst; Wells Fargo Securities, LLC, Research Division, David Brian Katz; MD and Senior Equity Analyst of Gaming, Lodging & Leisure; Jefferies LLC, Research Division, Jordan Maxwell Bender; Director & Equity Research Analyst; JMP Securities LLC, Research Division, Shaun Clisby Kelley; MD in Americas Equity Research & Research Analyst; BofA Securities, Research Division. But for the existing projects -- the existing properties that were already there and operational, that's been a breath of fresh air. Sign up for our free summaries and get the latest delivered directly to you. LOUISVILLE, Kentucky (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: We know you have the dividend in the fourth quarter as we think about capital allocation going forward? 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. So as a business model, we're very, very pleased and excited about HRMs. And now we have to go through the process to authorize the referendum or get the referendum authorized so that it can be conducted. The use of the "Kentucky Derby" and "Churchill Downs" words as descriptive phrases for over four years could well suggest Plaintiff's understanding that such use did not violate the intended meaning of the Consent Decree. CIVIL ACTION NO. 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. Churchill Downs, Inc. Phone Number | Call Now & Shortcut to Rep Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! There's been more concern, I think, across the market on the health of the consumer. Mr. Blackwell served as Vice President of Operations at Churchill Downs Incorporated from March 2015 to March 01, 2017. Sure, Dan. First, the Consent Decree, as discussed above, was neither clear nor unambiguous. 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. Makes sense and something to look forward to. I want to start in Virginia. UPDATE 2-JP Morgan to buy First Republic's assets and assume deposit base, JP Morgan to buy First Republic's assets and assume deposit base, Morgan Stanleys Wilson Says Hawkish Fed Surprise to Roil Stocks, Australian 7-Eleven franchise puts 700-store chain up for sale, UPDATE 1-Sudan conflict shows no sign of easing, Sudanese brace for more violence. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. All Churchill Downs, Inc. All good. Prior to the Consent Decree, counsel for Churchill Downs sent a letter to Defendants' former counsel dated April 17, 2002. We remain on course to complete the Paddock reimagination in time for the 150th Derby. We will kick off the Ellis Park race meet on Friday, July 7, after the end of the Churchill Downs Spring Meet. 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). 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. Current Wait: 4 mins (4m avg) Hours: 24 hours, 7 days; best time to call: 10:45am. Good morning, everyone. Or is it really just the same? Churchill Downs Names New General Counsel, Chief Development I would now like to hand the call back over to Chief Executive Officer, Bill Carstanjen for any closing remarks. Counsel Currently, we expect this will happen in the second half of 2023. So it was a developed competitive market. And our next question comes from the line of Shaun Kelley with Bank of America. 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. When you have as many properties as we have, you might find an example of anything across that many properties. The Concord Fund is a conservative dark money group that has attempted to reshape Americas courts. Got it. However, commission staff asked Churchill Downs to offer an update due to the importance of the change. endobj !%e iQR~gi( g$Z7')38+K&3(^C%fq4^10M!Cx6j:6Vl+*[sbr*-@ekt*P*JXBE+Dn0axf0[#O%pj _3r+Eg_w^moY/ 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. Kater v. Churchill Downs Inc., No. (Operator Instructions) As a reminder, this conference call is being recorded. We'll talk about that in more detail next quarter. 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. Got it. 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. In all, the PAC has raised $1.9 million total, mostly supported by the Concord Fund via $1.5 million in contributions. TERRE HAUTE, Ind. Code 9.46.0237. stream Where are we just in terms of the content journey? When we decide that we want to and you'll see us buy shares back opportunistically in the future as well. 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"). So we have to look at the results as they come in. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. So we will have 9 opportunities over time to deploy retail sports betting. We expect that it will improve all facilities out there that are licensed and regulated like ours, but to precisely quantify it, it's really hard because there was never an accurate count of the number of these things that were out there. And I'd say comparisons are always something that you have to give time to watch them to develop. But just as importantly, these were terrible for our industry. So initial signs prior to those events, I found encouraging but not the sort of thing that we should use this call to drill deeply into. Media Alert 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. These are the initial steps to unleash what we think would be a really fantastic project. When it comes to construction timing and cost, I don't have an update on the timing or cost versus what we disclosed in our first quarter press release last year. Link Handle Co. v. Wright, 429 S.W.2d 842, 847 (Ky. 1968). 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. So far, we've been really, really pleased with the P2E assets. But it's -- I would leave it at this. Executives with Churchill Downs say elected officials, citizens, and other stakeholders urged them to build on the east end. You can explore additional available newsletters here. 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. So if one particular property feels pressure versus another because of competition, essentially, that's an opportunity to move product around the state. The location is in a thriving commercial area. General Counsel Dennis Mullen said commission staff reviewed statutes and regulations and found the commission did not need to formally approve the location change. 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. They were unauthorized. 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. See Summit County Democratic Cent. 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'll do our best to process through that, to put ourselves in a position to conduct the referendum this year. Any insights into how to think about that relative to a Derby City or an Oak Grove?
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