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. 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. Best way to get Churchill Downs, Inc. help. We do this in other markets. 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. There already is competition that's come online in Virginia. A group tied to the industry, Louisvilles Churchill Downs in particular, spent $348,263 this legislative session to lobby for passage of House Bill 594, according to the Kentucky Legislative Ethics Commission. Omar Amin is the President, Corporate, Chief Development Officer, and General Counsel at Palmetto responsible for the Companys mergers, acquisitions and fundraising efforts, along with overseeing all the legal matters including corporate governance, intellectual property and compliance of Palmetto. CIVIL ACTION NO. WebBrad Blackwell is Exec VP/General Counsel at Churchill Downs Incorporated. So this year, we're working towards authorization by the city to conduct the referendum. You don't bet all these other sports. Sure, Dan. The stock split reflects their belief and ours and the long-term growth potential of our company. GetHuman provides free tools and information to consumers that allow them to share their customer experiences and tips with each other for how to contact companies faster and how to solve common problems. Apply to Senior Counsel, Associate General Counsel, Senior Corporate Counsel and more! You can explore additional available newsletters here. 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. The grant or denial of a temporary restraining order and preliminary injunction is discretionary with the Court. We're on a pathway to do that. We're not seeing material changes that we have to respond to. See Summit County Democratic Cent. We will kick off the Ellis Park race meet on Friday, July 7, after the end of the Churchill Downs Spring Meet. Among other things, it alleged that Defendants misappropriated Plaintiff's season ticket holder list and used it for ticket-scalping purposes. The construction is proceeding according to our schedule, and we expect the first phase of the project with 1,150 HRMs and an approximately 100-room hotels to be opened in the second quarter of 2024. Web17 Legal Counsel jobs available in Carwood, IN on Indeed.com. 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. 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 Obviously, there's a lot we could talk about and we do work on here. The Consent Decree is in part ambiguous on its face and thus a temporary restraining order would be inappropriate. During this call, we will present both GAAP and non-GAAP financial measures. Laurel Durham has been working as a Vice President Associate General Counsel at Churchill Downs for 7 years. Marcia? They were unregulated. endobj Camerons gubernatorial campaign manager Gus Herbert indicated the same. 1985), aff'd, 478 U.S. 421 (1986). And now I'll turn the call over to our Chief Executive Officer, Mr. Bill Carstanjen. There was a casino opening there during the quarter and your margins were flat or really unimpacted kind of quarter-over-quarter. CATHY BEEDING joins the team as Executive Vice President and General Counsel. (WTHI) - Churchill Downs is moving forward with its plans for a casino on the east side of Terre Haute. There's always weather events from prior year or other things like that, that can affect them. Churchill Downs Location 600 N Hurstbourne Pkwy Ste 400, Louisville, Kentucky, 40222, United States At the end of first quarter, our bank covenant net leverage was 3.9x. So I believe you said outside of Florida and Pennsylvania margins were very strong. 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. Just kind of how to think about that relationship? I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. 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. The Court begins with the Consent Decree itself. The panel held that plaintiff Cheryl Kater stated a cause of action under Recovery of Money Lost at Gambling Act where she alleged that she lost over $1,000 worth of virtual chips while playing Big Fish Casino, and she could recover the value of those lost chips from Churchill Downs, as, Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value.". Ky. 1998). 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? Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. 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. Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. Unlike the last (Attorney General) Andy Beshear, he has defended Kentuckys laws, not attacked them. This performance is prior to any material improvements to the gaming floors at these properties that we expect to realize in the future. Live odds, betting, horse bios, travel info, tickets, news, and updates from Churchill Downs Race Track. And we're on a path. 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. 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. Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! 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. 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. Thanks for that update. Craft received $46,000 total from 30 people tied to Churchill Downs this year. 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. And if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. We believe our retail sports books helped to drive additional traffic to our properties in other states and will further help to grow our HRM properties across Kentucky. 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. I think you'll see improvement over the next several quarters. Recently, there was some legislation there that cracked down on this. 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 . 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. 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. 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. Our capital projects to grow the scale and profitability of the Kentucky Derby will be supported by our continued ramp-up of sales efforts across the country as well as a more focused and strategic sales process in numerous foreign markets. And now we have to go through the process to authorize the referendum or get the referendum authorized so that it can be conducted. Summary. But I've been around doing this for a long time. So we will follow the strategies we've followed in our other markets around our sports bars. Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. It's still ramping. And our next question comes from the line of David Katz with Jefferies. Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! Hopefully achieve all the required approvals, hopefully, you then conduct a referendum and win the referendum and then the process to construct would start. All Churchill Downs, Inc. Never a guarantee that you get to the finish line, but so far, everything is going well, and we'll proceed down this path over the second and third quarter. Or is it really just the same?

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