churchill downs general counsel

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. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. Kentucky, at Louisville. Yes, there are challenges on labor. We are excited about these projects, and we'll share more details on our next earnings call.We will also discuss in more detail on the next call, our plans with respect to our 50-50 partnership with Urban One to pursue a full Class III casino in the city of Richmond, Virginia. All online or virtual gambling is illegal in Washington. 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. We have the right under Virginia law to open up to 3 additional HRM facilities with the number of HRM machines permissible in each, a function of the size and location of the community, subject to an overall cap of 5,000 machines across all of our facilities in the state. But all good, you'll see improvement every quarter. Good to hear. Good day, ladies and gentlemen, and welcome to the Churchill Downs Inc. 2023 First Quarter Earnings Conference Call. 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. So as a business model, we're very, very pleased and excited about HRMs. 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"). This is the fifth and final full Class III license. Last year, there was a 1-year delay in our ability to conduct a referendum in Richmond. endobj The company itself said that the suggestion that they might be trying to influence Cameron by contributing six figures to the PAC supporting him, Bluegrass Freedom Action, is reaching to connect dots when there are none., We plan to be working in Kentucky for years to come, therefore, like many organizations, we have made contributions to candidates that we believe fundamentally support Kentucky small businesses, veterans groups, and fraternal clubs (our customers), the company said in a statement. Our equity investments in Rivers and Miami Valley Gaming also delivered strong performances in first quarter compared to the prior year. <>/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>> wQ+4Fejh{col!DkD- G@m>];i3YxZ^. This is a 150-unit facility that remains on track to be completed in the third quarter of 2023. <> Executives with Churchill Downs say elected officials, citizens, and other stakeholders urged them to build on the east end. 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. 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 In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. We remain on course to complete the Paddock reimagination in time for the 150th Derby. Web8 In House Counsel jobs available in Carwood, IN on Indeed.com. But just as importantly, these were terrible for our industry. All Churchill Downs, Inc. So look out for Derby, look out for handle on the Derby this year. 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. WebChief Executive Officer. We are extremely excited about this project. 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. And it will be a nice bonus. There's always weather events from prior year or other things like that, that can affect them. So the state has taken steps through legislation to ban them. But one whose cost is dwarfed by expectations of something special, built in the heart of the racetrack. I would now like to introduce your host for today's conference, Mr. Phil Forbis, Vice President, Financial Planning and Analysis. Apply to Associate Attorney, Counsel, Attorney and more! (Operator Instructions) And our first question comes from the line of Barry Jonas with Truist. 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. Obviously, there's a lot we could talk about and we do work on here. I'll start this morning with a few insights on these financial results and then provide an update on capital management. And if you cannot join us in person, please be sure to watch the NBC broadcast beginning at noon Eastern Time. If you find the information on this site helpful, please share it- sharing is what has powered this consumer resource for over 15 years. In fact, early ticket sales are already underway and selling nicely. So we're happy to see them go. During this call, we will present both GAAP and non-GAAP financial measures. Also, we are making solid progress on our sale of New Hampshire HRM site plans, and we'll share more details on future earnings calls. 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. x]{o@XF :Mtg0]\uinyI=,80-M2y>Glg';O^rlYdif3"SybLJ&7~)zL,ybKdysVyR However, Section I-D of the Consent Decree introduces significant ambiguity into the document. We bring the advantage of being the only gaming on our side of the Ohio River, but it is a very competitive developed market. Our next question comes from the line of Dan Politzer with Wells Fargo. We read everything everybody else does as well. 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. ." 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. Further, Pace-o-Matic executives gave Camerons campaign personal contributions on March 27, just one day before filing the suit. Churchill Downs, Kentucky Derby, Kentucky Oaks, the twin spires design, and Churchill Downs Incorporated related trademarks are registered trademarks of /-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 The company has proposed moving its site from near Haute City Center to Margaret Avenue near Interstate 70. Waldrop, who earned a law degree from the University of Kentucky in 1985, joined Churchill Downs as its general counsel in 1992. 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. And then just a follow-up on Kentucky and HRMs, the Turfway Park, I think it's obviously a newer property. 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. This site is protected by reCAPTCHA and the Google. Although our top line declined primarily because of our decision to exit the direct online sports and casino business in 2022, our bottom line improved significantly. 1 0 obj 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. 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. The Court begins with the Consent Decree itself. 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. Summary. 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. We are nowhere near the end of the journey. And I guess, just going back to the hypothetical, if revenues and demand remain strong, are these margins that are sustainable at least for the year? They were unauthorized, unregulated and unmanaged by the state, and that's dangerous for a product like gaming. 9|4O?K*YhDV}R%4>q}_?hz:$-9OoJ>gs|LtE}pl#<27eUmx+1C~3=^M*VjC^V UN6UVzcD2Ne} GG-5z=j;G=p As a consequence, the parties entered into a Consent Decree which this Court signed on January 6, 2003. 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. And our next question comes from the line of David Katz with Jefferies. Andy Beshear the Democrats presumed 2023 nominee and Craft. You don't bet all these other sports. Regarding maintenance capital, we spent $12 million in the first quarter and continue to expect to spend $75 million to $95 million in total for the year. One of the most exciting developments will be the completion of the Paddock Project with breathtaking and unrestricted views of the TwinSpires, along with spectacular new seating and dining experiences. 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. The parties litigated the matter vigorously for several months before reaching a settlement. Under Kentucky law, extrinsic evidence may not vary the terms of an unambiguous contract. 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. And Marcia, it looks like share repurchases were somewhat minimal or none in the quarter. 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? And our next question comes from the line of Shaun Kelley with Bank of America. 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. The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. Email notifications are only sent once a day, and only if there are new matching items. Churchill Downs is part of the Gambling & Gaming industry, and located in Kentucky, United States. Make your practice more effective and efficient with Casetexts legal research suite. Ub%RUFi1I@Xb (M'lQV4,o==*4MbI*Z6JMR[ 5AzT 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. That's just a function of how Kentucky law works. endobj WebCall Churchill Downs, Inc. customer service faster with GetHuman. Really good question. 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. And then separately, just on the HRM content side of things. With that, I'll turn the call back over to Bill so that he can open the call for questions. W{@]/`XyNfUh\sNsN.uzylq3u(grvNgS\:"o6x p^0`at*$ Get free summaries of new Ninth Circuit US Court of Appeals opinions delivered to your inbox! 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

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