churchill downs general counsel

r*RS Wv%j|E9qq0g_uF It's an area of significant strategic focus for us to think about how to improve the floors and what product is out there of various types that would help us shape the floor. 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. Leadership Team; Board of Directors; Corporate Social Responsibility; Third, even assuming that the Consent Decree means what the Plaintiff says it means, Defendants did actually make reasonable attempts to comply with Plaintiff's demands. Now that you've had some time owning the P2E assets, curious what you see as the upside case and how that maybe compares to when you initially underwrote the deal? Alternatively, it could mean that Defendants cannot use the Marks in any way that would mislead consumers into believing that Churchill Downs is affiliated with Defendants' businesses and activities except as permitted by law. With that, I'll turn the call over to Marcia, and then we will take your questions. So, so far, particularly FanDuel, I think they're showing a lot of interest and appetite. And that's a process that takes time in a competitive market. 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 . However, if the contract is ambiguous, parol evidence may be considered. WebMr. Apply to Senior Counsel, Counsel, Associate Attorney and more! 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"). 1 0 obj Further, Pace-o-Matic executives gave Camerons campaign personal contributions on March 27, just one day before filing the suit. Camerons campaign and Pace-o-Matic all deny any impropriety in the donation given to the states top attorney. Kentucky, at Louisville. Apply to Senior Counsel, Senior Corporate Counsel, Legal Assistant and more! Make your practice more effective and efficient with Casetexts legal research suite. While our focus is on hosting a special Kentucky Derby 149, we are also kicking off our year-long celebration in preparation for the 150th Kentucky Derby in May of 2024. LOUISVILLE, Kentucky (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: The 2023 Kentucky Derby is the 149th renewal of The Greatest Two Minutes in Sports. 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. Prior to the Consent Decree, counsel for Churchill Downs sent a letter to Defendants' former counsel dated April 17, 2002. 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. 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. And our next question comes from the line of David Katz with Jefferies. We actually designed our facilities thinking that this may happen in Kentucky at some point. We expect to see our B2B business accelerate in the second quarter with the Kentucky Derby. 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. WebMichael G. Rowles was appointed as Executive Vice President and General Counsel of Live Nation in March 2006. Executives with Churchill Downs say elected officials, citizens, and other stakeholders urged them to build on the east end. And our next question comes from the line of Chad Beynon with Macquarie. Plaintiff's motion for contempt does not meet any of the three prongs enunciated supra. 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. The panel held that the virtual chips extended the privilege of playing Big Fish Casino, and fell within Wash. Rev. It's working well. We haven't achieved that yet. We also were very encouraged to see early benefits of our decision to -- for the launch in the first quarter of our services to deliver racing content to FanDuel, DraftKings. Thanks, Chad. Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. And I would tell you that I think there are ways to further improve it, most with concentrated around the variety of product, getting more gains available to us. Jason Sauer, Senior Vice President of Corporate Development, said Churchill Downs hopes to break ground as early as late May. 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. We are extremely excited about this project. So as a business model, we're very, very pleased and excited about HRMs. 2004). Marcia? In all, the PAC has raised $1.9 million total, mostly supported by the Concord Fund via $1.5 million in contributions. The law takes effect in the late summer. And now we have to go through the process to authorize the referendum or get the referendum authorized so that it can be conducted. O.P. The Derby has run annually since 1875 through World Wars, recessions and even pandemics. 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. As Bill shared, we delivered record first quarter revenue and adjusted EBITDA. 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. 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. 502-636-4400. The panel held that Big Fish Casino constituted illegal gambling under Washington law because its virtual chips were a "thing of value." 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. There are 5 authorized licenses in the state of Virginia, 4 have been awarded. Makes sense and something to look forward to. Ryan Jordan, SeniorVice Presidentof Real Estate Development, told the Indiana Gaming Commission that the original plan called for a $240 million project, but based on other projects, they've updated that range to up to $260 million. 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. We look forward to seeing you at the 149th Kentucky Derby on May 6 of this year. I think as we've said in the past, Jordan, we are very opportunistic on a share repurchase perspective. We'll do our best to process through that, to put ourselves in a position to conduct the referendum this year. Thank you. 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]." As a reminder, we also have the Oak Grove HRM extension in our portfolio of potential longer-term development projects. 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. Therefore, the panel remanded for further proceedings. Second, regarding our TwinSpires horseracing business, our overall handle was higher in the first quarter than the prior year. % It's been quite a while for the people of Vigo County for this casino to get off the ground.". So it's a constant journey to make the product better. We are disciplined in our decisions regarding our long-term capital investments and sometimes that means taking additional time to determine the final location that will best meet our long-term return expectations and that is optimal for the communities in which we choose to invest significant time and capital to build long-term relationships. In 2023 campaigns, individuals tied to Churchill Downs have given large sums of money to incumbent Democratic Gov. Our Virginia properties contributed $98 million of net revenue and $47 million of adjusted EBITDA in the first quarter. Of course, this letter was prior to the Consent Decree and therefore its probative value is limited. 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. We utilized the proceeds from the Term Loan A financing to fully repay the outstanding balance on our credit facility. 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. So for everyone else on the call, during the first quarter, the Kentucky legislature passed new legislation that was signed by the governor banning the category of gaming machines that sort of euphemistically we refer to as gray games. We will kick off the Ellis Park race meet on Friday, July 7, after the end of the Churchill Downs Spring Meet. 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 This site is protected by reCAPTCHA and the Google. As Executive Vice President and General Counsel, Ms. Beeding is responsible for all legal, regulatory and compliance affairs, including oversight of all Live! Everyone, we really appreciate your interest in our company and your investment in our company. I think you'll see improvement over the next several quarters.

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