VP Finance

JOB SUMMARY: The Vice President of Finance leads all financial activity of Colonial Downs Group (CDG) including accounting, financial analysis, cash operations, revenue audit, purchasing and compliance. Manages the timely preparation and analysis of the financial results and establishes and maintains the necessary internal controls required to safeguard CDG’s assets, to ensure integrity and compliance with the Virginia Racing Commission and other State and Federal regulations, and to ensure that the financial results reflect established accounting and financial standards. Responsible for working with CDG leaders to manage maintenance and project capital and to obtain approvals, as necessary. Responsible for providing financial analysis and decision support to the CDG leadership team and corporate financial planning and analysis, as needed, related to CDG. Responsible for developing financial forecasts and actions to achieve the forecasts with the CDG leadership team.

ABOUT COLONIAL DOWNS GROUP

Colonial Downs Group (CDG) is owned and operated by Churchill Downs Incorporated and consists of several different brands across Virginia: Colonial Downs Racetrack, Rosie’s Gaming Emporium, Rosie’s Game Room, and Virginia Horseplay. CDG is an inclusive and fun place to work. We celebrate unique approaches and points of view. We believe diversity is a mindset that drives excellence. We’re always learning, evolving, and growing. We innovate through mutual respect of ideas and collaboration. This allows us to build a common language that inspires our team members and propels us toward the achievement of our vision.

ESSENTIAL DUTIES AND RESPONSIBILITIES

• Lead all financial activity of CDG including accounting, financial analysis, cash operations, revenue audit, purchasing and compliance.
• Manage the timely preparation and analysis of the financial results and establish and maintain the necessary internal controls required to safeguard CDG’s assets, to ensure integrity and compliance with the Virginia Racing Commission and other State and Federal regulations, and to ensure that the financial results reflect established accounting and financial standards.
• Responsible for working with CDG leaders to manage maintenance and project capital and to obtain approvals, as necessary.
• Responsible for providing financial analysis and decision support to the CDG leadership team and corporate financial planning and analysis, as needed, related to CDG.
• Review regulatory and compliance activities with the Vice President and Legal Department as needed.
• Ensure managers of Finance, Cash Operations, Purchasing, Compliance, and Accounting fulfill their required compliance and reporting duties and responsibilities in a timely, consistent, and efficient manner.
• Consult with management and/or legal counsel to ensure policies comply with local ordinances, state, and federal laws regarding gaming compliance matters.
• Oversee the revision, preparation, and dissemination of new and updated compliance standards and procedures.
• Keep all Internal Controls up to date and on file with regulatory authorities.
• Consults with outside agencies and consultants and makes prompt recommendations to management to prevent illegal activities from taking place at CDG.
• Coordinate, supervise, and support compliance-related programs, such as compliance training, compliance testing, and reporting, including that done by external auditors.
• Provide support and leadership direction to individuals reporting to this position in accordance with the organizational structure.
• Responsible for developing financial forecasts and actions to achieve the forecasts with the CDG leadership team.
• Oversee the development of creative assets, including advertising materials, promotional collateral, and digital content.
• Oversee all financial operations for the Historical Racing Machine facility, and racing operations, including:
  • Accounting,
  • Financial analysis,
  • Cash Operations,
  • Revenue Audit,
  • Purchasing
• Manages the timely preparation and analysis of the financial results.
• Reviews and analyzes monthly financial results and assists in the preparation of the consolidated internal reporting package for the property.
• Reviews and analyzes detailed results from the hotel and food & beverage operations to determine if pricing, utilization, and cost structure are properly established and maintained.
• Meets monthly with each business unit leader to review performance to budget and prior year.
• Challenges business units that are falling short of expected performance.
• Establishes and maintains the necessary internal controls.
• Develops, implements, and maintains accounting policies and procedures for financial operations including financial accounting and reporting.
• Develops, implements, and maintains strong internal controls over cash handling, revenue recognition, ordering and receipt of goods and other areas of the operation.
• Serves as the primary financial support for CDG. Provides financial information to the business unit leaders, assists with the preparation of various financial analyses and reports as the business unit heads participate in reviews during the year and coordinates the preparation of their annual operating plans.
• Develops financial forecasts and actions to achieve the forecasts with the CDG leadership team.
• Prepares short and long-term financial forecasts of financial performance for use with internal CDG and corporate management and external parties.
• Responsible for working with CDG leaders to analyze, forecast, and manage maintenance and project capital and to obtain approvals, as necessary.
• Coordinates and leads the annual strategic planning process including the coordination of the annual operating and capital budget. Challenges each property and business unit management team/leader to maximize business unit and property performance while minimizing costs. Creates activity-based budgets that can be easily tracked and monitored against actual performance.
• Assists with the preparation of ad-hoc reporting and other special reporting as needed by the management team. Develops conclusions and/or opinions based on analysis and is prepared to challenge the management team to make decisions that will improve the overall financial health of CDG.
• Identifies process improvement opportunities, including those related to automation using available technologies.
• Other tasks and duties as assigned.

REQUIRED SKILLS AND ABILITIES

• Demonstrated leadership and management abilities.
• Thorough knowledge of all accounting procedures and regulations as they apply to the state and the gaming industry.
• Understanding of corporate and property-specific policies and procedures. Knowledge of finance, accounting, budgeting, and cost control principles including Generally Accepted Accounting Principles.
• Knowledge of automated financial and accounting reporting systems.
• Ability to analyze financial data and prepare financial reports, statements, and projections.
• Working knowledge of short- and long-term budgeting and forecasting, rolling budgets, and product-line profitability analysis.
• Strategic and analytical thinker with a data-driven approach to decision-making and problem-solving.
• Ability to thrive in a fast-paced and dynamic environment, managing multiple projects simultaneously while meeting deadlines.
• Proficiency in Microsoft Office Suite.
• Excellent verbal and written communication as well as presentation skills.

EDUCATION AND EXPERIENCE

• Bachelor's degree in accounting or finance is required.
• Eight to ten years of experience in accounting, financial reporting, and analysis, with three years managing a financial department is required; other combinations of education and experience may be considered.
• General ledger experience is required.
• CPA preferred.
• Experience in a gaming or hospitality setting preferred.
• Must obtain valid gaming license, where applicable.
• Must have a valid driver's license with a minimum of three (3) years of experience.

#colonialdowns