Turmoil continues to plague the Urban One/Churchill Downs casino campaign in Richmond. Or should the billing be reversed? That’s at the core of a brilliantly researched op-ed piece by Joshua Stanfield, who casts a gimlet eye over the project’s financials. Seems that Urban One and CHDN are soft-pedaling the Black-ownership angle in the current election campaign … and with good reason: African-American equity in the new project has gone from a near-total amount in 2021 to 47% this time around. Buried in a footnote on the official paperwork for Richmond Grand Casino & Resort is the disclosure that Urban One has $50 million in borrowing capacity to put toward the $562.5 million casino. Churchill Downs has $1.2 billion. Who’s likelier to end up with a majority stake?
Continue reading Churchill Downs under fire; MGM, Caesars sued