Urban One Founder Voices Disappointment Over Funding of Richmond Casino Campaign
Urban One and Churchill Downs have combined forces this week, donating over $1 million to a political action committee promoting an upcoming casino project in Richmond.
This Richmond Wins, Vote Yes committee has previously received more than $8.42 million from these organizations. Churchill Downs contributed approximately $4.24 million, while Urban One chipped in $4.18 million.
The two companies are not holding back, giving an additional $1.06 million to the PAC last month. Churchill Downs contributed $899,269 of this total, with Urban One paying $168,714.
With these latest contributions, the companies have invested a total of nearly $9.5 million in the 2023 Richmond casino referendum. This is their second attempt in three years to persuade Richmond residents to support a casino development.
The 2021 voting effort, which was narrowly defeated, was spearheaded by Urban One. However, with their new partnership with Churchill Downs, formed after Urban One acquired Peninsula Pacific Entertainment, they are now at it again.
Recent polling suggests a very close outcome for this year's casino vote. In an attempt to swing the vote in their favor, Urban One and Churchill Downs have invested heavily in the Richmond Wins, Vote Yes campaign.
Money has been spent on advertising, both traditional and digital, and a recent block party to rally supporters. Additionally, the players have made available free Uber vouchers to residents who pledge to use them for transportation to the polls.
The opposition to the casino, known as the No Means No Casino committee, is getting support from the Family Foundation, a conservative, Christian organization. This group has raised less than $500,000, though their grassroots campaign seems to be gaining traction in wealthier neighborhoods on the northern side of the capital area.
Urban One founder Cathy Hughes, who has invested a staggering $4.25 million in the 2023 casino referendum, is less than thrilled with the expenditure. This amount is in addition to the $2.6 million the media company spent on the 2021 referendum.
Discussing the issue on 104.7FM’s Praise Richmond, which Urban One owns, Hughes expressed her displeasure at shelling out such a significant sum.
"God has blessed me with enough to build the Richmond Grand," she said. "But $10 million is what the final [campaign] bill looks like. Such a waste. I am so mad at this opposition. Do you know how much good I could have done with $10 million? I had to pay the lawyers, the accountants, and the lobbyists ... just to get the opportunity for you all to vote."
Hughes also dismissed concerns about the impact of the reported possible delisting of Urban One from The Nasdaq Stock Market.
"Even if they did de-list us, so what? That doesn’t affect our business. That doesn’t affect our work. That's just a status listing. Being listed on the Nasdaq just says that you are publicly traded. There is no appreciable benefit from having your name on the list," she stated.
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Source: www.casino.org
