Charlotte knows how to pick its partners.
First, official Uptown real estate development partner NASCAR hooked up with a Scientology-sponsored race car. Now, the city’s other billionaire partner, Robert Johnson, is trying to get into the casino business. Johnson is a principal in a $350 million bid to secure one of Philadelphia’s new gambling parlor licenses.
Johnson told Pennsylvania gaming officials he’ll spin off part of his casino investment to his good buddy and Bobcat hoops czar Michael Jordan.
Johnson is also trotting out his market-to-the-African-American community spiel:
Johnson told the board that he would make sure his partners lived up to their promises regarding diversity and minority opportunities. He also said his connections in entertainment and sports would bring cachet to the project.
“I look at this as an opportunity for an African American to be involved in a gaming business in which a large portion of the customers will be African Americans,” Johnson said.
Daniel R. Lee, chairman and CEO of Pinnacle Entertainment, said that the company had been working on an agreement with Johnson for months, and that Johnson’s commitment of $35 million in equity was proof of his seriousness.
Two points: Johnson has already had to pull back from his hip-hop marketing plans for the Bobcats, much less of a niche product than slot machines. And that $35 million is $35 million that Johnson could have spent on his own Uptown arena.