Operator: [Operator Instructions] We’ll go next to the line of Bradd Kern, a private investor. Go ahead.
Bradd Kern: Hi. Thanks for taking the call and appreciate all the information today. First one is on the Richmond casino. What’s the likelihood in your view of a favorable vote? Are you doing any polling yourselves or tracking any sort of local polling that you can maybe give us some color on and what work are you doing to improve local sentiment for the project among likely voters, in addition on the casino? It’s a 50-half partnership. Who’s going to be controlling that — the decisions should you decide, I think it has your name on it, so who are you — who’s going to be making the decisions when you get down to the tough ones?
Alfred C. Liggins: Yeah, there’ll be joint decisions. If we disagree, there’s dispute resolution mechanism. But we’re fifty-fifty partners and we got to agree. Otherwise, we go to our dispute resolution mechanism. We’ve got a fifty-fifty shot, the referendum, we lost it 50.85 to 49.15. Sentiment continues to be divided in the City. And we got to do a better job of telling voters how the money that the casino will generate is going to be spent. We didn’t do that last time. We got to work with the City on that’s not our unilateral call. I think that we’ve got to articulate the other aspects of the resort, not just the casino part, their entertainment vehicle. We got to do a better job of getting out our voters. But it’s fifty-fifty.
I’ve always said that people should look at our company as a baseline and decide whether or not they’re comfortable with our existing operations and in our balance sheet and look at the casino as upside, like gravy. And so that’s where we sit.
Bradd Kern: Okay. That’s helpful. And what — assuming that is approved, what do you anticipate the payback will be on the casino and sort of for modeling purposes in terms of number of cables and slots and gross gaming revenue across each of those? Are there some preliminary figures you can throw out? [indiscernible]
Peter D. Thompson: You should assume that the gaming revenue, this is — the state has its own gaming analysis for each of the proposed casino licenses of five different jurisdictions. The one for Richmond, Virginia is a little better than $300 million of gaming revenue a year. And you can probably operate better than a 30% margin on that. So assuming that the property would do $100 million of EBITDA, if not better. But as a minimum, I think you should assume it’s $100 million, it could do better.
Bradd Kern: Okay, that’s really helpful. And then on the radio and TV side, are you seeing — do you anticipate any potential slowdown in appetite for DEI advertising, particularly given the affirmative action ruling, what are you hearing from your advertising partners at the point?
Alfred C. Liggins: Everybody’s asking that question. And so my general gut is that if the political climate changes significantly in the country, that sort of progressive and inclusionary politics will take a hit. However, I believe that many of the corporations that have committed to D&I efforts, believe in it and are doing it because it’s good business in today’s world. I mean one of the things that you cannot run from is the changing face of America. That’s just what’s happening. Black and brown and now Asian populations are growing at a considerably faster clip than the traditional Caucasian population. And that’s not a race war, that’s just the economics of the country, right? And so there will be different consumption patterns for those populations and different types of consumption for media and how you communicate with them and talk to them et cetera.
