Urban One Casino ONE Step Closer
• The casino advisory panel for the city of Richmond, VA has recommended Urban One Inc.’s $600 million ONE Casino + Resort proposal to move forward for consideration by City Council and citizens.
If approved by the Council, and voters support it in a November referendum, the resort will be the first casino under Black ownership in the country. According to Virginia Business, the proposed ONE Casino + Resort will be built on 100 acres owned by Altria Group Inc. on the city’s South Side, near Interstate 95. For this project, Urban One’s first casino, it has partnered with Peninsula Pacific Entertainment, owner of Colonial Downs Group and the Rosie’s Gaming Emporium franchise.
“ONE Casino + Resort presents a tremendous opportunity to develop a resort casino project in Richmond,” said Richmond Mayor Levar Stoney. “The project will create over 1,000 good paying jobs, generate a significant amount of new revenue for the city, and establish an additional economic engine in South Richmond. I applaud the work of the evaluation panel in their vetting of the proposals and engaging the entire city throughout this project.”
In a statement, Urban One CEO Alfred Liggins said, “ONE is thrilled the Richmond casino selection committee has chosen the best project with the best location and best team to develop a world-class entertainment destination in Richmond’s South Side. Urban One and our diverse group of local investors are fully committed to creating good-paying jobs with profit-sharing for employees, pathways to successful careers and generating significant new tax revenues that can improve Richmond’s schools and fund community programs and infrastructure.”
The proposal will now go to the Richmond City Council on Monday, May 24, where councilors will vote by June on whether to approved the proposed casino and its operator. If Council approves the proposal, the casino’s fate will be decided by voters in a Nov. 2 referendum. If it does receive the green light from voters, the casino will still need to meet requirements of the Virginia Lottery, the state agency tasked with regulating casinos and gaming in the commonwealth.
• News of the casino’s successful first step was very good news for Urban One’s stock on Thursday — shares of “UONE” rocketed up 59% to close at $9.56.
