Panel Formally Recommends Urban One As Richmond Casino Operator

Urban One and Colonial Downs have been selected by the Resort Casino Evaluation Panel in Richmond to proceed as the city’s casino operator.

On Thursday, the selection was announced by Richmond officials. Subsequently, Richmond Mayor Levar Stoney expressed his support for the recommendation.

This week, only Urban One and The Cordish Cos. remained as the two contenders for the project, despite six groups initially submitting proposals.

The Urban One project, officially known as One Casino + Resort, is now in the hands of Richmond voters. They will determine its fate through a casino referendum on Election Day. If a simple majority votes in favor, Richmond will join four other Virginia cities that have already approved their own casino projects in 2020.

Urban One and Peninsula Pacific Entertainment, the parent company of Colonial Downs, will proceed with the approximately $600 million project if the referendum proves successful.

Why Urban One got the nod

Urban One, a media company based in Washington, DC, possesses four radio stations in Richmond. In order to effectively manage the casino aspect of the planned resort, Urban One will depend on Peninsula Pacific Entertainment (PPE). PPE is the owner of Colonial Downs racetrack in Virginia and oversees various historical horse racing (HHR) parlors known as Rosie’s Gaming Emporiums spread throughout the state.

The South Richmond area is where One Casino + Resort would be situated.

Prior to Thursday’s announcement, Urban One had been in the running alongside The Cordish Cos as a finalist. The proposed Live! Casino & Hotel Richmond, a $600 million resort, was intended to be situated on the 17-acre Movieland property in the Scott’s Addition neighborhood. Nevertheless, numerous local organizations voiced their opposition to Cordish’s chosen location and even went so far as to threaten legal action if it were ultimately selected.

Prior to rejecting The Cordish Cos., Richmond officials had previously dismissed proposals from:

• Pamunkey Indian Tribe
• Wind Creek Hospitality
• Hotels & Casinos of Golden Nugget
• Bally’s Corp.

Mayor Stoney stated:

ONE Casino + Resort offers a remarkable chance to establish a resort casino endeavor in Richmond. With the potential to create more than 1,000 well-compensated jobs, this project promises to bring in substantial new revenue for the city and establish an additional economic powerhouse in South Richmond. I commend the Evaluation Panel for their meticulous evaluation of the proposals and for involving the entire city in this project.

CEO Alfred Liggins reacts

The evaluation panel of Richmond took into account various factors when making its decision, as mentioned in the announcement.

• Feasibility and sustainability
• Proposed location
• Economic development impact
• Financial revenue impact
• Community benefits

Urban One CEO Alfred Liggins expressed his appreciation for the group’s diverse investors and emphasized the company’s dedication towards future employees in a celebratory statement.

Urban One is filled with excitement as the Richmond casino selection committee has opted for the top-notch project, which boasts the most ideal location and exceptional team to establish an outstanding entertainment hub in Richmond’s Southside. We, at Urban One, along with our varied group of local investors, are wholeheartedly dedicated to generating well-paying jobs that offer profit-sharing opportunities for employees, creating pathways to prosperous careers, and generating substantial new tax revenues that can enhance Richmond’s schools, fund community programs, and improve infrastructure.

Once the project is successfully realized, One Casino + Resort will proudly claim the title of being the first casino primarily owned by Black individuals since the late Don Barden established his influential gambling empire several decades ago.

Next steps for Urban One and Richmond

The project will be introduced by Richmond officials during a press conference scheduled for Monday, May 24.

The Richmond City Council will file a petition with the court, as mandated by the Virginia General Assembly, to enable the casino gaming referendum to occur on November 2nd during the upcoming election.

The ONE Casino + Resort is a sprawling resort spanning 300,000 square feet, offering:

• Gaming space spanning 100,000 square feet.
• There are a total of 5,600 job opportunities available in the construction and permanent full-time sectors.
• There are 50 minority investors and a 50% minority representation in employment.
• The city will receive a total of $100 million in upfront and recurring payments.
• Over the course of 10 years, there will be a total impact of $5.7 billion.

If the project is approved by voters, Richmond will become part of the group consisting of Bristol, Danville, Norfolk, and Portsmouth. These four cities exhibited strong support for casino gambling, with their respective casino-resorts scheduled to commence operations in late 2024 and 2024.