In February, Urban One had partnered with Peninsula Pacific Entertainment to develop a $517 million proposal for a casino in Richmond, Virginia. Just a few months later, it appears that the two parties are one step closer to opening the nation's only Black-owned casino. The city of Richmond has recommended that the $517 million proposal advance to a referendum. If all goes according to plan, Richmond residents will have the opportunity to vote for or against Urban One's proposal on Election Day.
“ONE Casino + Resort presents a tremendous opportunity to develop a resort casino project in Richmond,” Richmond Mayor Levar Stoney said.
“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.”
Urban One and Peninsula Pacific Entertainment have high hopes for the ONE Casino + Resort. If approved, the venue would include a 30,000 seat entertainment venue, 150 hotel rooms, lounges and restaurants. The complex would also feature an outdoor recreational facility.
“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 Southside,” Urban One CEO Alfred Liggins said.
“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.”
Stoney is supposed to formally introduce the proposal on May 24. One day later, there is set to be a public hearing regarding the matter.