Signalling the casino proposal’s second rejection after it previously fell through with a 51 per cent vote against in 2021, the Richmond Grand Casino & Resort would have seen Urban One and Churchill Downs construct and operate the $1.3bn resort in the southside of the city. 

Witnessing the downfall of its second Richmond casino referendum, Richmond Wins, Vote Yes, responded:  “We are proud to have run a community-centred campaign to create more opportunities for residents of this great city to rise into the middle class. We are grateful to the thousands of Richmonders who voted for good jobs and a stronger city, especially those in Southside who poured their hearts into this project.”

While the proposal received a larger amount of votes against this time round, the campaigners had been eager to have the venue approved in hopes that a casino resort in the city’s south side would see the area benefit from economic growth. 

With Virginian casinos currently operating in Bristol, Portsmouth and Danville, Richmond’s Mayor Levar Stoney supported the declined project early, acknowledging the economic impact witnessed in Bristol after its Hard Rock casino opened in July 2022. 

Stoney stated: “I will continue to be a voice for communities that have been historically overlooked and underserved. I will work for more accessible and affordable child care, for good paying jobs, and for an abundance of opportunities for all Richmonders – no matter their zip code or socioeconomic status.”

In addition to those aforementioned Virginia locations, a fourth establishment is under construction in Norfolk. Each of these venues have been launched in response to the state’s General Assembly legalisation of land-based gaming in 2020. 

While many had planned for Richmond to be the latest destination for a casino resort, attention may turn to another area as plans for a third referendum become increasingly unlikely.  

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In November 2021, following an extensive selection process, the $565m One Casino + Resort, which was proposed by Urban One in partnership with Peninsula Pacific Entertainment, was defeated when a little over 51 per cent of voters chose to reject the proposal. PPE owns and operates several casinos, as well as Colonial Downs Racetrack and Rosie’s Gaming Emporiums in Virginia.   

However, hopes were resurrected earlier this year and the project passed through city council by a vote of 8-1, with November 2022 initially pencilled in for a public vote.   

Despite the city applying for and receiving a final court order allowing the referendum to move forward in the 2022 election, the recently passed Virginia state budget is said to have contained language that sought a delay to 2023.  

“We were disappointed with the introduction of the budget language, especially after both the House and Senate bills containing similar language were defeated in the General Assembly,” said Alfred Liggins, CEO of Urban One. 

“Despite strong legal arguments to support moving forward in 2022, we have asked our partner, the city of Richmond, to withdraw their petition for a November 2022 ballot referendum because we feel a long protracted legal dispute at this time does not best serve the citizens of Richmond or the state of Virginia.  We are now focused on winning the Richmond casino referendum in 2023.”

The proposal included plans to construct a sportsbook, 90,000 square feet of gaming, 150 hotel rooms, a 3,000 capacity theatre, 12 bars and restaurants, 20,000 square feet of event space, and a 50 plus acre green space initiative.

The group defeated fellow proposals from Cordish Companies, Bally’s, Golden Nugget, Wind Creek Hospitality, and Pamunkey Indian Tribe & Reservation to be the selected participant.

 “There is no doubt that Richmond is by far the best location for a project like this, with its central location, vibrancy and existing infrastructure,” said Cathy Hughes, Founder and Chairperson of Urban One. 

“I’m grateful for the outpouring of broad support that we have received from Richmond and look forward to getting back on the air to continue the dialogue about our shared vision for One Resort + Casino.”

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Local media report that the resolution to resurrect Urban One’s One Casino Resort passed through city council by a vote of 8-1, with the referendum potentially being included on a ballot during the current year.

In November 2021, Urban One accepted defeat in its quest to develop the $565m venue, after a referendum ended with a little over 51 per cent of voters choosing to dismiss the proposal.

As local media outlets report differing views on a potential second coming for the facility, city staff have also proposed a two-cent tax rate reduction.

This, it is said, would bring additional revenue of over $560m that could be utilised for capital improvement projects for Richmond public schools as well as the city itself.

While the proposals have to be vetted, further potential community benefits are stipulated as no city funding being required, influx of over 1,500 jobs, $16m to support local community organisations, and $325,000 to support transit mobility solutions.

“Our residents deserve tax relief and access to good jobs,” explained Mayor Levar Stoney. “They want public infrastructure improvements and more funding for school capital projects. 

“This project provides a unique opportunity to do just that. I know city council is committed to creating opportunities that uplift and support ALL Richmond residents, and I’m hopeful tonight’s vote affirms this shared commitment.”

One Casino + Resort, which defeated an array of fellow proposals, was proposed by Urban One in partnership with Peninsula Pacific Entertainment, which owns and operates several casinos, as well as Colonial Downs Racetrack and Rosie’s Gaming Emporiums in Virginia.   

This included a sportsbook, 90,000 square feet of gaming, 150 hotel rooms, a 3,000 capacity theatre, 12 bars and restaurants, 20,000 square feet of event space, and a 50 plus acre green space initiative.

“The One Casino + Resort opportunity makes sense for our entire community. Our residents should have the chance to change the narrative of their city and One Casino + Resort helps us do that,” added Councilwoman Leva Trammell.  

“Providing jobs and access is paramount to what we believe in doing in Richmond. With the One Casino + Resort, we can jumpstart careers, provide access and wealth-building opportunities for those who need them, create spaces for creativity, and provide new educational outlets. This is what inclusive development looks like – something for everyone.”

Patrons for the resolution include President Cynthia Newbille, Vice President Ellen Robertson, Councilman Michael Jones, Councilwoman Ann-Frances Lambert, and Councilman Andreas Addison, as well as Trammell and Stoney.

“Our city needs to explore opportunities that create new jobs, generate new revenues, and create new tourism destinations,” noted Addison.

“This is more than a casino, it’s a new privately funded entertainment district for music, arts, and other amenities in the heart of southside where more investment opportunities are needed. I support the democratic process to explore this project.”

The post Richmond revives Virginia’s rejected One Casino + Resort proposal appeared first on CasinoBeats.

Local media outlets report that this week’s referendum ended with a little over 51 per cent of voters choosing to reject the One Casino + Resort, which was proposed by Urban One in partnership with Peninsula Pacific Entertainment.

Urban One is a publicly traded integrated media company, while Peninsula Pacific Entertainment owns and operates several casinos, and Rosie’s Gaming Emporiums in Virginia.   

The company, which was selected as the preferred casino operator by Richmond’s casino evaluation panel in May, asserts that this represents “a huge missed opportunity” that would have provided the financial resources to “enrich the lives of its citizens”.

Richmond Mayor Levar Stoney, who has issued his backing for the project, is quoted as stating: “From the beginning, we said the people would decide. 

“They have spoken, and we must respect their decision. While I believe this was a $565m opportunity lost to create well-paying jobs, expand opportunity, keep taxes low and increase revenue to meet the needs of our growing city, I am proud of the transparent and public process we went through to listen to our residents and put this opportunity before our voters.”

Urban One had previously defeated an array of fellow proposals for the right to be the selected participant, including the Cordish Companies’ $600m Live! Casino & Hotel Richmond, after Bally’s Corporation’s $650m Bally’s Richmond Casino Resort, which were rejected in April.

This itself followed the field being halved in March, when Golden Nugget, Wind Creek Hospitality, and Pamunkey Indian Tribe & Reservation were named as those not advancing to the next round of consideration.

Alfred Liggins, Urban One CEO, commented: “While extremely disappointed, our entire Urban One family, my mother and business partner Cathy Hughes, and I accept the will of city of Richmond residents.

“For the last two years, we have worked so hard to build a large and inclusive tent with our One Casino + Resort project. We had a lot of loyal supporters and worked tirelessly on behalf of the project and for whom we will be eternally grateful.

“We ran a robust campaign and strongly believe this is a huge missed opportunity for Richmond residents to have a tourist attraction that would have provided the financial resources to improve schools and roads, as well as enrich the lives of its citizens. 

“Urban One has been a part of the fabric of Richmond for the last twenty two years, and we will continue our tradition of serving the community.”

Currently there are four proposed land-based casinos in Virginia, in Bristol, Norfolk, Portsmouth and Danville, the operating partners of which will be Hard Rock International, Pamunkey Indian Tribe, Rush Street Gaming, and Caesars, respectively. Each was approved in local referenda in November 2020.

The post Urban One accepts defeat in Richmond casino plan appeared first on CasinoBeats.

With this green-light, as well as the required nod from the Virginia Lottery having been secured, the city will proceed with petitioning the Circuit Court for a November 2 referendum on casino gaming in Richmond.

If the referendum is approved by Richmond voters, the $562m project, which beat off competition from numerous competing proposals, is scheduled to open in October 2024.

The project is estimated to generate over $500m in direct, indirect, and induced tax revenues and community benefits to Richmond over the first ten years of operation.

“I congratulate the city council for approving a resort casino Host Community Agreement that puts Richmonders first,” said Mayor Levar Stoney. 

“The action paves the way for city voters to have the final say at the ballot box to move this project forward in South Richmond. If approved, ONE Casino + Resort will create over 1,300 good paying jobs with benefits and generate an estimated $172m in new general fund revenue over the five years of the project. 

“Richmond needs both. Great new jobs for our residents and new revenue to help fund our priorities and keep taxes low for everyone.”

In may, the casino evaluation panel in Richmond recommended that the One Casino + Resort move forward as the region’s preferred casino gaming operator at the proposed site on Walmsley Boulevard in South Richmond.

Urban One was battling it out with the Cordish Companies’ $600m Live! Casino & Hotel Richmond for right to be the selected participant, after Bally’s Corporation’s $650m Bally’s Richmond Casino Resort was rejected in April.

This itself followed the field being halved in March, when Golden Nugget, Wind Creek Hospitality, and Pamunkey Indian Tribe & Reservation were named as those not advancing to the next round of consideration.

This was said to be due to factors such as lack of site control, concerns about the feasibility of financial projections, lack of organisational experience and/or deficiency of the proposal.

The post Richmond approves contract terms for One Casino appeared first on CasinoBeats.

Last month, the region’s casino evaluation panel recommended that the One Casino + Resort move forward as the region’s preferred casino gaming operator, as Urban One, which owns and operates 55 radio stations as well as the TV One network, edged out the Cordish Companies’ $600m Live! Casino & Hotel Richmond.

The evaluation panel, which was supported by Mayor Levar Stoney in its decision, said that its recommendation was based on factors including the project’s feasibility and sustainability, proposed location, economic development impact, financial revenue impact, and community benefits.  

One Casino + Resort was proposed by Urban One in partnership with Peninsula Pacific Entertainment, which owns and operates several casinos, as well as Colonial Downs Racetrack and Rosie’s Gaming Emporiums in Virginia.   

The proposal includes a sportsbook, 90,000 square feet of gaming, 150 hotel rooms, a 3,000 capacity theatre, 12 bars and restaurants, 20,000 square feet of event space, and a 50 plus acre green space initiative.

It is estimated that the project will $47m in total annual revenue for the city, in addition to 1,500 direct jobs with an average income of $45,000.

Following the approval of the city council, Alfred Liggins, Urban One CEO, explained: “One is extremely grateful and proud that Richmond city council has voted to move forward with a first-class casino and resort in Richmond’s Southside. 

“This project will be funded entirely with private investment and will generate millions of dollars in critically needed new tax revenue that can be used for schools, affordable housing, workforce development, infrastructure and other city priorities.

“This will be a transformational project for the city, attracting additional tourism revenue that will lift up all of Richmond and improve the quality of life for those who call this city home. 

“At the same time, One will create 1300 well-paying jobs with profit-sharing for employees and pathways to successful careers. We will also be true community partners, investing with non-profits and worthwhile causes across the city.

“We look forward to sharing our great story and the tremendous benefits of our proposal with Richmond voters in the months ahead in advance of the November referendum.”

As well as Cordish Companies, Urban One also beat off competition from Bally’s Corporation, Golden Nugget, Wind Creek Hospitality, and Pamunkey Indian Tribe & Reservation, to secure approval for the project.

The Virginian cities of Norfolk, Danville, Bristol and Portsmouth held referendums last week and subsequently gave the green-light to casino establishments, with operating partners selected on each of the developments being the Pamunkey Indian Tribe, Caesars Entertainment, Hard Rock International and Rush Street Gaming, respectively.

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Urban One was battling it out with the Cordish Companies’ $600m Live! Casino & Hotel Richmond for right to be the selected participant, after Bally’s Corporation’s $650m Bally’s Richmond Casino Resort was rejected in April.

This itself followed the field being halved in March, when Golden Nugget, Wind Creek Hospitality, and Pamunkey Indian Tribe & Reservation were named as those not advancing to the next round of consideration.

This was said to be due to factors such as lack of site control, concerns about the feasibility of financial projections, lack of organisational experience and/or deficiency of the proposal. 

One Casino + Resort was proposed by Urban One in partnership with Peninsula Pacific Entertainment. Urban One is a publicly traded integrated media company, while Peninsula Pacific Entertainment owns and operates several casinos, and Rosie’s Gaming Emporiums in Virginia.   

“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,” said Alfred Liggins, CEO of Urban One. 

“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 evaluation panel, which is supported by Mayor Levar Stoney in its decision, made its recommendation based on factors including the project’s feasibility and sustainability, proposed location, economic development impact, financial revenue impact, and community benefits.  

Stoney will introduce the proposed One Casino + Resort project to city council on Monday, May 24, 2021. Per legislation approved by the Virginia General Assembly, city council will be asked to petition the court so that a referendum on casino gaming in the city of Richmond can take place during the November 2, 2021 election. 

“One Casino + Resort presents a tremendous opportunity to develop a resort casino project in Richmond,” said Mayor 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.”

The post Richmond opts for Urban One over Cordish Companies in casino race appeared first on CasinoBeats.

The $650m Bally’s Richmond Casino Resort vowed to attract approximately 3.7 million visitors annually, generate $415m in annual total gross revenue, and $5.3bn in economic value over 10 years, as well as creating over 2,000 full-time jobs.

George Papanier, president and CEO of Bally’s, says he stands by a belief that “our bid was objectively the strongest,” but now looks forward to providing its online sports betting platform across Virginia under a recently awarded temporary sports wagering permit.

“We are the best operator to partner with the city on this endeavour and provided the largest financial package with the most economic benefit to RVA residents and business owners,” noted Papanier.

“We were deeply committed to this project, as well as to becoming a responsible neighbour and member of the Richmond community. Should the city reconsider its decision, we would be pleased to re-engage.”

Progressing to the next stage are Live! Casino & Hotel Richmond and One Casino + Resort, the former of which proposes a $600m casino entertainment resort which has committed to 50 per cent ownership in the project by local and minority investors.

“We thank the city of Richmond for continuing to recognise the strength of our proposal and its overall benefits to the city, its residents and visitors,” explained Zed Smith, chief operating officer of The Cordish Companies. 

“We are excited by the support we are receiving from residents, businesses and civic organizations throughout the city who believe it is a no brainer to focus the project in a district known for great dining and entertainment and easily accessible to the population base from both I-64 and I-95.  

“No gaming or development company in the country has our proven track record of building and operating the highest quality destinations over many decades.

“Every commitment, program and goal contained in our proposal has been successfully achieved time and again by us in other cities in the country and we pledge to bring the same excellence, high-quality standards and community-focused approach to Richmond. 

“We are confident Live! Richmond will be as successful as our other market leading projects throughout the US.”

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