Richmond chooses Urban One over Cordish Companies in casino race
A panel evaluating casinos in Richmond, Virginia, recommended that One Casino + Resort is expanding as the region's preferred casino gaming operator at a proposed site on Walmsley Boulevard in South Richmond.
Urban One fought with Cordish '$ 600 m Live coverage! Richmond Casino & Hotel o the right to be selected as a participant once the Bally's Corporation $
m Bally's Richmond Casino Resort was rejected in April.
The same followed a halving in March, when Golden Nugget, Wind Creek Hospitality, i Pamunkey Indian Tribe & Reservation were listed as having not progressed to the next round of consideration.
This is said to be due to factors such as lack of on-site inspections, concerns about the feasibility of financial projections , lack of organizational experience and/or proposal flaws.
One Casino + Resort was proposed by Urban One in partnership with Peninsula Pacific Entertainment. Urban One is a publicly traded media company, while Peninsula Pacific Entertainment owns and operates several casinos and Rosie's Gaming Emporiums in Virginia.
"One is thrilled that the Richmond Casino Selection Committee has chosen the best project with the best location and the best team to create 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 at a profit - providing workers with pathways to successful careers and generating significant new tax revenue that can improve Richmond 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 such as the feasibility and sustainability of the project, the proposed location, the impact on economic development, the impact on financial revenues and the benefits to the community.
Stoney will present the proposed One Casino + Resort project to the city council on Monday, May 24, 2021. Under legislation approved by the Virginia General Assembly, the city council will be asked to petition the court so that a referendum on casino gaming in the city of Richmond can hold a November 2, 2021 election.
"One Casino + Resort is a great opportunity to develop a casino project in Richmond," said Mayor Stoney. "The project will create more than 1,000 good-paying jobs, generate a significant amount of new revenue for the City and establish an additional engine in South Richmond.
"I appreciate the work of the evaluation team in reviewing the proposals and involving the entire city throughout this project. "