The Richmond Resort Casino Evaluation Panel has recommended that the ONE Casino + Resort move forward as the city’s preferred casino gaming operator. The Evaluation Panel’s recommendation is supported by Richmond Mayor Levar Stoney.
“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.”
ONE Casino + Resort was proposed by Urban ONE in partnership with Peninsula Pacific Entertainment. Urban ONE is a publicly traded integrated media company. Peninsula Pacific Entertainment owns and operates several casinos and Rosie’s Gaming Emporiums in Virginia.
Mayor 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 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.”
The project is estimated to cost approximately $563 million and Urban One’s aggregate capital investment in RVA Entertainment Holdings, LLC (RVAEH) is anticipated to be up to approximately $100 million. The Company’s investment will be sourced from a combination of cash on Urban One’s balance sheet and/or capacity from the Company’s undrawn $50 million revolver. The Company also anticipates investment from local investors in the amount of $11.5 million dollars as well as a personal investment by Alfred C. Liggins, III the Company’s Chief Executive Officer.
The SEC Filing can be viewed Here.