If all goes according to plan for Urban One, the City of Richmond will hold a November referendum and local voters will approve a new casino. Urban One’s proposal was chosen by the City to build that casino if it passes.
In a filing late last week, Urban One had to commit to a $26 million upfront payment to keep the ball rolling. If the referendum fails, the money will be refunded.
Back in May, The Richmond Resort Casino Evaluation Panel has recommended that the ONE Casino + Resort move forward as the city’s preferred casino gaming operator.
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 Urban One CEO Alfred Liggins.
