Urban One’s second shot at its much-desired Richmond, VA casino has failed. As some wonder if the company’s casino plans are sunk, Urban One CEO Alfred Liggins has already revealed his contingency plan, including a likely city just 23 minutes from the originally planned site.
The second referendum on the Richmond Grand Resort & Casino saw a decisive outcome, with 61% of voters rejecting the $562 million proposal – a vast increase from the 51% against in 2021. This all comes despite Urban One’s partnering with Kentucky-based Churchill Downs Incorporated, intensive campaigning, and an estimated $10 million war chest.
News of the vote sent Urban One’s stock plummeting a sheer 38.94% by the closing bell, finishing at $3.45 just 24 hours after closing at $5.65.
This isn’t the end of Urban One’s aspirations. When asked by Richmond Times-Dispatch Editor Chris Coates about a potential failed vote in October, Liggins was frank: “This project will go somewhere else.” Where? The nearby town of Petersburg is the most likely candidate, name-dropped by Liggins in the interview. He also gave a warning: “Your residents, the 230,000 people who live in Richmond, will still probably make up 20-something percent of the customer base, but…you won’t get a dime of tax revenue.”
The City of Richmond projected that the 12-story Richmond Grand, previously named ONE Casino + Resort, would create 1,300 job opportunities and generate around $30 million in annual revenue for the city’s General Fund.
Liggins’ warning did nothing to phase casino opponents, including the No Means No Casino group led by former state Democratic Party Chair Paul Goldman. “The whole pro-casino side seem oblivious to the damage they have done to Richmond,” said Goldman in a victory statement. “It isn’t merely their failure to apologize to all the people individually singled out, but to our city as a whole, to our people as a whole. For the love of money, for personal gain, they are willing to turn their casino project into a wedge of division, to attempt to win by a divisive strategy serving only their selfish interests.”
Eleventh hour concerns about insensitive content aired on Urban One’s Richmond stations did not help the casino’s cause. On November 1, a host on 99.5 The Box (WXGI-AM) made headlines for antisemitic comments about Goldman. No Means No Casino also shared recordings divisive language from the Richmond Grand Casino Update show, which regularly aired on the cluster’s Praise 104.7 (WPZZ) with Urban One Board Chair Cathy Hughes.
Its was never about the casino that the No Means No group were opposed to . Richmond, VA has a segment of wealth white old money that’s hell bent on controlling the politics and economic development that comes with it. These are people who were afraid of this outside interest getting a footing on economic development in the city and luring other major players as well. Many developments that would make hospitality and entertainment tourism a boom for the city have failed due to that group. That is honest and true story behind the Goldman who failed to become a mayor along with a few others in that group are in a battle run the city but do very little to help the low income and working black and brown people .
I knew eventually Petersburg would get the Casino that are need the tax revenue. But it very they will mismanage the Richmond.
As for Richmond continues to lag behind SMH
The people of Richmond doesn’t see the big picture of how it would have been benefit for our city and the jobs it would have created. But they let Rosie that is doing nothing open up why they won’t let this come to life. I believe it not about the casino it’s about the people behind it
Yes I agree!!! Now where is that added revenue coming from?
Higher taxes that the lower income levels can’t handle.But the not in my back yards have plenty of money,so they don’t care.
Idiot Richmond City council and Stoney all should be fired. All their projects are a failure. It is their mismanagement that has hurt the city. Don’t blame the people who have spoken. Y’all shouldn’t have put some much faith in those city dumba$$@s officials. I would demand a refund if I was Urban One, starting with Stoney.
No. It’s not Stoney . But the pathetic business leadership and a dam university that won’t step the hell aside and allow some others to lead the way to really move the needle on making the city a boom for entertainment and hospitality tourism development. None of the No Means Mean No people who were behind the campaign are doing a dam thing to address the economic plight of the cities south side in the areas near the proposed development. All the bs about how the Casino would hurt the people . Yet not of these wealthy big shots are at work with an alternative plan . it’s now 2024 tow months later and not a peep from them about their ideas. A mayor isn’t the issue here . Richmond needs an overhaul of business leadership . Those business leaders behind the No means No weren’t concerned about gambling but the threat of another major business interest who would impact city politics and economic development that would no longer give them reigns over city subsidies . Interesting how the development wouldn’t cost the city tax payers because it was funded by developers . But the No means No are the same who are backing a city subsidies development in which the city will fork out well over $25million to a VCU for a piece land worth $7millon.