Two months after the company divested its stakes in the MGM National Harbor casino, Urban One is pushing forward on its own ONE Casino + Resort in Richmond, VA. With the $136.8 million sale, the company had been doubling its focus on approval after the Virginia State Senate Finance and Appropriations Committee’s rejected a casino referendum bill.
According to an SEC filing, RVA Entertainment Holdings, LLC, entered into a Resort Casino Host Community Agreement with the City of Richmond, Virginia on June 13. RVA is a 50/50 partnership of Urban One and Churchill Downs Incorporated.
The agreement designates Urban One as the preferred casino gaming operator for the City, pending certification by the Virginia Lottery Department and a local referendum on the ballot in November. The project narrowly lost in a previous referendum by less than 1200 votes, due to opposition from local Democratic legislator Paul Goldman.
The City of Richmond projects ONE Casino + Resort’s $562 million, 12-story luxury hotel would create 1,300 job opportunities and generate around $30 million in annual revenue for the city’s General Fund.
