Urban One Wins License for Only Black Owned Casino in the Country

0
133

Urban One beat out two other finalists (The Cordish Companies, and Bally’s Corporation) for a license to open an enormous resort and casino in Richmond. Six casino bids were submitted in all. The city of Richmond made Urban One the official winner. Richmond’s Resort Casino Evaluation Panel chose Urban One and their blueprint “ONE Casino + Resort.” The cost of the project is an estimated $600 Million.

The move is brilliant considering other radio corporations are primarily focused on the digital realm and the One Casino + Resort will also be the only Black-owned casino in the country and a massive entertainment project. The project is looking at 100 acres of land off of I-95 next to the Philip Morris headquarters and will have a 250 room hotel, spa, 3000 capacity event center, 15 bars, and restaurants, a 100,000 square foot casino floor, a 55-acre park, and more.

Mayor Levar Stoney stated “The project will also create over 1000 good paying jobs and generate new revenue fo the city.”

Urban One has one small hurdle to get moving on the project and that is Richmond voters will now face a ballot referendum next fall with the project details. It will take a simple majority to back it and the casino will be authorized. 

The Cordish Companies announced today a historic achievement in providing opportunities for generational wealth building for Minority communities. The Company, along with its 50% Minority partnership team led by prominent Virginia businessman and Pro Football Hall of Fame legend, Bruce Smith, shared it has achieved $180 million in direct Minority investment for the proposed $600 million Live! Casino & Hotel Richmond resort.