The City of Richmond may soon be a part of history, as the nation’s first black-owned casino is one step close to becoming reality. On Tuesday (July 25), a judge gave the go ahead for Urban ONE’s Casino project to return to the ballot November 7.
The entertainment and gaming venue will consist of a luxury hotel, a live entertainment venue and 55 acres of green space. Developers say it could bring 1,300 jobs to the area.
“We are ready to elevate our 20-year-plus relationship with Richmonders by presenting opportunities for real economic impact,” Alfred Liggins, CEO of Urban One, said in a statement. “We are proud of the service we continue to provide through various community and business partnerships and are talking to local leaders and citizens about the kinds of entertainment options, jobs, and community benefits they want to see included in this project. While this initiative will create 1,300 well-paying jobs and generate $30 million in annual revenue for the city, we are most excited about the investment it allows us to continue to make in the citizens of this great city.”
“I am excited to see the Virginia Lottery and the Richmond Circuit Court approve the referendum for a Richmond destination resort and entertainment venue that will provide 1,300 good-paying jobs and an estimated $30 million in annual revenue to tackle our community’s greatest needs,” Mayor Levar Stoney said in a statement Tuesday. “Richmond is experiencing record development and growth, and, with the addition of a destination resort, we will change the economic trajectory of South Side for years to come.”
This is the second time a proposal for the casino will be on the ballot. In 2021, the move to develop barely missed its mark, with 51% of Richmond voters saying no to the casino.
More from VirginiaBusiness.com:
Council members also voted to execute a host community agreement between the city and RVA Entertainment Holdings, as well as a community support agreement between the city, developer RVA Entertainment Holdings and Richmond VA Management LLC (the entity that would manage the casino). The latter agreement would fulfill a negotiated payout of $25.5 million to the city from the developer if the referendum passes this year, as well as a $1 million bonus payment from the developer to the city upon closing of the resort casino’s financing.
This is a developing story,
Richmond Casino Project Returning To November Ballot was originally published on ipowerrichmond.com
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