There has been a new development for Urban One Inc.’s $562 million project in Richmond, VA.
The Washington Business Journal reports that the Black-owned media conglomerate, alongside its partner, Churchill Downs Inc., has given a new name to its casino — Richmond Grand Resort & Casino. Initially, it was named the One Casino + Resort.
Additionally, the new look of more modern architecture for the Richmond casino was unveiled, the outlet details. The changes have come around two years after the project didn’t get the green light from Richmond voters.
“The project has worked its way back to the ballot this year after surviving fierce opposition from some Virginia lawmakers and efforts to get nearby Petersburg a casino instead of Richmond,” the outlet explained. “More recently, it survived a challenge from a nonprofit that hosts charitable gaming nights at a local bingo hall.”
However, it is still set to approach a voter referendum in Richmond.
While updates have been made, Richmond Grand Resort & Casino still includes a 250-room hotel, a 3,000-seat concert venue, media production studios for Urban One, and a 55-acre public park.
Urban One Inc.’s project is claiming to bring in around 1,300 permanent jobs. Along with supporting people with employment, it estimates that it will make $30 million in annual tax revenue for Richmond as well as $16 million in charitable contributions over the next decade.
Back in 2021, Alfred Liggins, Urban One’s CEO, estimated that the casino could potentially rake in $100 million in new revenue for the company. According to the outlet, the company made $484.6 million in net revenue in 2022.
As previously reported by AFROTECH, Liggins aims for the casino to make history in the U.S.
“Our proposal is unparalleled and can not be matched,” Liggins said, per WRIC. “We would be creating the only black-owned casino in the United States of America. Perhaps more importantly, our project will be very diverse and inclusive.”
