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Urban One's casino pitch among final contenders in Richmond

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  Richmond’s list of contenders for a new casino is down to two — and Silver Spring media company Urban One Inc. (NASDAQ: ONE) remains in the running. Virginia’s capital city removed a proposal from Bally’s Corp. (NYSE: ABLY) from its list of contenders on Wednesday because of “concerns about site access, environmental factors, and required approvals from non city entities that may not be granted or extend the project timeline,” according to a statement from Leonard Sledge, director of Richmond’s Department of Economic Development. According to the Richmond Times-Dispatch, the Rhode Island-based company’s $650 million pitch for a section of northeast Richmond faced several weeks of public protests about traffic, public safety and the recent discovery of graves of enslaved and freed Black people near the site. Heston food service magnate Warren Thompson of Thompson Hospitality Corp. was attached to the Bally’s pitch, along with NFL Hall of Tamers Willie Zanier, a Richmond native, an...
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Public support shifting to one project in Richmond casino sweepstakes

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  The competition for the city’s single casino license is heating up. With time running out for the three companies pursuing a casino resort in Richmond, project backers and residents across the city are continuing to pitch their support or opposition to the projects. As a city evaluation panel is expected to select a preferred project next month, followed by a City Council vote in June on whether to hold a referendum on the project in November, public favor is beginning to coalesce behind one of the projects and against the other two. In a letter sent Thursday to Richmond Mayor Lear Stone and the evaluation panel reviewing the three project proposals, Prudence Justin, president of the Inter Park Residents Association, said 94% of respondents to a recent neighborhood survey opposed a casino at the Movie land property. “Because so many of our residents feel strongly that the presence of a large casino-resort so close to our neighborhood would be contrary to the interest of the neigh...
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Key selling points of the ONE Casino + Resort

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  Mayor Stone will introduce ONE Casino + Resort’s proposal to the Richmond City Council Monday. Legislation already approved by Virginia’s General Assembly will allow the city council to petition the state court to have a voter referendum on the plan in November. Virginia, which launched digital-only sports betting in January, made it legal for five cities to have brick-and-mortar casinos last November. Richmond has operated on a different timeline than Bristol, Danville, Portsmouth, and Norfolk by having a competitive bidding process and voter referendum. The presentation by Urban One and partner Pacific Peninsula Entertainment in early April stressed their local ties to Richmond. Pacific Peninsula Entertainment (P 2 E) restored the Colonial Downs Racetrack in New Kent and operates Rosie’s Gaming Emporiums throughout the state. Additionally, P 2 E, which opened a corporate office in Richmond, operates the Hard Rock Casino and Diamond Jo properties in Iowa as well as del Lagos Ca...
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