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Urban One’s efforts to build a $600 million casino resort in Richmond got a new lease on life last week when the Virginia State Senate’s Finance and Appropriations Committee voted down a House of Delegates bill that would have put a casino referendum on November ballots in Petersburg, located about 25 miles south of Richmond. The proposal would have also precluded Richmond from including a second referendum for a casino on its ballot this fall.
Urban One was earlier chosen as the developer for the One Resort + Casino, working with Churchill Downs, Inc. But Richmond voters in November 2021 narrowly rejected Urban One’s proposal to build the casino in South Richmond. In January 2022, City Council voted 8-1 to put the project to a second vote by residents last November. The City applied for and received a final court order allowing the referendum to move forward in the 2022 election. However, state Sen. Joe Morrissey (D-Richmond) wants to move the casino license to Petersburg, VA. The language in the state budget would push the Richmond referendum to November 2023 to provide time for a feasibility study for the Petersburg site.
Petersburg officials have been working with the Cordish Companies, which already operates casinos under the Live! brand and was the runner-up to Urban One for the Richmond casino.
“We appreciate the General Assembly’s careful, deliberate process and open mind in considering and addressing this important decision,” Urban One and Churchill Downs said in a joint statement. “For us, the process has always been about determining what is best for the commonwealth and that answer has always been quite clear. Every study conducted has consistently revealed that a casino resort in Richmond will generate the most jobs, revenue, opportunity and economic benefits for the city, Central Virginia and the entire commonwealth.”
The two companies said they are focusing their attention on a November referendum in Richmond.
Richmond Mayor Levar Stoney and other city lawmakers have considered seducing voters for a second referendum by proposing a 2-cent reduction to the city’s real estate tax rate.
Meanwhile, a Cordish representative said in a statement to Virginia Business it is looking for state lawmakers “to explore every avenue” to get its project built.
Urban One has been active in Richmond for 20 years and currently has a four-station cluster there. The company says its proposed casino and resort would bring thousands of well-paying jobs and millions in much-needed tax revenue for schools, first responders, roads, and infrastructure to the City of Richmond.
The One Casino and Resort would cost an estimated $562.5 million to build with the sprawling resort becoming home to a casino, a 150-room hotel and a dozen bars and restaurants. The developers expected to hire about 1,300 employees and bring 3.7 million tourists into Richmond each year.
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