Richmond chooses Urban One to develop casino resort
Urban One’s casino resort plan has been chosen by authorities in Virginia”s state capital. The project is still pending voters approval at a ballot in November.
US.- Officials in Virginia’s state capital, Richmond, have chosen Urban One’s ONE as the winning contender to develop a casino resort in the city.
The development now needs the support of voters at the ballot in November before Urban One can be granted a gaming licence.
The media conglomerate is partnering with casino and resort operator Peninsula Pacific Entertainment (P2E) on the development.
Richmond the City Council is still working out the fine print but intends to provide an incentive for Urban One to move swiftly with construction if voters approve the development.
According to the Resort Casino Host Community Agreement, the city will reduce tax on gross gaming revenue (GGR) generated at the casino for its first year. However, to gain the tax reduction, the property must open “on or before December 31, 2023.”
An independent fiscal analysis has concluded that the city’s annual tax share from the casino would be between $19m and $22m.
Urban One Casino: the details
According to Urban One plan, the overall complex will have at least one million square feet, with the casino floor measuring a minimum of 85,500 square feet.
The casino is to include slot machines, table games, a poker room, a sportsbook, and a high-limit gaming area.
The hotel is to include 250 or more guestrooms in a tower at least 12 stories tall. Conference space is to be approximately 70,000 square feet, and a theatre will seat around 3,000 people.
There will be 15 restaurants and bars will be on site, half of which are to be operated by local hospitality vendors.
The company said the resort would donate $16m to local nonprofits over 10 years, provide $30,000 a year for five years to Richmond Public Schools, and allocate $200,000 annually for problem gambling mitigation.
