Urban One’s proposal for a casino/resort in Richmond, Va. Is one of two finalists an evaluation panel is still considering, according to a report in the Washington Business Journal.
The Silver Spring-based company announced its plans in February and was one of six original bidders on an economic development project. Urban One’s plans for the $517 million project include a luxury hotel with 150 rooms, a 3,000-seat theater with 200 shows annually with a partnership through Live Nation, a television production studio, other facilities, attractions and restaurants.
The operation will include as partners Peninsula Pacific Entertainment, the owner of Colonial Downs racetrack in New Kent, Virginia, and Rosie’s Gaming Emporium, which has several locations in Virginia, according to WBJ.
The other finalist is The Cordish Companies, a Maryland developer that already operates casinos under the Live! brand in Baltimore and other cities.
The panel will continue to evaluate each proposal and location, according to a statement from the city of Richmond.
“Factors in the evaluation of the proposals include: community impact and community benefits; location; direct revenue impact to the city; project feasibility and project sustainability; and economic development impact,” the statement reads.
The panel is expected to release its recommended operator, location, and terms of the deal in May and continue community engagement before a planned voter referendum in the fall.
Urban One’s brands include TV One, Radio One, Reach Media, iOne Digital or One Solution. The company claims to reach 82% of Black Americans with its outlets, including in Richmond.
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