Urban One Inc., a Black-owned business that operates media organizations across the country, recently ventured into a partnership with Peninsula Pacific Entertainment to propose a $517 million casino resort in South Richmond.
If approved, the juncture with Peninsula Pacific Entertainment, owner of Colonial Downs group and several gaming emporiums in Virginia, will see the construction of a 30,000-square-foot complex located south of the Philip Morris cigarette manufacturing complex in Richmond.
The complex will also include a 90,000 square feet casino, a 150-room hotel, restaurants, lounges and a 3,000-seat entertainment venue. Patrons will also have access to an open area outdoor recreational site on the complex grounds.
More information about the proposal can be found online by visiting OneCasinoResort.com.
“Urban One is proud of our 40-year history in serving the Black community and developing unique partnerships that create enormous business opportunities,” Urban One CEO Alfred Liggins said in a statement. “If selected, ONE Casino Resort would be the only Black-owned casino in the United States – an incredible opportunity for the historical City of Richmond. Given our experience with MGM, and our local ties here in Richmond, we are uniquely positioned as an ideal, long-term business partner with the City of Richmond.”
Urban One has a vested interest as the owner of four operating FM radio stations in the Richmond area. Last year Urban One registered its interest in proposing a casino development in Richmond, with hopes to expand in the casino market after acquiring a $40 million, 7 percent stake in the MGM National Harbor casino resort in Maryland.
City officials will also consider a proposal from the Pamunkey tribe for a $350 million resort located in South Richmond.
Urban One, which also owns NewsOne and a suite of other digital properties, is the only minority-owned entity that expressed interest in casino development. The state of Virginia approved plans to open five casinos in majority-Black cities, four of which were approved without any input from Black residents.
A survey was launched last year as a way to engage the community following criticism from African American business leaders that Black residents were excluded from the process.
Black business owners see the development and expansion that come with projects this size and want to offer economic opportunities to Black community members who reside within Richmond’s city limits.
Go to OneCasinoResort.com to find out more about Urban One’s casino proposal.