Urban One’s ambitious One Resort + Casino project in Richmond, Virginia is set for a second public vote after the Virginia Lottery approved the city council’s plans. The $562 million project, a collaboration between RVA Entertainment Holdings, including Churchill Downs and Urban One, is slated for reconsideration in a referendum scheduled for November 7. This development comes after a previous referendum faced a narrow defeat in November 2021, prompting renewed efforts to bring this transformative venture to fruition.
Regulatory Approval and Second Referendum
The Virginia Lottery’s approval and the subsequent court order to include the project on the November 7 ballot signal a fresh opportunity for Urban One’s casino proposal. RVA Entertainment Holdings, comprising Churchill Downs and Urban One, expressed their satisfaction with the decision, highlighting the potential positive impact on the local community.
Support from Project Developers
Bill Carstanjen, CEO of Churchill Downs, emphasized the company’s 150-year legacy of providing exceptional entertainment experiences, including the iconic Kentucky Derby. He expressed confidence in the success of the One Resort + Casino project, citing the company’s track record in developing and operating premier entertainment, gaming, and racing venues that contribute significantly to host communities.
Municipal Leadership’s Perspective
Mayor Levar Stoney lauded the approval, citing the potential economic benefits the project could bring to Richmond. He highlighted the creation of 1,300 jobs and an estimated annual revenue of $30 million that could address crucial community needs. The mayor sees the addition of a destination resort as a catalyst for changing the economic trajectory of Southside, contributing to the city’s overall growth.
Previous Setback and Project Overview
The One Resort + Casino project faced a setback when residents narrowly voted down the initial referendum in November 2021. Urban One’s proposal outlined plans for a 90,000 square-foot gaming floor featuring 2,000 slot machines, over 100 gaming tables, a competition poker room, and a sportsbook. Additionally, the project included a hotel with 250 4-Star, AAA 4-Diamond luxury rooms, with the potential for future expansion to 600 rooms.
Economic Impact and Community Development
The anticipated economic impact of the One Resort + Casino project extends beyond job creation, with the potential to generate substantial revenue for Richmond. The project aligns with the city’s record development and growth, and its approval could contribute significantly to transforming the economic landscape of Southside for years to come.
Urban One’s One Resort + Casino project stands at the threshold of a second chance with the upcoming November 7 referendum. The project developers, in collaboration with the city and local community, are optimistic about the positive impact this ambitious venture could have on Richmond’s economic development, job creation, and community welfare. As stakeholders await the results, the potential for a transformative project looms large on the horizon.