Silver Spring media company Urban One Inc. (NASDAQ: UONE) said Thursday it is abandoning a bid to hold a new referendum this year for a planned $600 million casino in Richmond and will instead aim to get a measure on the 2023 ballot.
In May, the state budget approved by the Virginia General Assembly included an amendment that prevented the city from holding a referendum until November 2023, a move Urban One said at the time would “unlawfully deny Richmonders the opportunity to vote on this critical economic development project.”
But on Thursday, the company said that while it remains disappointed with the General Assembly’s decision, it has asked the city of Richmond, its partner in the project, to withdraw its petition for a 2022 referendum to avoid a protracted legal battle.
“We are now focused on winning the Richmond casino referendum in 2023,” Urban One CEO Alfred Liggins said in a statement.
Click here to read the rest of the article written by Alan Kline over at Washington Business Journal
