Urban One Inc. (NASDAQ: UONE) is not giving up on its goal to build a casino in Richmond. The Silver Spring media company focused on Black audiences is pushing for a second referendum to take place this November; the first was voted down last year.
The $600 million One Casino + Resort project is part of a strategy the more than 40-year-old company is taking to diversify from its core radio and TV businesses, which were hard-hit by the pandemic. It also has a $40 million stake in the MGM National Harbor casino in Prince George’s County.
A budget proposal in the Virginia Senate would block the second referendum from taking place this year, and instead would first require a study of whether the project would be well-suited to a site in nearby Petersburg, according to The (Petersburg) Progress-Index. Another referendum could then take place in November 2023. Still, Richmond Mayor Levar Stoney is vying for the casino to be in the capital city.
