Urban One Inc. CEO Alfred Liggins conceded Wednesday morning that voters in Richmond defeated a referendum that would have allowed the company to build its proposed casino in Virginia’s capital city.
“While extremely disappointed, our entire Urban One family, my mother and business partner Cathy Hughes, and I accept the will of city of Richmond residents,” he said in a statement. “For the last two years, we have worked so hard to build a large and inclusive tent with our One Casino + Resort project. We had a lot of loyal supporters who worked tirelessly on behalf of this project and for whom we will be eternally grateful. We ran a robust campaign and strongly believe this is a huge missed opportunity for Richmond residents to have a tourist attraction that would have provided the financial resources to improve schools and roads as well as enrich the lives of its citizens. Urban One has been a part of the fabric of Richmond for the last twenty-two years, and we will continue our tradition of serving the community.”
The results of a Richmond ballot measure to determine if Urban One Inc. (NASDAQ: UONE) would build a $600 million casino in the city were too close to call Wednesday morning.