Urban One Advances Casino Resort Project Ahead of Richmond Referendum
In 2021, media conglomerate Urban One won the bid to build and operate the casino resort in Richmond. Despite lacking experience in managing casinos or even hotels, the city council favored Urban One over more established operators, including Bally’s, Golden Nugget, and The Cordish Companies.
The question of whether to open a casino resort in Richmond was previously put to a vote in 2021. However, the project, named One Casino + Resort, did not receive enough support in the referendum. A re-vote is scheduled for November 2023, prompting the operators to hold public meetings, the first of which took place on September 28.
The joint venture between Urban One and Churchill Downs, now called Richmond Grand Resort & Casino, is estimated to cost $562 million. In addition to the casino, the resort plans to feature a 250-room hotel, bars and restaurants, spa and fitness centers, conference rooms, and an outdoor pool complex. The Richmond Grand Resort & Casino will also offer visitors a 55-acre recreational area, which will include a park with bike paths, walking trails, pickleball courts, and event spaces.
The construction of the casino resort will be managed by RVA Entertainment Holdings, a partnership between Urban One and Churchill Downs. If the project is approved in the referendum, RVA promises to create 1,300 well-paying jobs, with an average annual salary, including benefits, exceeding $55,000.
The casino is also expected to generate around $30 million annually in local tax revenue. RVA believes these funds could help make Richmond a stronger and safer city.
It’s worth noting that a study by the American Gaming Association (AGA) has confirmed the positive impact of the gaming industry on the U.S. economy.
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