Sports Betting News Update: Richmond Voters to Decide on Urban One and Churchill Downs Casino Project
Published on: October 10, 2023, 10:42h.
Last updated on: October 10, 2023, 10:42h.
Urban One and Churchill Downs are pushing for support in Richmond, Virginia, for their proposed casino resort project. The partnership will hold another public meeting to address concerns and highlight the potential economic benefits of the project.
Urban One secured the bid to be Richmond’s preferred casino developer, despite lacking experience in the gaming and hospitality industry. The Richmond City Council chose Urban One over other well-established gaming operators, such as Bally’s, Golden Nugget, and The Cordish Companies.
To address concerns about their lack of experience, Urban One teamed up with Peninsula Pacific Entertainment for their initial proposal. However, the casino plan, named One Casino + Resort, was narrowly rejected by Richmonders in a 51-49% vote.
Undeterred by public opposition, the Richmond City Council has initiated a second gaming referendum to move forward with the casino project. Richmond voters will have the opportunity to approve the commercial casino in the upcoming November election.
New Casino Pitch, New Campaign
Urban One has formed a partnership with Churchill Downs for their second attempt at the casino project. Churchill Downs acquired Peninsula Pacific, including the Richmond casino development opportunity, forming a joint entity called RVA Entertainment Holdings, LLC.
RVA Entertainment, now controlled by Urban One and Churchill, has rebranded the project as the Richmond Grand Resort & Casino. The $562 million proposal includes a casino, a 250-room hotel, and various resort-style amenities.
To garner support, representatives from Urban One and Churchill Downs are actively engaging with the Richmond community. They are conducting public meetings, with the next one scheduled for 4 p.m. at 1731 Wall Street. The meeting will be held at the Royal Manchester Event Center.
Apart from typical resort features, the Richmond Grand Resort & Casino will also include a 55-acre park with recreational facilities and spaces for community events, sports, and family activities. Additionally, the destination will offer music venues and film and production spaces.
Economic Benefits and Job Creation
RVA Entertainment assures Richmond voters that the casino project will bring substantial economic benefits to the city. If approved, the development firm plans to create 1,300 union jobs with an average annual compensation of over $55,000.
The casino is also expected to generate approximately $30 million in local tax revenue each year, contributing to the growth and safety of the city.
“Richmond Grand Resort & Casino is a project designed for Richmond. We are committed to transparency and providing accurate information to address any concerns before the election,” states the casino’s official website.