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.
With the uncertainty around the casino project,…
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