Urban One Partners With Colonial Downs Owner On $517M Casino Resort In Richmond

Source: Mario Marco / Getty

Urban One Inc., a Black-owned business that operates media organizations across the country, recently ventured into a partnership with Peninsula Pacific Entertainment to propose a $517 million casino resort in South Richmond.

If approved, the juncture with Peninsula Pacific Entertainment, owner of Colonial Downs group and several gaming emporiums in Virginia, will see the construction of a 30,000-square-foot complex located south of the Philip Morris cigarette manufacturing complex in Richmond.

The complex will also include a 90,000 square feet casino, a 150-room hotel, restaurants, lounges and a 3,000-seat entertainment venue. Patrons will also have access to an open area outdoor recreational site on the complex grounds.

“Urban One is excited to be submitting a robust proposal to the City of Richmond to create an unparalleled gaming, dining, and live music destination that will attract tourists from all across the country and, if selected, be the only Black owned casino with diverse investors in the United States,” Urban One CEO Alfred Liggins said in a statement to the Richmond Times-Dispatch.

“We have been a part of the Richmond community since 1999, and everything we are proposing will have a local flavor and will ensure our facility uplifts the entire Richmond community,” Liggins added.

Urban One has a vested interest as the owner of four operating FM radio stations in the Richmond area. Last year Urban One registered its interest in proposing a casino development in Richmond, with hopes to expand in the casino market after acquiring a $40 million, 7 percent stake in the MGM National Harbor casino resort in Maryland.

City officials will also consider a proposal from the Pamunkey tribe for a $350 million resort located in South Richmond.

Urban One, which also owns NewsOne and a suite of other digital properties, is the only minority-owned entity that expressed interest in casino development. The state of Virginia approved plans to open five casinos in majority-Black cities, four of which were approved without any input from Black residents.

A survey was launched last year as a way to engage the community following criticism from African American business leaders that Black residents were excluded from the process.

Black business owners see the development and expansion that come with projects this size and want to offer economic opportunities to Black community members who reside within Richmond’s city limits.

Virginia’s Black Residents, Businesses Left Out Of Lucrative Casino Plans

[ione_media_gallery id=”3817787″ overlay=”true”]