Officials in Richmond have ultimately chosen a casino design for the Virginia capital. Urban One One Casino + Resort is a plan with which the city wants to implement in November this year on the election referendum. The city has decided to wait for voters to decide to play at the Richmond casino and choose a plan that will hopefully help keep the process going.
Mayor Levar Stoney is now planning to present the casino plans to Richmond City Council next Monday. The goal is to approve the partnership with Urban One. A Washington-based media conglomerate would like to build a casino on property owned by Philip Morris of the USA.
Urban One Approved
The evaluation panel decided to go with Urban One over Cordish Companies due to several factors. The panel said the feasibility and durability of the facility, as well as the proposed location, economic impact, as well as income and community benefits, put the project at the forefront of considerations.
More than 1,000 new jobs will be made available to the city under the new plus project $ 525 million new tax revenues and additional benefits. The company wants to pay workers $ 15 minimum wage, so workers earn an average of around $ 55,000 a year.
Urban One is a media company that serves radio stations in several regions, including Richmond. The company has partnered with Peninsula Pacific Entertainment to bring the casino to life. The total cost of the new facility should be about $ 600 million .
If voters accept the design and move on, it will be the first casino in the United States to be owner operated with a black majority. The project also aims to work with minority companies to finance the project.
Narrow Down Options
When the bidding process began, the city of Richmond had six proposals to review. Eventually three moved forward, one by Bally's Corporation, The Cordish Companies and Urban One. Project Bally was the first of three to be eliminated from the selection process.
Bally's project was reportedly out of consideration due to several factors, including concerns about access to location, environmental factors, and complaints about the project schedule. Local residents of the areas where Bally's and The Cordish Companies were planned to carry out protests against the plans.
Once the plans are presented to the City Council and approved, the process will be put on hold as a referendum must be held first before the project can move forward. The casino project will not be implemented without the consent of the voters.