One Casino and Resort has its terms set
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The city council of Richmond, Virginia has finalized the terms of the deal that will see the envisioned One Casino and Resort open its doors before the end of 2024. The RVA Entertainment Holdings subsidiary of local radio broadcasting group Urban One will pay $25.5 million upfront if the referendum is approved.
Urban One is the largest minority-owned media company in the United States. It was selected as the preferred casino operating partner for the city of 204,000 people. The company is hoping the local electorate will approve its plan to bring the gambling-friendly facility complete with a 250-room hotel to a 100-acre parcel of land currently owned by Philip Morris International.
The prospective operator of One Casino and Resort has its terms set. It is committed to making $16 million in payments to non-profit organizations and governments over the course of the next decade. 37.5% of this amount will be earmarked for educational endowment.
The One Casino and Resort development is expected to premiere featuring a 90,000 sq ft casino and a 3,00 sqft entertainment venue. The project is also expected for generate $30 million in annual tax revenues. Urban One will give the city $25 million free advertising, cover around $500, 000 in consultation fees and pay employees a wage of at least $15 an hour.
Urban One is planning to build a casino and resort in the District of Columbia. Peninsula Pacific Entertainment is already responsible for the Colonial Downs Racetrack and five local Rosie’s Gaming Emporium-branded slot parlors. The gaming portion of the facility could premiere in 3 years and the hotel in 2025.
