The One casino in Richmond, Virginia won’t open until October 2024 under a new timeline released by Leonard L. Sledge, the city’s economic development director, in a city council meeting last week. The timeline was part of two ordinances that council will consider at the July 12 meeting designed to keep the process moving. The initial date for completion of the casino was December 2023.the council was also told the 250-room hotel may not open until October 2025 in the new timeline.
But it is that very process that is becoming so cumbersome that is the reason for the delay. First, city residents must approve a November referendum allowing casinos inside the city. Then, the Virginia Lottery, the regulatory body in charge, must weigh in on the preliminary choice of the developer, RVA Entertainment Holdings LLC, a wholly owned subsidiary of Urban One, the Washington D.C.-based black-owned media conglomerate. And finally, the lottery must investigate all the investors and executives with Urban One to see if they’ll pass probity.
“The one factor that is not under our control,” said Sledge, “is the Virginia Lottery.”
Alfred C. Liggins III, president and chief executive officer of Urban One, has plans for to sell more stock in the public company to finance the $563-million project, but can’t do that until all the other hurdles are overcome.
The revised agreement gives Urban One until April 2022 to purchase the former Philip Morris factory, the site of the proposed casino, and then would have until June 2023 to close on construction financing.
The city expects to reap $29 million a year in the first five years, including an initial payment of $25 million and $500,000 to reimburse the city for legal and consultant costs. The casino would also be required to give priority to Richmond residents for the 1,500 full and part-time jobs that will be created and contribute $1.5 million in free advertising for Richmond.
One of the main cheerleaders for the project, 8th District Councilwoman Reva M. Trammell, isn’t happy with the revised timeline or some of the things she was expecting to see in the revised agreement, but were left out. She wanted most of money the city got from the casino dedicated to infrastructure improvements and there was no wording in the agreement to clarify what the city would do with the money. Sledge said the city council would decide what to do with the money. She also expected that residents of her district would get priority for the new jobs, and that also was missing.
