In Richmond, Virginia, the city council unanimously voted to approve the Host Community Agreement for ONE Casino and Resort. The agreement spells out the expectations of both the city and RVA Entertainment Holdings LLC, developers of the new casino.
The next step is to petition the Circuit Court to add a casino referendum on the November 2 ballot, which would give Richmond voters the opportunity to approve a casino. If local voters approve the plan, media conglomerate Urban One will be allowed to build a 250-room luxury resort hotel and casino along Interstate 95 on property currently owned by Philip Morris USA, opening in fall 2024.
Supporters point out the project would produce $30 million in annual tax revenue and create more than 1,000 jobs. Opponents fear a large share of that money will come from people who cannot afford to gamble.
The Host Community Agreement includes a $25.5 million upfront payment if the measure passes and $16 million in payments to local nonprofits and government organizations over the next 10 years, with $6 million going to research initiatives and the missions of the city’s Office of Community Wealth Building and Richmond Public Schools.” Plans also include an on-site television and radio production studio.
Other terms of the agreement include:
- $25 million in advertising for public initiatives at no cost to the city;
- an annual compensation package averaging $55,000 for casino resort employees;
- up to $500,000 in reimbursement to the city for consulting fees it paid during the evaluation process;
- $200,000 annually for problem gambling services; and
- a 40 percent participation goal for small and minority owned businesses for the construction and operation of the facility.
Richmond Mayor Levar Stoney and a panel of city officials recommended the Urban One project after evaluating six casino resort development proposals. Washington, D.C.-based Urban One, which operates several radio stations in the Richmond-market, is partnering with Rosie’s Gaming Emporiums and Colonial Downs racetrack operator Peninsula Pacific Entertainment on the casino resort project.
Voters have already approved casino referendums in Danville, Norfolk, Portsmouth and Bristol.
