Richmond casino news Developer Asks For More Time
The developer in charge of the proposed Richmond casino asked the city for extra time to complete the resort.
Urban One Inc informed the Richmond City Council’s of its intention to extend the opening date of the proposed $563 million resort. The company gave the council its recommendation through its operating subsidiary RVA Entertainment Holdings LLC. The original opening date was December 2023. However, the group insists that the date is unrealistic, setting October 2024 as a more realistic date.
The extract 10 months from the original date will give the group enough time to get the casino up and ready.
In November, voters in Richmond will make the decision on whether or not to authorize the casino development. The Casino and Resort will house 250-room hotel and a 100,000-square-foot casino floor. The casino will have close to 2,000 slot machines, in addition to table games and sportsbook.
Voters Delay
Virginia Lottery has been authorized to handle all licensing process for casinos in Virginia under the 2020 gaming legislation. The bill enabled cities ask its residents to vote for a casino resort. The idea is that the presence of such casinos will help stimulate the economy and Kickstart an era of growth and progress.
Four cities have already approved casinos in their cities. They include Bristol, Portsmouth, Norfolk and Danville. Richmond decided to postpone it vote by 12 months.
Should a majority of the Richmond residents vote in favor of the casino, the Virginia Lottery will carry out an extensive review of Urban One’s finances, shareholders, and operational history. The entire process will take quite a lengthy time.
Leonard Sledge, the city’s economic development director, said the delay is understandable.
“The one factor that is not under our control is the Virginia Lottery,” Sledge explained.
Sledge suggests that the council should approve Urban One’s new casino timeline. The Council will put the decision to a vote in the coming days
Potential Loss
Should Richmond voters reject the casino proposal, the outcome would be a huge blow to Urban One. The company has already spent upwards of $50 million on its casino plans.
