It was roughly 1 1/2 years ago when Urban One investors last heard from the company’s executive leadership regarding its casino gaming ambitions. A second referendum for a Richmond, Va., development was handedly shot down by the electorate; CEO Alfred Liggins III suggested another city within the Commonwealth of Virginia was an option.
Now, Liggins has confirmed that Urban One is abandoning its plans to build a brick-and-mortar casino resort.
The Urban One executive confirmed the company’s new direction during its fourth quarter 2024 earnings call, and comes amid a sharpened focus on debt reduction and strategic media consolidation in a challenging industry landscape. “It’s safe to say [the casino process is over] given that they’ve actually broken ground on the casino in Petersburg,” said Liggins, responding to an investor’s question.
Urban One’s $562 million Richmond Grand Resort & Casino project was rejected by 61% of voters in its last referendum, despite partnering with Churchill Downs Inc. and investing approximately $10 million in campaigning. In response to this setback, Liggins indicated a shift in strategy. Prior to the vote, he stated should the vote fail, “This project will go somewhere else.” He identified Petersburg, Va. located just 23 minutes from the original site, as a potential alternative. However, that Petersburg property was instead awarded to Cordish Companies.
While Urban One is stepping back from land-based casinos, it now confirms it wants to be an online gaming proprietor. “We like that business,” Liggins said, noting that Urban One has been lobbying for inclusion in Maryland’s iGaming legislation in hopes of securing a digital gambling license. Liggins continued, “Our Maryland effort was not around brick-and-mortar casino, it was around their iGaming legislation. It died again this year, but iGaming is a great business, as well. And it’s only in six states… versus 37 or 38 states that actually have brick-and-mortar casinos.”
— Cameron Coats originally reported on this story for Streamline Publishing’s Radio Ink, from Nashville
