The City of Richmond, Virginia City Council has reportedly finalized the terms of the deal that could see the One Casino and Resort being considered by the capital community open to players and guests before the end of 2024.
According to an article published Monday by the Richmond Times-Dispatch newspaper, the organization revealed that the arrangement will require the RVA Entertainment Holdings subsidiary of local broadcasting group Urban One to pay an upfront fee of $ 25.5 million if voters approve the $ 600 million project. by referendum on November 2.
The newspaper reported that Urban, which bills itself as the largest minority-owned media company in the United States, overcame competition from The Cordish Companies, Bally’s Corporation and Pamunkey Indian Tribe in May to be selected as the preferred casino operating partner for the city of some 204,000 inhabitants. This company is now hoping that the local electorate will approve its plan to bring the gaming-friendly facility with a 250-room hotel on a 100-acre plot of land currently owned by Philip Morris International.
The Richmond Times-Dispatch reported that such consent now also commits the potential operator to making a total of $ 16 million in payments to a range of local nonprofits and governments over the next decade, with around 37.5% of that going to ‘the research initiatives and missions of the Office of Community Wealth Building and the city’s Richmond Public Schools. ‘
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By unanimously adopting the terms of its agreement with Urban One and the nine members of the city council would have announced the expected arrival of the casino project $ 30 million annual tax revenue alongside its intention create up to 1,000 full-time jobs. The organization reportedly revealed that the arrangement was also to require the company to make an annual donation $ 200,000 to help fight problem gambling and accept an objective of participation in construction and operation of 40% for small businesses and minority-owned businesses.
The newspaper reported that other conditions of the alliance are to force Urban One to give to the city $ 25 million in free advertising, cover approximately $ 500,000 in consulting fees and promise to pay employees a salary of at least $ 15 per hour. the A casino and a complex development should be premiered with a 90,000 square foot casino as well as a 3,000-seat entertainment venue and further committed to exhibiting local artwork and producing an average of $ 5 million one year in the on-site media content.
Based in the District of Columbia, Urban One is expected to partner with Pacific Peninsula Entertainment, who is already responsible for the Colonial Downs Racetrack in the nearby community of Kent, as well as five local Rosie’s Play Store-branded slot machine lounges to help run its One Casino and Resort. If all goes according to plan and the newspaper ends up disclosing that the games part of the installation could be created in about three years before being joined by his hotel in 2025.