In a blow to Maryland-based American media conglomerate Urban One, Richmond voters have decisively rejected a proposed casino resort in the capital city of Virginia for the second time, resulting in a significant decline in the company’s stock value.
At the time of this publication, Urban One Inc stock (UONE) has witnessed a decline.
Urban One Inc
Current Price: $3.55
Change : -2.18
Change (%): (-38.04%)
Volume: 552.2K
Source: Tomorrow Events Market Data
At the time of this publication, Urban One Inc stock (UONEK) has witnessed a decline.
Urban One Inc
Current Price: $3.46
Change : -2.19
Change (%): (-38.76%)
Volume: 90.8K
Source: Tomorrow Events Market Data
The project, known as the Richmond Grand Resort and Casino, was slated for development on a former tobacco company site just off Interstate 95 in south Richmond. This joint venture between Urban One and Churchill Downs, the operator of the Kentucky Derby, aimed to capitalize on the state Legislature’s approval for five casinos statewide, contingent on voter approval.
Despite a formidable lobbying effort backed by approximately $10 million in funding, the development faced strong opposition from residents who were skeptical of the vetting process for the developers and expressed concerns about the potential exploitation of the city’s poorer and working-class population.
Advocates, including Mayor Levar Stoney, a presumptive candidate for the 2025 gubernatorial race, and various local business and civil rights groups, championed the project for the job opportunities, tax revenue, and entertainment options it promised to deliver.
However, critics, led by the socially conservative Family Foundation of Virginia and the Richmond Anti-Corruption League, decried the city’s leaders for disregarding the initial referendum and accused them of failing to heed the voices of the electorate.
Victoria Cobb, president of the Family Foundation of Virginia, did not mince words in her reaction to the referendum results: “Richmond City officials should be embarrassed that they didn’t listen to the voters the first time. Hopefully, the message sent tonight by voters will send the casino industry packing, never to return.”
In a surprising turn of events in the final days of the campaign, developers issued an apology to prominent project opponent and Democratic Party activist, Paul Goldman, after an Urban One station’s guest radio host made widely condemned antisemitic remarks about him. Goldman responded, asserting that the people of Richmond have sent a clear message against building a new city on old resentments.
The initial vote in 2021 narrowly rejected the proposal, but Tuesday’s margin was far more one-sided, signaling a decisive stance from the Richmond electorate against the casino endeavor.
Urban One faces a challenging road ahead as the casino venture in Richmond meets its second resounding rejection by voters. As Urban One grapples with the aftermath of this resounding defeat, industry analysts will closely monitor the company’s stock performance and assess its implications on future ventures and partnerships.
