The anticipated opening date for the One Casino and Resort in Virginia, a state in southern America, has allegedly been delayed by nine months to late 2024 due to complications with getting the project licenced.
The 3,000-seat entertainment arena and a 90,000 square foot casino are both expected to be included in the $600 million complex that is slated to be built on the south side of Richmond, Virginia, according to an article published in the Richmond Free Press on Thursday. An nearby 250-room hotel's opening date has also been delayed, according to the source, and it currently isn't anticipated that this upscale establishment will start receiving guests before the end of 2025.
Successful spring:
According to the publication, One Casino and Resort is a venture of RVA Entertainment Holdings, a division of the regional radio broadcaster Urban One, which bills itself as the biggest minority-owned media organisation in the country. The Cordish Companies, Bally's Corporation, and the Pamunkey Indian Tribe reportedly competed against this company in May, but it was ultimately chosen as the preferred casino operating partner for the 204,000-person community.
The following setback:
The anticipated gambling-friendly project's initial December 2023 launch date, according to the Richmond Free Press, has subsequently been postponed due to a delay in RVA Entertainment Holdings receiving the necessary preliminary permission from the Virginia Lottery Commission. The source clarified that this authorization now anticipated to be given later this month or by early August also relates to the projected 100-acre host site now owned by Philip Morris International.
Prerequisite for a referendum
The publication stated that after these approvals have been granted, Richmond would be required to submit the complete proposal and its accompanying financial parameters to local voters via a referendum on November 2. According to the source, RVA Entertainment Holdings would be required to submit a $15 million deposit to the Virginia Lottery by mid-December in exchange for the regulator conducting a six- to twelve-month "deep dive" on its ownership and finances.
increased reluctance
According to the Richmond Free Press, Alfred Liggins, President and CEO of Urban One, has stated that he is reluctant to begin investing money in the casino project before it has obtained the Virginia Lottery's final approval. According to reports, the business intends to issue $200 million in voting shares to finance the entire Richmond construction. Should the vote be successful, the corporation will also be required to pay the city $25 million.
Community involvement
In addition, RVA Entertainment Holdings would be required to provide Richmond $500,000 to aid with different consulting and legal expenditures. Additionally, the company will be required to hire at least 1,000 full-time employees and give the area $2.5 million in free advertising. As part of the agreement, the operator would reportedly have to pay personnel at least $15 an hour, display pieces of local art, create $5 million in new on-site media content annually, and support charitable organisations and local schools.
