Urban One CEO Details Richmond Casino Process Should Ballot Referendum Pass
Urban One CEO Alfred Higgins is ready to come in the biggest play inward the multimedia system conglomerate’s to a greater extent than four-decade history. But he first of all needs the back up of residents inwards Virginia’s capital of Virginia capital.
Higgins and Urban One want to build a $565 million cassino resort next to the Philip Robert Morris baccy works along I-95 due south of the great city. Voters inwards Richmond are being asked if they support the developing through and through a ballot referendum. If a simple majority does, the throw — dubbed ONE Casino + Resort — testament move finisher to seemly a reality.
Urban One is a publicly traded media conglomerate that caters to the Joseph Black community. It has no more get in the gaming industry, which is why it has brought on Peninsula Pacific Entertainment (P2E), a California-headquartered steadfastly that operates casinos inwards New York and Iowa.
P2E is additionally invested inward Old Dominion State past way of the Colonial Downs Racetrack and its associated Rosie’s Gaming Emporium pubs. The latter offer betting on historical horse racing (HHR) machines.
Path to Construction
Higgins sat pile with Richmond BizSense to discuss what would come about following a ballot referendum inwards his favor. The CEO said the number one stone's throw would be to hold for a gaming licence through the Old Dominion Lottery. That bureau is authorised to come forth such a countenance under lawmaking passed by the res publica last yr and signed into natural law past Old Dominion State Gov. Ralph Northam (D).
Higgins said the next round on the run to realisation would follow finalizing the bring down acquisition temporarily inward put with Prince Philip Morris. Urban One and the tobacco plant hulk have amount to provisional terms regarding 100 acres of mostly vacant terra firma near Walmsley Blvd. and Trenton Ave.
By Apr 1, we’ll bulge out demolition of the situation and site work. Then we will likely commence digging stain and head start full-fledged twist by July 1,” Higgins revealed of ONE Casino’s 2022 plans.
A referendum in financial support of the gambling casino would cater the city with an immediate influx of money. Urban One says the companion has placed $25.5 gazillion inward an escrow account. type A simply bulk championship the holiday resort would get off that money to Richmond.
As for funding the to a greater extent than half a billion-dollar complex, Higgins said Urban One has been in public debt markets since 1997.
“Gaming resorts are to the highest degree commonly financed inwards the public debt markets. We’re working with Credit Suisse and Bank of America, who’ve provided us financing commitments,” Higgins explained.
Predicting Vote
Virginia’s election is band for next Tuesday, Nov 2. Early voting has been underway since September. The freehanded inquiry for Higgins is, “Will the gambling casino interrogative sentence pass?”
Similar referendums gained favourable reception in conclusion twelvemonth inward Norfolk, Portsmouth, Bristol, and Danville. Polling has been minimal on the capital of Virginia casino, causing much uncertainty regarding the question’s outcome.
Turnout should be strong, as Virginia is electing its next governor. Former Gov. Dame Ellen Terry McAuliffe (D) and businessman Glenn Youngkin are running cervix and neck.
McAuliffe has issued his public keep for the Richmond casino. Youngkin hasn’t publicly stated his office on the matter. However, the former co-CEO of buck private equity giant The Carlyle Group has get inwards the gaming industry.
In 2018, Thomas Carlyle was parting of the Caesars Entertainment takeover group, on with common soldier equity giants Phoebus Apollo Global Management, Blackstone Group, HarbourVest Partners, and TPG Global.
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