Casino backers gamble on November revote

On Aug. 31, a new name was unveiled for the proposed $562 million resort casino that Richmond voters will be reconsidering in a November referendum: the Richmond Grand Resort & Casino.

But not much else appears new about the project.

The Richmond Grand Resort & Casino seems virtually identical to the proposed ONE Casino + Resort that voters shot down in a 2021 referendum. Maryland-based Urban One once again is pitching the casino, joined by Kentucky-based Churchill Downs, which last year purchased the assets of Urban One’s previous casino partner, Peninsula Pacific Entertainment.

Just like the earlier pitch, the Richmond Grand proposal includes a 250-room hotel, a 3,000-seat concert venue and a soundstage where Urban One pledges to invest $50 million over 10 years in TV, movie and audio productions. Also like before, the casino promises to make a $26.5 million upfront payment to the city government and forecasts that it will create an estimated 1,300 permanent jobs and generate $30 million in annual tax revenue. If passed, it would be built on the same 100-acre South Side site proposed in 2021.

Urban One and Churchill Downs say the new pitch reflects an extensive survey of Richmond voters who supported and opposed the casino referendum two years ago.

Urban One CEO Alfred Liggins acknowledged at the plan’s rollout that although his media conglomerate knows plenty about advertising, it is new to amassing political support. According to state campaign finance records, Urban One gave $3.9 million and Churchill Downs donated $3.1 million to a pro-casino PAC in August — more than three times what was spent in 2021.

Churchill Downs, which owns the Kentucky Derby and is an investor in casinos in 13 states, is an equal partner in the project with Urban One. If the referendum passes, it will become a significant part of the company’s holdings in Virginia, which also include Colonial Downs in New Kent County and six Rosie’s Gaming Emporiums across the state.

Churchill Downs CEO William Carstanjen didn’t specify what his company plans to do if the Richmond casino referendum fails a second time.

“This is a project that needs to get done in Richmond … and we put together the team that can do it,” Carstanjen says. “Now we just have to take our message to the citizens of Richmond and convince them, and we think we can do that.”