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Another Obstacle To Casino Effort Causes Urban One Stock To Plummet

Y2kTheNewOldies

Y2kTheNewOldies

www.insideradio.com

Another Obstacle To Casino Effort Causes Urban One Stock To Plummet.

Urban One’s efforts to build a $600 million casino in Richmond, VA may soon include legal action to overturn an amendment to the state budget that would prohibit Richmond from
www.insideradio.com www.insideradio.com

Urban One’s efforts to build a $600 million casino in Richmond, VA may soon include legal action to overturn an amendment to the state budget that would prohibit Richmond from having a second referendum in November.

Voters rejected Urban One’s proposal to build a casino in South Richmond last November. City Council voted 8-1 in January to put the project to a second vote by residents this November. However, state Sen. Joe Morrissey (D-Richmond) wants to move the casino license to Petersburg, VA, which is approximately 25 miles south of Richmond. The language in the state budget would push the Richmond referendum to November 2023 to provide time for a feasibility study for the Petersburg site.

The latest setback to its casino plans sent shares of “UONE” down 44% Monday to close at $6.94 in trading in New York, after closing at $12.48 on Friday.
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This is tied to a proposed casino deal in Virginia.
 
Dumb question. Why is Urban One trying to get into the casino business? Seems like they have other problems they could solve instead of trying to re-enact the plot of Ozark.
 
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