The opening of the casino in Richmond is being contemplated for a delay of nine months

According to reports released on Monday, the Richmond City Council is considering moving the planned casino's opening date from December 31, 2023, to October 1, 2024.

In order to offer the casino developer more time and flexibility while awaiting a license from the Virginia Lottery, city authorities claimed that the deadline extension was necessary.

The Richmond City Council must still approve the final parameters of the casino construction project. A referendum held across the entire city on November 2 will also need to approve the plan. The Virginia Lottery would then evaluate the project and decide whether to license the city's preferred casino developer if the casino measure succeeds.

The $600 million venture, which was put out by media juggernaut Urban One in collaboration with Los Angeles-based developer Peninsula Pacific Entertainment, received an 8-1 vote from the City Council in June to approve the referendum.

On land that is currently held by Philip Morris USA and is located close to the intersection of Commerce Road and Walmsley Boulevard, Urban One intends to construct One Casino + Resort. The gaming facility will include a hotel with 250 rooms, a theater with 3,000 seats, 12 bars, and restaurants, as well as 100,000 square feet of casino space with slot machines, table games, and a sportsbook.

As was already mentioned, the resort was scheduled to begin accepting guests by the end of 2023. To make up for the $25 million advance payment that Urban One had previously pledged to provide in the event that the casino initiative wins this coming November, they subsequently offered to extend that earlier date in exchange for an additional $1 million.

Lack of Control over the Certification Process

The main justification for the probable deadline extension, according to Richmond City Director of Economic Development Leonard Sledge, is "recognizing that neither the city nor One Casino and Resort have control or authority over the timing of the certification process for the Virginia Lottery."

The state gambling watchdog has up to 12 months to study Urban One's casino plan and make a decision on whether to give the required license, according to Urban One representative Mark Hubbard, who told the local media that the company requires flexibility.

If the casino vote succeeds on November 2, Mr. Hubbard explained that they intend to submit their license application no later than mid-December 2021. He added that "this is a massive undertaking and there will be many moving elements along the road."

Danville, Norfolk, Portsmouth, and Bristol are the other four cities in Virginia that may authorize casinos in the Las Vegas model if local voters approve. Richmond is one of these five cities.

The plan, according to Urban One and Richmond officials, could be a windfall for the city as it would generate 1,300 new employment and perhaps more development in the host region. According to projections, the casino complex will provide the city $30 million in tax income per year.