Richmond, VA – Churchill Downs Incorporated (CDI) in partnership with Urban One Inc. has recently revealed an innovative and updated plan, including a brand-new name for the proposed casino development in Richmond. This announcement marks a significant milestone in the ongoing development and community integration process of this high-profile project.
Project Evolution and Community Benefits
The updated plans were showcased in a press conference, emphasizing the developers’ commitment to ensuring the casino resort will be a beneficial addition to Richmond. The project, initially pitched in early 2021, has undergone several modifications based on community feedback and market research. The revisions aim to create a more integrated resort while addressing local concerns about traffic, environmental impact, and community benefits.
The development is expected to create thousands of jobs in Richmond, ranging from construction to long-term operational roles. The project underscores the commitment to not only boost the local economy but also to provide substantial community-oriented benefits, including improved infrastructures, such as roads and public spaces, and contributions to local educational and social programs.
New Name, Branding, and Design
Unveiling the rebranding, the developers announced the casino would be known as “The Richmond Gem.” The name was chosen to reflect the project’s ambition to become a standout landmark and a source of pride for the city, embodying both the region’s rich history and its dynamic future.
The design of “The Richmond Gem” has been described as a blend of modernity and tradition, incorporating elements that resonate with the local community’s character and history. The resort is expected to feature a casino floor, multiple dining options ranging from casual to fine dining, a luxury hotel, and a state-of-the-art concert and entertainment venue. The design integrates eco-friendly and sustainable building practices, a nod to Richmond’s growing focus on green initiatives.
Community and Stakeholder Engagement
Churchill Downs and Urban One executives highlighted their extensive engagement with local stakeholders, including community groups, business leaders, and government officials, to ensure the project aligns with Richmond’s development goals and community values.
“We’ve listened carefully to the Richmond community and are delivering a project that will enhance the area, respect its rich heritage, and offer a world-class entertainment experience,” said an executive from Churchill Downs.
Similarly, a spokesperson from Urban One added, “Our vision for The Richmond Gem is to create a space that not only elevates the city’s entertainment and hospitality sectors but also embeds itself into the fabric of the community, offering lasting economic and social benefits.”
Regulatory Process and Next Steps
The proposal for “The Richmond Gem” is currently undergoing a thorough review by city and state regulatory bodies. The developers have expressed confidence in the process and are committed to complying with all regulatory requirements. The public will have opportunities to provide input during this phase, ensuring transparency and community participation in the decision-making process.
The next step involves further discussions with regulatory authorities and the finalization of the project’s design and scope. Pending approval, the groundbreaking is anticipated in late 2023, with the grand opening targeted for 2025.
Officials from Churchill Downs Incorporated and Urban One have recently unveiled a new concept for a casino, resort, and entertainment venue, now named Richmond Grand Resort and Casino. This latest iteration of the project represents a significant shift from the proposal that Richmond voters reviewed in 2021, having undergone a comprehensive rebranding.
Revamped Casino Project
The newly revised casino project is a collaborative effort between Churchill Downs, renowned for its expertise in entertainment, gaming, and horse racing, and Urban One, the largest African American-owned broadcasting company in the U.S. The updated plans for Richmond Grand Resort and Casino now include:
- Resort amenities featuring a fitness center, an outdoor swimming pool, a high-end spa, and private cabanas.
- A luxurious hotel boasting 250 rooms.
- A gaming floor equipped with various card and table games including blackjack, craps, roulette, slot machines, and poker.
- A vast 55-acre park designed for activities like pickleball, farmer’s markets, festivals, and concerts.
- A 3000-seat venue for hosting musical tours, comedy shows, and other entertainment acts.
- Upscale dining choices encompassing breweries, contributions from Richmond’s local culinary scene, and distinctive restaurants.
- State-of-the-art facilities for audio production and filmmaking.
- Multi-purpose event spaces suitable for sports events, conventions, community gatherings, and trade shows.
Community Benefits
Proponents of the project highlight numerous anticipated benefits for the Richmond community, including:
- Creation of approximately 1,300 new jobs with an average salary and benefits package of $55,000, plus thousands of union jobs during the construction phase.
- An estimated annual tax revenue of $30 million.
- An initial investment of $26.5 million in the City of Richmond.
- Projected charitable contributions totaling $16 million over the next decade.
- An anticipated influx of 225,000 tourists annually.
- An annual commitment of $325,000 to enhance transportation options.
- $25 million in free advertising over the next ten years.
- A $50 million investment in the audio production, film, and television sectors over the next decade.
- Commenting on the project’s community focus, Urban One Inc. CEO, Alfred Liggins, stated, “Richmonders have expressed their desire for high-quality employment, community investment, green spaces, and first-class entertainment. Richmond Grand is the answer to these calls. Offering a mix of thrilling shows, gaming, outdoor activities, and spa luxuries, along with a significant boost in jobs and tax revenue, this plan is truly for and by Richmond. A positive vote for Richmond Grand means a win for the entire city.”
Voter Consideration and Community Concerns
A 2019 bill allowed Richmond, among other Virginia cities, to hold a public vote on the desire for a casino. Although an earlier version of this casino proposal was initially rejected, a judge in July 2023 ruled that the revised project could be reconsidered in a follow-up vote. This upcoming referendum in September 2022 will once again place the decision in the hands of Richmond voters.
“We’re encouraging residents to revisit the project, considering the extensive changes we’ve made in response to community feedback,” say the developers. William C. Carstanjen, CEO of Churchill Downs Inc., adds, “The city’s perspective has evolved, and there’s now a more strategic vision regarding fund allocation.”
However, concerns remain among some locals, such as Paul Goodman who expressed to 8News, “The casino might exploit the community. Our priority should be the overall betterment of the city, not just through a single, large-scale project. The city’s improvement shouldn’t hinge on a casino. It’s crucial for people to contemplate the broader implications of such developments.”
Alfred Liggins III, CEO of Urban One, Inc., emphasized the lessons learned in developing their latest project, stating, “We’ve gained significant insights regarding the importance of transparency, intentionality, and listening. This project is fundamentally new in its approach, with the exception of its proposed location.”
The envisioned resort is slated for construction on an industrial site in the Southside area. According to officials, substantial effort has gone into gathering community input to refine the project’s design. The development is expected to generate around 1,300 jobs, complete with benefits.
The project is projected to create thousands of union construction jobs and generate an estimated $30 million in yearly tax revenue. This income is earmarked for fostering a “stronger, safer city with enhanced funding for schools and public services,” as per the official announcement.
The developers have clarified that this initiative will not rely on public funding, tax exemptions, subsidies, or grants. Their employment strategy focuses on hiring 60% of the workforce from the local community and procuring 40% of goods and services from minority and women-owned enterprises.
William C. Carstanjen, CEO of Churchill Downs, Inc., highlighted the significance of the Richmond community’s voice in this venture, stating, “Richmond residents deserve the opportunity to vote on this project. It’s essential they understand the extent of feedback and investment that has been channeled into enhancing this proposal.”
Conclusion
The unveiling of “The Richmond Gem” represents a crucial step forward for Churchill Downs and Urban One in their quest to establish a new entertainment landmark in Richmond. The project not only aims to revitalize the local economy but also seeks to become an integrated part of the Richmond community, respecting its history and looking forward to its future growth. With a focus on sustainability, community benefits, and cultural integration, “The Richmond Gem” is set to become more than just a casino resort – it aims to be a shining beacon of urban revitalization and socio-economic development.
