ONE is the complete package for Richmond, bringing diverse and experienced partners to the table to benefit our community and lift up all of Richmond.
RICHMOND AT HEART
URBAN ONE AND PENINSULA PACIFIC ENTERTAINMENT HAVE DEEP ROOTS IN RICHMOND AND VIRGINIA
Urban One, Inc. is a national urban multimedia powerhouse. They serve over 85M households through TV One and CLEO TV, operate over 60 Radio One broadcast stations, and own iOne Digital. More importantly, they’ve been in Richmond for decades – operating KISS-FM, ESPN Richmond, Praise Richmond, iPower and, through a shared services agreement with Summit Media, Classic Rock 96.5, K95 Country, Sports 106.1, Jack FM, and 103.7 PLAY with over 545,000 local listeners.
Peninsula Pacific Entertainment (P2E) is a premium developer and operator of gaming venues across the country. Locally, they own Colonial Downs Racetrack in New Kent County and Rosie’s Gaming Emporiums at locations all across Virginia, including right here in Richmond. They have a track record of providing Richmond and Virginia with a significant increase in gaming revenue which has benefited our roads, schools and community programs, and have already contributed more than $1.3 million and over 1,100 service hours to local Virginia communities.
And that’s not all. Community buy-in means everything to us. That’s why we’ve worked hard to line up over 50 local investors who bring with them the diversity of thought and background that’s representative of the Richmond community. See them all here.
Last, but certainly not least, ONE will lift up the local community – providing jobs and economic opportunity in every neighborhood, featuring 12 uniquely Richmond eateries and bars, highlighting local flavor and flair, showcasing Richmond artists throughout the complex, and providing uniquely Richmond experiences throughout. And Richmonders will help build and run ONE, as we’re using local and diverse construction firms and prioritizing local vendor relationships and hiring.
To sum it up: our proposal reflects Richmond because, at its heart, it’s from Richmond, including:
- A key partnership between Urban One, a media leader in Richmond since 1999, and P2E, a proven developer of gaming operations here in Virginia and beyond
- Over 50 local, diverse investors from all segments of the Richmond community
- A commitment to featuring local restaurateurs, business owners, artists, talent, construction firms, operational vendors, employees, and experiences
TRUSTED, LOCAL PARTNERS
BRINGING SIGNIFICANT EXPERIENCE IN ENTERTAINMENT, GAMING, AND MORE TO RICHMOND
What entertainment experience do ONE partners have? Urban One’s leadership in entertainment speaks for itself, with a radio and TV presence across the country well-positioned to provide Richmond with the best entertainment opportunities of any proposal. But we’ll also partner with Live Nation, a global entertainment company, to extend our entertainment reach and host more than 200 shows annually of all music genres.
What gaming experience do ONE partners have? Peninsula Pacific Entertainment has the most experience of the Richmond casino applicants developing and operating this type of facility from the ground up. Their properties include top-rated casinos like the Hard Rock Hotel and Casino in Sioux City, IA; the Diamond Jo Casino in Northwood, IA; the Del Lago Resort and Casino in Waterloo, NY; and the Kansas Star Casino in Mulvane, KS among others. Urban One also already has a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George’s County, MD.
We know entertainment, and we know gaming. To sum it up:
- Urban One is already a well-known leader in entertainment, particularly within Black communities across the U.S.
- P2E has built and manages several gaming venues and resort casinos nationwide, including local venues like Rosie’s and Colonial Downs right here in the Richmond area
- A strategic partnership with Live Nation will help bring even more diverse and top-notch shows to Richmond
A COMMITMENT TO DIVERSITY
PROMOTING A WORKFORCE THAT IS UNIQUELY RICHMOND
As a majority Black-owned business, ONE will produce tiers of investment opportunities with a focus on the creation of generational wealth building for minority communities.
Moreover, the project has several workforce diversity goals including:
- 50% workforce diversity goal for construction
- 40% union participation goal, and a commitment to pay prevailing wage on all construction
- 40% Minority Business Enterprise (MBE) supplier diversity goal for construction
- 50% workforce diversity goal for property operations
- 40% MBE supplier diversity goal for property operations
- 60% hiring goal among Richmond residents
UPPING THE ANTE
ALL OF RICHMOND WINS
Most importantly, no tax dollars will be used to develop this project. Richmonders won’t pay a dime to build it. ONE and its investment partners will, and they are committed to making a total investment of over $600 million in the Richmond community to make ONE a reality.
Once built, ONE is estimated to generate more than $525 million in new tax revenue and community benefits for the city over the next decade, including committing over $140 million in upfront and recurring additional revenue to the city and $25 million in free advertising across all of Urban One’s media platforms to promote city initiatives. That’s right, over $525 million to Richmond – funds that are critically important for Richmond’s teachers, schools, roads, parks, and community programs.
And that’s not even counting that, once operational, ONE will create 1,300 direct jobs with an average annual salary of $55,000 and a commitment to a $15 hourly minimum wage. And we’re the only proposal that’s offering profit sharing to our employees, estimated to be $3,000 – $5,000 annually. Our employees will share in the ownership of this project.
But who will be visiting Richmond? ONE is estimated to attract more than 3.7 million annual visitors with an estimated 77% coming from outside of the city. That is people coming from all across the country to stay here, tour here, eat here, sleep here, and spend their money here!
In total, all of the above is estimated to produce an economic impact of $5.7 billion to Richmond over the next decade.
Simply put, ONE would:
- Have a total project investment of over $600 million
- Generate $525 million in new tax revenue and community benefits for the city over the next decade, including $140 million in additional upfront and recurring revenue to the city, far above what state law requires and $25 million in free advertising to the city
- Create 1,300 direct jobs
- Offer an average salary and benefits of $55,000 per position and commit to a $15 hourly minimum wage
- Profit sharing with employees, estimated at an average of $3,000 – $5,000 annually at holiday time
- Bring 3.7 million tourists to Richmond, with the vast majority coming from outside of our region
- Have a total economic impact of $5.7 billion over the next decade