It was roughly 1 1/2 years ago when Urban One investors last heard from the company’s executive leadership regarding its casino gaming ambitions. A second referendum for a Richmond, Va., development was handedly shot down by the electorate; CEO Alfred Liggins III suggested another city within the Commonwealth of Virginia was an option.
Now, Liggins has confirmed that Urban One is abandoning its plans to build a brick-and-mortar casino resort.
The Urban One executive confirmed the company’s new direction during its fourth quarter 2024 earnings call, and comes amid a sharpened focus on debt reduction and strategic media consolidation in a challenging industry landscape. “It’s safe to say [the casino process is over] given that they’ve actually broken ground on the casino in Petersburg,” said Liggins, responding to an investor’s question.
