Churchill Downs Incorporated (CDI) and its joint partner Urban One have been chosen as the City of Richmond’s preferred casino partner. This partnership still needs approval from the Virginia Lottery Department, as well as a local referendum.
$562m casino and entertainment venue
CDI is hoping to develop a $562m casino and entertainment venue in the city. Richmond gained the ability in 2020 to have a casino to help with economic development, but local opposition has led to delays.
CDI is the owner of the famed Churchill Downs Racetrack, which hosts the Kentucky Derby. It also has many other racing and casino properties under its umbrella across the US.
Senator Joe Morrissey is one of the main opponents to the plan and is asking locals to vote against a casino project once more. The previous referendum on such a casino project in November 2021 was close, with residents in favor of a casino narrowly losing, 51%-49%.
While Urban One and Peninsula Pacific Entertainment were the partners for that particular project, CDI acquired the majority of Peninsula Pacific for $2.5bn last year. The Kentucky-based racing and casino company is looking to expand its presence in the regional gambling sector.
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