Black-Focused Media Conglomerate Urban One Remains Interested in Gaming Industry

Posted on: March 31, 2025, 12:39h. 

Last updated on: March 31, 2025, 01:15h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.
  • Media conglomerate Urban One wants to enter iGaming
  • Urban One is a Black-focused media company
  • Urban One previously sought to build a casino in Richmond

Urban One, the Black-focused media conglomerate based in Silver Spring, Md., that unsuccessfully sought to build a casino resort in the Virginia capital of Richmond, remains bullish on the commercial gaming industry and is readying its next wager.

Urban One iGaming online casino gambling
Urban One CEO Alfred Liggins says his Black-focused media conglomerate hopes to secure iGaming access in Maryland should the state move to legalize online casino games. Urban One unsuccessfully sought to own a casino in Richmond, Va., but city voters twice rejected the bid. (Image: Getty)

Unlike its 2021 and 2023 efforts to own a more than half-billion-dollar casino resort in Richmond, Urban One is now focused on iGaming. Alfred Liggins, Urban One’s CEO and the son of founder Cathy Hughes, said during the publicly traded company’s earnings call last week that an online gaming venture is of interest.

We like that business,” Liggins said in response to a question regarding Urban One’s business mindset regarding casino gambling. “iGaming is a great business.”

Urban One was partnered with Peninsula Pacific Entertainment and then Churchill Downs for a casino development in Richmond. City officials named Urban One as its gaming partner and billed the scheme as the first Black-owned casino resort in the country.

City voters, however, twice voted against the project, with more white, affluent neighborhoods in the capital metro blamed for the bulk of the “no” votes.

State lawmakers subsequently passed legislation barring Richmond from conducting a third casino referendum and signed off on relocating the gaming license south to Petersburg. Last fall, voters there approved a $600 million casino from The Cordish Companies and Bruce Smith Enterprises called Live! Casino & Hotel Virginia.

Gaming Industry Reintroduction

Urban One was no stranger to the gaming business before partnering with Richmond. Though the company had no prior experience building or running a casino, Urban One was an investor in MGM Resorts’ MGM National Harbor in Oxon Hill, Md., just outside of Washington DC.

To help improve its bid for a casino license in Maryland by satisfying minority business enterprise inclusion, MGM brought on Urban One as an investor. Urban One invested $40 million into the $1.2 billion development. It cashed in on its stake in March 2023 for $145.5 million. MGM National Harbor is among the most successful casinos outside of Las Vegas.

Lawmakers in Maryland have considered iGaming in recent legislative sessions, including this year but House Bill 17, introduced by Del. Vanessa Atterbeary (D-Howard), and its Senate clone, Senate Bill 340, filed by Sen. Ron Watson (D-Prince George’s), died in their assigned committees.

The bills would have allowed the Maryland State Lottery and Gaming Control Commission to issue iGaming licenses to online casino platforms partnered with one of the state’s six brick-and-mortar casinos.

“For the last two [legislative] sessions, they’ve been contemplating trying to introduce iGaming. We’d like to position ourselves to be in that business, so we’ve been lobbying to be part of the legislation,” Liggins said.

Stock Selloff

Since Urban One’s hopes of building and owning a casino in Richmond busted, the company’s stock price has plummeted.

Ahead of the November 2021 referendum, Urban One shares soared to almost $7. They hovered around $5-$6 until a consistent, slow decline began following the 2023 referendum.

As of Monday afternoon, the stock is around just 70 cents. The company’s market capitalization is $37 million.