Urban One, Inc

UONE NASDAQ
UONE
Urban One, Inc NASDAQ
 
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Important events

May 242021

Urban One wins big on casino bet

Urban One (the biggest distributor of urban content in the US, known as “the voice of Black America”) shoots up 30% on the back of news that one of its casinos has been chosen as the preferred casino-gaming operator of Richmond, Virginia.

Last week, Urban One’s $600 million casino project, One Casino and Resort, had its proposal accepted by gaming officials in Richmond, Virginia, and the company’s share price got a win of 30%. Urban One was the winning proposal out of six bids for the capital city’s sole gaming licence. While officials have chosen Urban One, it’s not a done deal until voters get a say in a referendum in November – but if it all goes according to plan, it would make the casino the first majority black-owned casino in the country.

Following the leap though, there was of course a rush of profit-taking the next day, which led to a sell-off before stock market "circuit breakers" kicked in and halted trading on Urban One stock. When trading started back up again there was a short bounce before the drop carried on and the day closed down 12% on May 21 and a further 3% on Monday. Back to business as usual then.

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