Urban One wins big on casino betUrban 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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