RICHMOND, Va. -- One of the companies behind the proposed Richmond Casino is responding after recent reports surfaced that show they failed to comply with financial reporting requirements as mandated by the federal government.
Urban One was notified that the Nasdaq stock marketinitiated the process to possibly delist the company last week because officials flagged them for financial reporting irregularities.
On Wednesday night, Urban One CEO Alfred Liggins addressed concerns from community members about the potential delisting.
Members of the community voiced their concerns during a meeting held by city councilmember Kristen Nye.
Liggins said the company had issues with their auditor and requested an extension filing statements. He shared that nothing had to do with performance, revenue, or profitability estimates.
“Everything has to do with a classification of how we deal with stock options and one piece of it is should we have consolidated all of the expenses from the last referendum to just what we spent since we control the venture," Liggins said. “It’s purely just a procedural issue and it will be handled. There is no risk to this venture whatsoever,” he shared.
Other community members came to the community meeting with questions for the CEO about the projected revenue and jobs.
Liggins said employees will receive an average of $55,000 a year including benefits. He also made clear that $26 million of the projected $30 million in annual local gaming tax revenue will go towards the city council's decision to invest in children.
Several residents also spoke on why they are voting yes.
“We need to grow on the Southside. We need this. We need this. We really need this,” shared one woman.
But not everyone CBS6 has spoken to this week is on board. Rapheal Talley shared he does not want a casino, and instead wants schools, and shelters for the homeless.
“It's a lot of other things we need down here other than a casino,” he told CBS6.
Urban One has requested a hearing before Nasdaq, which will suspend any delisting action until at least October 20.
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