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UONEK - Why Urban One's Stock Crashed by 39% Today
Urban One Inc.
Shares of Urban One (NASDAQ: UONEK) had plunged by 39% as of 1:19 p.m. Wednesday as it appeared voters in Richmond, Virginia, had on Tuesday rejected the media company's proposal to develop the ONE Casino & Resort in the city.
Urban One wants to build an integrated resort and casino in Richmond featuring a hotel, spa, restaurants, an event center, and a 100,000-square-foot casino, and while gaming officials had accepted the proposal earlier this year, voters had the final say on the matter.