Radio One Inc. is about to get its first MGM National Harbor payoff.
The Lanham radio, television and internet company expects to receive the first in a series of checks for investing in the Prince George’s County casino in April, CEO Alfred Liggins said in an earnings call in late February. The money — expected to total $6 million by the end of 2017 — comes at the company’s radio division faces strong headwinds and the company braces for weaker performance.
Radio One expects to receive roughly $6 million by the end of 2017 as a result of its $40 million investment in the Prince George’s casino.
“We are extremely focused on making sure there is growth,” Liggins said on the call. “We think there is going to be enough upside on TV One and MGM to offset any radio and digital negative swings.”
Radio One — which said it would change its name to Urban One Jan. 1 but continues to use the name on its website and in regulatory filings — is entitled to 1 percent of the net gambling revenue from MGM National Harbor, a recurring dividend from its $40 million investment in the business. MGM made diversifying its investor base a key part of its bid to secure the gaming license for the new casino and cut a deal with Radio One, a minority-run company, in 2013.