Shares of Urban One (UONE) - Get Report extended gains for a second day on Wednesday and rose over 30% following a City Council selected, in May, the media company's proposed casino project in Richmond, Virginia.
Shares of the Silver Spring, Md., radio broadcaster at last check rose 34% to $11.39. The stock has more than tripled year to date.
Last month, Urban One's casino project was selected by a panel of city officials for approval.
Bloomberg News reported that the City Council still needs to vote on the terms of the deal. If it's approved, a referendum on the project will be held Nov. 2.
Urban One reports earnings on July 29.
The company reported a 3.6% drop in first-quarter revenue to $91.4 million.