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Twin River Announces Acquisition of Newport Grand

Thursday, March 05, 2015

 

Twin River Chairman John Taylor, Jr.

As GoLocalProv first reported, Twin River announced Wednesday that they will acquire Newport Grand from Newport Entertainment, LLC, at a joint press conference with Newport Entertainment owner and former Providence Mayor Joseph Paolino and Twin River Chairman John Taylor, Jr.

The terms of the sale were not made public, but is expected to be complete by June. “Upon the close of the sale, the “SLOTS” sign will be removed from the front of Newport Grand,” said Paolino.

Taylor said that Twin River will not seek table games at Newport Grand on the 2016 ballot. "It's clear the people of Newport don't want table games- we are not going to force it on them.”

Newport Grand owner Joseph Paolino announces the sale of Newport Grand to Twin River

Last year, Paolino had a plan to purchase Newport Grand only if an expansion allowing table gaming was approved. The measure was rejected by voters in November. Paolino went forward with the purchase of Newport Grand last month.

Paolino stated Wednesday that he was selling to Twin River because they were a known, trusted entity in the state and that “It’s best for everyone for Twin River to run both facilities. The right people are buying Newport Grand.

 

Related Slideshow: New England Casinos - See Who RI is up Against

Below are major casinos that are competing with Rhode Island. Data is taken from reports issued from the Center for Policy Analysis at the University of Massachusetts at Dartmouth. 

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Plainridge Park Casino

Plainville, MA

$225 million project to add 1,250 slot machines

Voter Approved and Under Construction

Prev Next

MGM Springfield

Springfield, MA

$800 million project to build casino

Voter Approved and Under Construction

Prev Next

Foxwoods Resort Casino

Ledyard, CT

Total Revenue: $1,064,126,046

*Annual New England Visitors: 5,923,192


*4th New England Gaming Behavior Survey distributed to only five New England states-Connecticut, Rhode Island, Massachusetts, Maine, and New Hampshire

Prev Next

Mohegan Sun

Uncasville, CT

Total Revenue: $1,150,490,165

*Annual New England Visitors: 6,533,154

*4th New England Gaming Behavior Survey distributed to only five New England states-Connecticut, Rhode Island, Massachusetts, Maine, and New Hampshire

Prev Next

Hollywood Casino Bangor

Bangor, ME

Total Revenue: $69,014,963

*Annual New England Visitors: 159,506

*4th New England Gaming Behavior Survey distributed to only five New England states-Connecticut, Rhode Island, Massachusetts, Maine, and New Hampshire

Prev Next

Oxford Casino

Oxford, ME

Total Revenue: $38,220,360

*Annual New England Visitors: 163,861

*4th New England Gaming Behavior Survey distributed to only five New England states-Connecticut, Rhode Island, Massachusetts, Maine, and New Hampshire

Prev Next

Twin River

Lincoln, RI

Total Revenue: $527,011,209

*Annual New England Visitors: 582,662

*4th New England Gaming Behavior Survey distributed to only five New England states-Connecticut, Rhode Island, Massachusetts, Maine, and New Hampshire

Prev Next

Newport Grand

Newport, RI

Total Revenue: $54,642,848

*Annual New England Visitors: 114,877

*4th New England Gaming Behavior Survey distributed to only five New England states-Connecticut, Rhode Island, Massachusetts, Maine, and New Hampshire

 
 

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