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BREAKING: Paolino Selling Newport Grand to Twin River Parent Company

Wednesday, March 04, 2015

 

Former Providence Mayor and developer who took control of Newport Grand slot parlor in 2014 is flipping the property to Twin River Casino’s parent company according to sources close to the deal.

The Newport Casino sought to expand the gaming license to include table games, but referendum while was approved statewide, it was defeated in the host community of Newport.

Paolino ran the campaign effort for Newport Grand and at the time he and other investors had an option on the property.

As Paolino wrote in a column for GoLocalProv in May of 2014:

My partners and I are committed to Newport. We are Newporters – not by birth, but by choice. We have chosen to invest and own homes in a city that we appreciate.  We care about the city, the local economy and most importantly, the people and the families in Newport. With the voter’s help we will revive Newport Grand – keeping it at its current location, creating jobs for local residents, and helping to speed Rhode Island’s economic recovery by ensuring that Newport Grand is a renowned entertainment venue hosting top performers.

 We look forward to working with the community on this project and are excited about the benefits it will provide for years to come. We are hopeful for a successful City Council vote tonight and with that will continue to engage Newport, and the entire state, about our plans to transform Newport Grand into an elegant entertainment complex and will provide everyone with updates on this project.

With Massachusetts gaming coming online, there is added competition between the two RI facilities and the two mega facilities Foxwoods and Mohegan Sun in Connecticut.

DEVELOPING

 

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. 

Prev Next

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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