Twin River Announces Acquisition of Newport Grand
Thursday, March 05, 2015
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.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTLast 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.
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