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.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAs 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.
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