By Sam Wroblewski 630wpro.com
The Twin River Management Group announced they want to move the Newport Grand slot parlor operation to Tiverton in order to expand it into a full-fledged casino.
TRMG says they have secured the rights to purchase a 45-acre plot of land 400 feet from the Fall River border to develop into a new gaming facility. In a statement, Chairman John Taylor says the move is necessary to compete with the eminent Massachusetts gaming industry.
“Given the location of Newport Grand, coupled with the City’s expressed reticence to expand gaming at that venue, we strongly believe this is the State’s best opportunity to preserve and grow the approximately $30 million in gaming revenue from existing Newport Grand operations and equally important, preserve and grow the existing workforce.”
Twin River announced they acquired the rights to buy their business rival back in March. Former Providence Mayor Joe Paolino had expressed interest in buying the aging facility under the condition that Newport voters would approve a measure to allow gaming on-site. Voters rejected the measure last November.
Members of the state leadership have already voiced their support for the tentative land deal, Governor Gina Raimodno and House Speaker Nicholas Mattiello both issued statement saying they are in favor of Twin River’s proposal.
“With competition from casinos in Massachusetts posing a real threat to an important source of revenue in Rhode Island, we need to examine ways to remain competitive,” said Raimondo “This is especially true since we have a $190 million budget shortfall this year.”
Mattiello agreed.
“Should the Tiverton Town Council request a 2016 referendum to expand gaming, I expect that it would be very well received in the House of Representatives.”
Senate President Teresa Paiva-Weed and House Finance Chairman Raymond Gallison also expressed their support for the potential deal.
The new facility would be located near the route 24 interchange just off of William S. Canning Boulevard. Additionally, Twin River management would seek permission from the town to introduce 30 to 40 new table games to the site; a move that would require a state and local voter referendum question on the ballot in 2016.
TRMG says they will keep Newport Grand open in the meantime, and pending approval of the Tiverton site, would work with the city and state to transition the prepare the property for another use. Taylor said the group would pay their own way if passed.
