Twin River Management Group Inc. announced its plan to move its Newport Grand casino to a new location in the northern part of Tiverton, in order to be able to blunt the competition coming from neighboring Massachusetts.
The casino operator is to purchase a 45-acre site not far from the Massachusetts boarder.
John E. Taylor Jr., Chairman of Twin River, revealed that they are planning to build the state’s second full-scale casino that would feature up to 1,100 slot machines and 40 table games. The gambling operator is to transfer Newport Grand’s existing license to the new venue. About a month ago, Twin River executives announced that an agreement was reached for the acquisition of the Newport-based slot parlor.
Mr. Taylor also explained that the Rhode Island General Assembly, the Town Council, as well as Tiverton residents need to vote in favor of the project, in order for the gambling operator to be able to proceed with the construction of the casino.
The Twin River executive said that if all the necessary approvals are granted, residents of Tiverton and of Rhode Island in general would be able to cast their vote in November 2016. And the casino is expected to open doors no earlier than mid-2017.
According to estimates presented in November 2014, both Lincoln-based Twin River and Newport Grand would contribute to the state as much as $314.9 mullion from slot machine revenue by the end of 2015. Table games at Twin River are to generate about $12 million.
However, a report compiled by Christiansen Capital Advisors pointed to the possibility for gaming revenue to drop by almost 38% in the next five years, if a gambling venue is built in Taunton – one of the cities that are currently competing for a casino license in Southeastern Massachusetts.
Although Rhode Island’s neighboring state is to have luxurious destination-style casinos, with the $1.6-billion Everett being among those, Mr. Taylor explained that their main focus is to launch a venue that is intended for the “convenience gambler.”
Gov. Gina Raimondo said yesterday that she would definitely consider Twin River’s proposal, as the project might prove to be beneficial to the state. Several lawmakers also expressed their support for the casino.
Residents of Tiverton, however, did not seem particularly happy about the possibility of having a gambling venue in their town. The Town Council announced that Twin River representatives will be able to meet residents and present them with their plan at a special meeting, which is to take place on May 4.
