Newport Grand Sold To Carpionato Group, Based In Johnston

NEWPORT, RI—The Newport Grand Casino has been sold. The Carpionato Group, based in Johnston, said Wednesday it has bought the building and 23.5 acres of land. The casino will move to Twin River Tiverton, but that date has not yet been determined. The Tiverton casino is still under construction.

The price was just over $10 million.

The Carpionato Group is the same company that bought the Benny’s properties after the store chain went out of business last year. Chairman and Chief Executive Officer Alfred Carpionato lives in Newport. The plan for the property's future includes "hospitality, restaurants, retail and innovative office space," the company said in a press release.

"This is a once in a generation opportunity to creatively reimagine this signature property as the gateway into Newport,” Carpionato said. “As a resident of Newport with a history of property development on Aquidneck Island I have often envisioned a more thriving, welcoming and visually appealing entry to the City by the Sea. Now as this opportunity has come to fruition, I am looking forward to creating jobs, economic growth and a destination truly special for both residents and visitors arriving to our historic and magnificent community.”

Here is the rest of the press release.

The Newport Grand property, located at 150 Admiral Kalbfus Road, is visible to everyone arriving in Newport as they exit the Pell Bridge. The building was originally opened in June 1976 as a Jai Alai fronton, in 1992 VLT (slots) were offered and it was renovated in 2008 to its present casino.

"We're pleased that that the new owner of the property intends to work collaboratively with the City and additional stakeholders in ensuring the highest use of this property, which was always our hope when we decided to try and move the existing Newport Grand operations to Tiverton," said John E. Taylor, Jr., chairman of Twin River Management Group. "We obviously will continue to operate Newport Grand until our new casino is ready to open, which we anticipate occurring in late summer/early fall.

“We recognize there is great community interest in what this property will eventually become and how it is reimagined,” said Kelly Coates, President and COO of Carpionato Group. “We are committed to actively working with the community and all key area stakeholders over the coming months to seek their input on how we can best reimagine this property to create a signature place that offers hospitality, restaurants, retail and innovative office space while spurring economic development on the island.”

Over the next decade, this property will become more prominent as the gateway into Newport and Aquidneck Island as the Rhode Island Department of Transportation reconfigures the roadways coming off the Pell Bridge.

“Today, property development is focused on the principle of placemaking. Its about creating truly unique places, where people go to spend time to linger rather than make a quick stop for an errand or two amidst a sea of asphalt,” said Joe Pierik, Vice President of Retail Leasing and Acquisitions for Carpionato Group, and a lifelong Aquidneck Island resident. “When completed, this redevelopment WILL enhance the area’s connectivity, safely bring together pedestrians, bikes and vehicles while creating a link to the North End of Newport that fits with the city’s comprehensive plan for mixed use development. It is truly a once in a lifetime opportunity.”

Carpionato Group anticipates beginning geo-technical work and other engineering site evaluation on the property within the next several weeks.

File Photo: The day the 'Slots' sign came down.