Twin River Wraps Up Purchase of Newport Grand

It’s official -- Twin River Management Group has completed its purchase of Newport Grand Slots.

The finalization of the deal comes after state regulatory approvals.

“We understand how important the future of Newport Grand is to the State and are excited about the advantages of owning two gaming venues in the same market, a claim no other casino management company in the region can make,” said John E. Taylor, Jr., chairman of the board of directors for Twin River Worldwide Holdings, the parent company of Twin River Management Group. “There are significant synergies that exist between Newport Grand and Twin River with respect to technical integrations, cost efficiencies and most importantly, marketing approach and promotional dollars that will allow for significant benefits to our players and ultimately for maximization of future revenues.”

Twin River announced in April that it wants to pull up stakes in Newport and move the operations of the slot parlor to Tiverton.

It has since been hosting public meetings to gauge public support.

The Tiverton Town Council must ask the state General Assembly put a referendum on the ballot for 2016 that would ask both state and local voters to approve the move.

Twin River has not disclosed the purchase price.

Newport Grand has been a bit of a hot potato as of late, having been scooped up by former Providence Mayor and prominent Rhode Island developer and investor Joseph R. Paolino Jr. from the Hurley family last year. He subsequently flipped his interest in the slot parlor to Twin River in March.

Paolino led a push for voter approval of table games at Newport Grand last year leading up to the November election. Newport voters rejected two ballot questions that would have paved the way for the slot parlor to evolve into a full-fledged casino and Paolino’s proposal included promises to convert the existing building into a luxury, Monte Carlo-esque high end resort with entertainment.

Newport Grand employs approximately 160 people and in 2014, generated $26 million for the State of Rhode Island. Joseph Moore will continue as General Manager at Newport Grand. “With the completion of the acquisition we welcome Newport Grand’s existing employees to the TRMG family. We look forward to TRMG Twin River Management Group, Inc. 100 Twin River Road, Lincoln, RI 02865 401.475.8474 working closely with our new colleagues to more fully develop the many opportunities that we envision for the two businesses,” Mr. Taylor noted.