Twin River Worldwide Holdings has begun to sell its plan to move the Newport Grand casino from the city of Newport to the city of Tiverton.
Last week John Taylor, chairman of Twin River, told the Tiverton city council of his company’s plan to build a “convenience casino,” on 45 acres just a stone’s throw from the state’s shared boundary with Massachusetts.
“Tonight we come here with a clean slate,” he told the council. “We really, sincerely, want to build a casino the town wants.”
He claimed that the expanded casino could bring millions of dollars and hundreds of jobs to the city. About $4 million annually in combined property taxes, sales taxes and gaming revenue taxes, he said.
“We looked for a location with easy access to a highway, where people could get in and out quickly with minimal impact to the community,” said the chairman. “It would be isolated from the rest of the town, and steps can be taken to impact traffic issues.”
The state’s two casinos are its third largest source of governmental income. The Newport Grand, despite being in a downward profitability glide path for the past several years, still contributes $30 million a year in taxes. Taylor argues that in a new location, with about 1,100 slots and gaming tables, it will be able to do better than that.
Taylor and his associates plan to hold dozens of meeting with residents and opinion shapers to try to gain their support. They also will hold several “charrettes” to get community input on casino design.
His company’s choice of a city near the Bay State is not a coincidence. Taylor is convinced that, despite the licensing process currently underway that the Massachusetts Gaming Commission will never issue a license for the southeastern part of the state.
“We don’t believe there is a market for a $500 million destination casino in southeastern Massachusetts,” Taylor told the council. “We have no intention of building a $500 million casino. My shareholders and board of directors would not allow that.”
Taylor can’t build a casino without the city council and its residents being all in. The voters would need to signal approval in the 2016 General Election.
Some people are concerned. Councilman David Perry told Taylor: “The concern is that this will grow and that it will grow into a Twin River. Is that what we are looking at?” Taylor assured him that it was not and that the town council would be able to control that aspect.
Twin River Worldwide Holdings, which operates the Twin River casino in Lincoln, recently purchased its rival in Newport. Almost immediately it announced its intentions to relocate.
