Twin River Acquires Newport Grand

Terms have not been disclosed at this time

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The Twin River Casino is acquiring rival Newport Grand as competition from Massachusetts threatens to encroach on gambling revenue in Rhode Island.

Rhode Island Public Radio reports that Twin River confirmed Wednesday that it has acquired the purchase-and-sale agreement on Newport Grand held by businessmen Joseph Paolino Jr. and Paul Roiff.

Twin River has not disclosed terms.

The merger is subject to approval from the state lottery and the state Department of Business Regulation. Twin River says it expects the deal to close by June 30.

Gambling is expected to take a hit approaching $100 million a year because of new casinos and other gambling venues in Massachusetts.

Newport Grand employs about 175 people and brings in about $26 million in annual revenue.

Copyright AP - Associated Press
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