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Wednesday, August 8, 2018

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Twin River Announces August 28 Closure Date for Newport Casino

Casino News Daily
Twin River Announces August 28 Closure Date for Newport Casino

Twin River Management Group has confirmed a closing date for its Newport Grand Casino in Newport, Rhode Island. The property is slated to be shuttered on August 28 and its gaming license will be transferred to the company’s newly built Twin River Tiverton Casino in Tiverton, Rhode Island.

The latter property is scheduled to hold its grand opening on September 1, or a month ahead of its originally planned launch.

Twin River’s new hotel and casino complex will feature a gaming floor occupying 100,000 square feet with 1,000 slot machines and 31 table games, as well as multiple dining facilities, a parking garage, and an 84-room hotel, among other facilities. As mentioned above, the Twin River Tiverton property will operate under a license previously belonging to the Newport Grand Casino.

Twin River originally planned to invest $75 million into its property, but upped its investment later on to eventually spend $140 million. Earlier this year, the company received regulatory approval to operate gambling around the clock at its Tiverton property. Alcohol will not be served during overnight hours.

The Tiverton Town Council approved in May the around-the-clock provision of gambling services at the new gambling venue for a period of one year under a pilot program. Owners of the property will be required to present town officials with quarterly reports on public safety and the impact the casino operations have on the local community. After the one-year pilot program is completed, town officials will conduct a review to determine whether the around-the-clock provision of gambling services will be kept or the hours during which visitors will be able to gamble at the property will be reduced.

Dover Downs Merger

Aside from the upcoming closure of its Newport property and the launch of its Tiverton one, Twin River and its parent company Twin River Worldwide Holdings will also be busy completing its recently announced merger with another gaming and entertainment company.

News emerged last month that Twin River would combine its operations with Dover Downs Gaming & Entertainment amid a massive consolidation wave within the US casino and gambling space and following the recent annulment of a long-standing ban on the provision of sports betting in the United Statesbu the US Supreme Court.

The deal will see Twin River, which is a private company, become a publicly traded entity. It will also allow the hotel and casino operator expand across additional states and leverage on Dover Downs’ experience in sports betting as it has been operating in Delaware, one of the few states where this type of activity was legal before the SCOTUS ruling from earlier this year. The two companies will thus be better positioned to adjust to the changing US gambling environment.

The deal is subject to approvals from regulators where the two companies operate properties as well as to other customary closing conditions.

The post Twin River Announces August 28 Closure Date for Newport Casino appeared first on Casino News Daily.

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