Twin River wants to give Tiverton residents a say in the design of the imminent project.
In order to become more competitive in the US gambling industry, Twin River Management Group may shut down Newport Grand Slots Parlor and transfer its gambling license to its Tiverton Casino project. According to US gambling news, smaller gambling operators may be overshadowed by the mighty of Massachusetts casinos. So far Twin River is looking at buying 45 acres off Route 81, situated in a remote northern section of the town, a few meters away from the Massachusetts border.
Massachusetts is set to build some luxury casino resorts, including one to be owned by gambling mogul, Steve Wynn, at Everett, estimated at $1.6 billion resort. Chairman of Twin River’s board of directors, John E. Taylor Jr., said the company plans to build a casino, which would be the state’s second real casino, complete with slots and table games. In March, Twin River divulged that there is already a buyer for the Newport Grand.
Twin River’s proposal will have to please voters in Tiverton and legislators statewide
Taylor stated that “We have had conversations with state leaders about this, and they are aware that we are thinking about it. Subject to the process that we’ll be going through in the Town of Tiverton . . . we will get deeper into the state implications of a license transfer along the way. There’s nothing that we’ve heard so far that says anything would preclude us from doing a transfer or that anyone is not open to considering us going down this path.”
If the Tiverton Casino is ever to see the light of day, under strict US gambling laws, voters and state legislators would have to approve. Twin River Management plans to use Newport Grand’s current gambling license to get more leverage in mounting its casino. Tiverton Casino is set to be constructed on a property just off of Route 81 and adjacent to the Route 24’s exit 1 ramps.
Twin River has not divulged the cost of the project nor whether the casino will include a hotel or entertainment venues. Taylor did say though that “There aren’t pictures of a new building or a discussion of amenities or a laundry list of things we’re going to have right now. We’re at the very front end of discussion with the community. We want to know: Are you open to considering a project like this? Also, here are the benefits that potentially come to the town with it”.
Tiverton Casino may feature up to 1,100 video lottery terminals, as many as the Newport Grand currently hosts. They also hope to have the right to install as many as 40 table games. Twin Rivers Lincoln casino has double. The casino, if approved could open as early as mid-2017 to early 2018. It is believed that the state’s share of revenue from the video lottery terminals at Twin River and Newport Grand could be as much as $314.9 million this year.
Rhode Island draws a third of its revenue from gambling.
Revenue from table games at Twin River is forecast at $11.9 million.However Christiansen Capital Advisors estimate that gross gambling earnings could fall by nearly 38%, over a five year period. This was based on speculations that a casino in Taunton, in Southeastern Massachusetts may be built. Tiverton Casino will be designed to attract “convenience gambler”.
Taylor further expanded on this revelation with “We do not believe that property can support another $500 million destination casino on it. We look at this location as a convenience casino location, one where people can get into it and get out of it easily. There are 85,000 or 86,000 people who live just over the line from this location. We want to build what is appropriate. We don’t believe that at the far end of that extreme there is possibility there.”