Paolino reaches deal to buy Newport Grand

LOCAL DEVELOPER JOSEPH R. PAOLINO JR. says that he has an agreement with Newport Grand owner Diane Hurley to purchase the Newport gaming facility. In May, Paolino, along with Peter de Savary and Paul Roiff proposed buying Newport Grand and sinking roughly $40 million into it to upgrade its appearance and entertainment offerings. / COURTESY NORTHEAST COLLABORATIVE ARCHITECTS
LOCAL DEVELOPER JOSEPH R. PAOLINO JR. says that he has an agreement with Newport Grand owner Diane Hurley to purchase the Newport gaming facility. In May, Paolino, along with Peter de Savary and Paul Roiff proposed buying Newport Grand and sinking roughly $40 million into it to upgrade its appearance and entertainment offerings. / COURTESY NORTHEAST COLLABORATIVE ARCHITECTS

PROVIDENCE – Providence developer Joseph R. Paolino Jr. has an agreement to purchase Newport Grand from owner Diane Hurley, Paolino said late Wednesday.

“They have some hurdles they have to get through, and I’m not going to comment any further,” he said.

The price the parties have agreed to and timetable for completing the transaction were not available. Hurley had left the office for the day and could not be reached for comment.

In 2014, Paolino and two partners had proposed buying Newport Grand and then spending approximately $40 million to improve the venue if voters approved adding table games. And while voters across the state approved the change to the slots parlor at the ballot in November, Newport voters rejected it.
In addition, it is not clear whether Paolino’s original partners Peter de Savary and Paul Roiff are a part of the pending deal.

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