Twin River Management Group completes acquisition of Newport Grand

THE TWIN River Management Group has completed its acquisition of the Newport Grand in Newport, the new owners announced Tuesday. / PBN FILE PHOTO/KATE WHITNEY LUCEY
THE TWIN River Management Group has completed its acquisition of the Newport Grand in Newport, the new owners announced Tuesday. / PBN FILE PHOTO/KATE WHITNEY LUCEY

LINCOLN – The Twin River Management Group has completed its acquisition of the Newport Grand in Newport, the new owners announced Tuesday.
The purchase price was not disclosed.
In February, TRMG acquired the interest in the purchase and sale agreement held by Newport Entertainment and Leisure LLC.
The purchase follows regulatory approvals by the state Department of Business Regulation and the Division of Lotteries.
“We understand how important the future of Newport Grand is to the state and are excited about the advantages of owning two gaming venues in the same market, a claim no other casino management company in the region can make,” John E. Taylor Jr., chairman of the board of directors of Twin River Worldwide Holdings, parent company of TRMG, said in a prepared statement.
“Significant synergies” between the slots parlor and Twin River Casino, which also has table games, include technical integrations, cost efficiencies and marketing approaches “that will allow for significant benefits to our players and ultimately for maximization of future revenues,” Taylor added.
Newport Grand has 1,100 slot machines while Twin River has 4,500 slot machines and 80 table games. There are plans at Twin River to add more table games and poker and remove some slot machines.
While Joseph Moore will remain as general manager at Newport Grand, Taylor said, it is not clear whether all of the approximately 160 employees will remain.
“We have just acquired the property,” said spokeswoman Patti Doyle in response to a question about possible layoffs, “so it will take us some time to more fully understand operations and what if any personnel changes are necessary. [The] next step is to more fully immerse ourselves into the operations of Newport Grand.”
In April, the company said it would seek to move the Newport Grand gaming license to a new site in Tiverton, a process that requires the Tiverton Town Council to request the General Assembly to place the question on the November 2016 ballot locally and statewide. The measure would require both local and statewide voter approval, Taylor said.
Newport Grand generated $26 million for the state of Rhode Island in 2014, he added.
Newport Grand owner Diane Hurley declined comment.

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