Updated Newport Grand legislation will mean $6M more for Newport - ABC6 - Providence, RI and New Bedford, MA News, Weather

Updated Newport Grand legislation will mean $6M more for Newport

Posted: Updated:
 By Jennifer Petracca

news@abc6.com

Under a new state law passed by the General Assembly, the city of Newport will receive millions in additional funding for improvements at Newport Grand.

The proposal, supported by Senate President M. Teresa Paiva-Weed and House Speaker Nicholas Mattiello, will save about 175 jobs and is set to create at least 200 new jobs.

Currently, the city receives about $450,000, or 1.01% of Net Terminal income per year for gaming at Newport Grand. Under the new law, the percentage will increase to 1.45%, and the revenue will increase, following voter approval and a planned $40 million investment by Joseph R. Paolino, one of the investors.

Once table games are introduced, Newport is projected to receive about $1.45 million per year for six years. This brings the city guaranteed revenue of $9 million for the first six years--$6 million more than it would have been under the current agreement.

“To be able to increase revenue for the City while doubling the number of jobs only reinforces what an opportunity our proposal is for Newport,” said Paolino.

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