Developer Joe Paolino has made a deal to buy Newport Grand slot parlor. Paolino says there are still a few a details to be worked out.
Newport Grand produces far less revenue for the state than Twin River in Lincoln. Yet it remains part of Rhode Island’s third-largest revenue stream. Paolino said he thinks Newport Grand offers a great opportunity.
He would not say how much he's paying for the slot parlor, or whether he had partners in the venture. He says a confidentiality agreement limits him from saying more.
"I don’t really want to muddy the waters and be involved in the dialogue of that," said Paolino.
Last year, Paolino and two business partners proposed buying Newport Grand, but only if Newport voters approved table games like poker and blackjack. Voters rejected that proposal.
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