American casino operator Twin River Management Group Incorporated has released the results of an economic impact study into its planned development for Rhode Island showing that the opening of the new facility would see the state receive tens of millions of dollars in additional tax revenues.
According to a report from The Providence Journal newspaper, voters in Rhode Island will head to the polls in November to decide whether to amend the state’s constitution and allow Twin River Management Group Incorporated to relocate the license for its Newport Grand Casino slots-only property to the new full-scale Twin River Tiverton Casino facility planned for the city of Tiverton.
If Question One is approved by voters on November 8, Twin River Management Group Incorporated, which also operates the nearby Twin River Casino along with the Hard Rock Hotel And Casino in Biloxi, Mississippi, would be required to close its Newport Grand Casino before starting work on the new Tiverton facility.
The economic impact study produced by New Jersey firm Spectrum Gaming Group reportedly shows that the construction of the new casino for Tiverton would result in a net increase of 791 jobs and $30.2 million in tax revenues by 2019 along with $64.5 million in new economic activity. The Linwood-based independent research and professional services company explained that these results take into account the closure of the Newport Grand Casino along with potential construction of the proposed First Light Resort And Casino from the Mashpee Wampanoag Tribe in nearby Taunton, Massachusetts.
The First Light Resort And Casino project, which would sit only 24 miles away from Tiverton, is currently mired in court proceedings and the study reportedly shows that the new Rhode Island facility would create 1,118 new jobs and $53.3 million in tax revenues as well as $100.2 million in economic activity should the stalled tribal project fail to come to fruition.
“Without question, the results of the analyses in this report show that the state of Rhode Island can expect to see net economic gains from transferring the gaming license of the Newport Grand Casino to a new casino in Tiverton,” read a statement from John Taylor, Chairman for Twin River Management Group Incorporated. “Although there exists uncertainty regarding projected revenues due to the evolving Massachusetts gaming market, the worst-case revenue and tax projections would have to be off by more than 50% to change this general conclusion.”