Since opening on September 1st, 2018, the Tiverton Casino Hotel has been successful, now nearly the $1 million mark in regard to gambling revenues for Tiverton. Recent reports show that as of April 11th, the general fund of Tiverton has reached $972,076. Town Treasurer, Denise Saurette, reported that the revenue total has been deposited into the fund.
Slot and Table Game Funds:
This month, the last quarterly video terminal payment was received and came to $354,795. The amount is the percentage owed to the town from profits involving 1,000 slots at the venue. The time frame from which the funds were generated is from January 1st to March 31st.
On top of slot payments, the town also receives revenues from table games. For the table games, the town is paid weekly. The amount averages from $3,000 to $5,000 depending on how much was generated during a given week.
According to the Providence Journal…
Saurette used figures from the last six months to determine that the town should reach $1.4 million by the end of the fiscal year. The year ends on June 30th. Video terminal payments average at around $120,000 each month and table games around $20,000 monthly.
The Town Treasurer further stated that by using the same figures, it is projected that the fiscal year of 2020 will result in around $2 million in revenues for Tiverton from gaming.
Based on legislation, the state provided a guarantee to Tiverton that they would receive a minimum of $3 million on an annual basis via gaming revenues. They will make up the difference to Tiverton after the casino has been in operation for a full fiscal year. The end of the first year in operation would fall on June 30th, 2020.
Sports Betting in the Mix:
Along with table games and slots, the venue now provides visitors with sports betting. The casino launched their sports betting operations back in December, becoming the second location in Rhode Island to offer the wagering services. The sportsbook offers a variety of wagering options including straight bets, parlays, futures, propositions, teaser and round robin.