Newport Grand explores sale to Paolino group
The owners of the Newport Grand slot parlor are exploring a possible sale to an investment group that includes former Providence Mayor Joe Paolino.
Paolino tells the Newport Daily News that he and his partners, developers Peter de Savary and Paul Roiff, are doing their "due diligence."
He says the purchase would not be feasible unless table games are allowed. Newport voters rejected table games in a 2012 vote, but Paolino wants to put it back to voters later this year. That would require the city council to approve a resolution asking for the ballot question.
Paolino says the gambling landscape has changed since 2012. Revenue has dropped at Newport Grand and Foxwoods has proposed a casino not far away in Fall River, Mass.