Newport faces loss in revenues with imminent casino closure
NEWPORT, R.I. (AP) — City officials expect Newport to lose out on roughly $800,000 in annual property taxes and casino revenues with the approaching closure and planned move of the Newport Grand Casino.
The city collected a total of $8.83 million in video lottery terminal revenues and property taxes in the past 10 years. The Newport Daily News reports casino operator Twin River Management Group is relocating its gambling operations to the Tiverton Casino Hotel following the Newport Grand’s closure Tuesday.
Mayor Harry Winthrop says the town will have to work to replace the casino’s revenue in the coming years.
The city received a total of almost $1.01 million from Newport Grand in fiscal year 2009, but had seen a general decline since then.