State officials estimate that Newport Grand’s video slot machine revenue will drop by more than two-thirds when it begins to struggle to compete with casinos opening in Massachusetts beginning late 2015. Besides the Plainridge Park facility already being built, and a possible southeastern Mass casino in either Taunton or Fall river could result in a decline in gross revenue from Newport Grand’s video slot machines to $13.6 million from $44.7 million in five years. Should Rhode Island officials look to help Newport, or just let it go out to pasture in a few years?
The reality is that Newport will not be able to compete with the bone-fide casinos in Massachusetts. And Twin River will barely compete with the both CT & MA casinos. Simply put, Rhode Island will not be able to depend upon it third leading source of revenue – gaming. Gambling venues may become a thing of the past in ten years, with the State Lottery its only gaming income.
So, no table games in Newport, Newport Grand closes. No hotel at Twin River, Twin River comes to a screeching halt in revenue, depending only on local support in Rhode Island. The state needs to work on rebuilding a economy, and by the looks on of it, without gaming revenue.
That’s all for now