Developer Joe Paolino and two partners have signed an agreement to buy Newport Grand.
Paolino isn’t ready to say how much he’s paying for Newport Grand, but said he and his partners are ready to bring table games to Newport and sink $40 million to upgrade the struggling slot parlor.
They want to turn the old jai alai building into a high-class entertainment complex. “When you come over the Newport bridge you’re not looking at a very attractive building, it’s got this ugly sign on it that says “slots” it’s not very inviting. In fact, if anything, it would chase you away,” said Paolino.
Putting in table games will require a referendum, something Newport residents voted down in 2012. And Paolino said if the referendum fails, the deal is off.
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