Foxwoods

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.

In what would be a serious threat to Rhode Island’s state gambling revenue stream, Fall  River is eyeing yet another attempt to enter the casino market.

Mayor William Flanagan has scheduled an announcement for Tuesday on a deal for a $750 million casino in the seen-better-days onetime textile center in  southeastern Massachusetts that practically straddles the R.I. border, according to several Massachusetts media outlets, including WBUR.

Partnering with Fall River would be Foxwoods, the Connecticut-based tribal gambling empire.