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Casino Needs Money For Expansions By The End Of This Month. 2005-12-28
Newport Grand Casino may be sold for good. The rumor is that the owners want to sell to have more money to create other expansions. Expansions that could cost around $20 Million, which is the price tag for this casino.
Chief Executive Officer Diane Hurley claims while this may not be their idea, it was one of three made to them by a financial advisor. Selling the casino is not the final word, but it is an option, one strongly being taken into consideration. After all they need the money to make the promised expansion.
In November, Governor Carcieri's administration signed a contract with the Newport Grand for the expansion. The expansion would allow another 800 slot machines, in return, the casino owners promised to build a new 90-room hotel, increase restaurant space, and add more workers. Those promises have to be met financially by December 31st, in order for the state to fulfill their end of the bargain. It is because of this, this was one of the options they had left to produce the money on time. The Governors office claims that if this is the direction chosen, then they will look at the credentials of any new owner so that they will have a viable partner for a bigger and better casino.
(By Andrea)