Twin River Management Group has sold the 22.5-acre site of the Newport Grand casino in Newport, Rhode Island for $10.2 million to the Carpionato Group.
The property was originally a jai alai arena and then became a slots casino in 2008. Carpionato Group intends to redevelop it into a mixed-use project once the casino closes and relocates to Tiverton, where Twin River is building a casino close to the state’s border with Massachusetts.
A spokesman for the purchaser said, “Newport Grand is well positioned for redevelopment into a vibrant mixed-use destination. The property represents a truly generational opportunity in a high barrier-to-entry market.”
