Last year in September, Tiverton witnessed the opening of the Twin River Tiverton Casino hotel . And, exceeding expectations, in less than six months, the town has got close to $1 million in tax revenues from the casino.
In a statement to the press, Denise Saurette, treasurer, Tiverton town, revealed that the casino facility has already chipped in $972,076 in the town’s general fund as of April 11.
Public information officer for the state Department of Revenue, Paul Grimaldi said, “The casino is indeed performing as we had expected.”
A significant portion of the tax revenues come from the video terminals (which includes the revenue from slot machines) at the venue.
For the first quarter, this year the revenues from video terminals amounted to $354,795 while for the last four months of the previous year – September 1 to December 31, 2018 – the town received $323,745.
Table game revenues, which is paid weekly, average $3000 to $5,500 per week.
Based on the current revenue trends, Tiverton town treasurer, Denise Saurette has also presented an estimate of the revenue for one year.
Considering both revenues from slot machines and table games, she has projected that the town will get about $1.4 million in revenues.
While Saurette estimates that given the current figures the revenues in 2020 may rise almost by 30% to $2 million according to PIO (Public Information Officer) Paul Grimaldi, it would be too early to predict revenues for the next fiscal year starting July 1.
Talking about the revenues generated Grimaldi said that the satisfactory performance of the casino could also to be attributed to the fact that sports betting on events of other states is available at the venue, and this brings new visitors who would not have been at the casino otherwise.