**Twin Rivers Casino: A Tale of Closure and Transformation**

The Closure

In the vibrant city of Lincoln, Rhode Island, Twin Rivers Casino once stood as a beacon of entertainment and economic prosperity. However, in 2020, news broke that the iconic casino would be closing its doors permanently. The closure sent shockwaves through the community, leaving many questions unanswered and a sense of loss.

Reasons for Closure

Multiple factors contributed to the decision to close Twin Rivers Casino. The primary culprit was the increasing competition from neighboring casinos, particularly the recently opened Encore Boston Harbor. This intense rivalry eroded Twin Rivers Casino's market share and profitability.

Moreover, the COVID-19 pandemic dealt a severe blow to the casino industry. Stay-at-home orders and social distancing measures decimated casino revenues, amplifying the financial pressures faced by Twin Rivers Casino.

Economic Impact

The closure of Twin Rivers Casino had a significant economic impact on Lincoln and surrounding communities. According to the Rhode Island Division of Taxation, the casino generated over $400 million in revenue annually. Its closure resulted in the loss of over 1,200 jobs, primarily in hospitality, food and beverage, and gaming.

Local businesses that had thrived on the casino's patronage also suffered. Restaurants, hotels, and retail shops experienced a sharp decline in customers, further exacerbating the economic downturn.

Transformation

Despite the closure of Twin Rivers Casino, the site has undergone a remarkable transformation. In 2022, Procaccianti Companies acquired the property with the vision of creating a mixed-use development that would revitalize the area.

Procaccianti Companies plans to invest $400 million in the project, which will include:

• A new hotel with over 300 rooms
• Luxury apartments with over 200 units
• Retail space totaling over 100,000 square feet
• A health and wellness center with a state-of-the-art fitness facility
• Restaurants and entertainment venues

This transformation is expected to create thousands of new jobs and breathe new life into the community.

Lost Revenue and Unemployment

The closure of Twin Rivers Casino had a profound impact on the Rhode Island Division of Taxation, which relied heavily on casino revenue to fund state programs. In 2021, the state lost over $200 million in revenue, which forced policymakers to make difficult budget cuts.

Unemployment rates in Lincoln and surrounding areas spiked following the casino's closure. Many former casino employees struggled to find new jobs with comparable compensation and benefits.

Community Impact

Beyond its economic impact, Twin Rivers Casino was also a significant source of community engagement and philanthropy. The casino sponsored numerous local events, supported charitable organizations, and partnered with local businesses. Its closure left a void in the community that was felt by residents and organizations alike.

Transition

The transition from Twin Rivers Casino to the new mixed-use development has not been without its challenges. Some residents have expressed concerns about increased traffic, noise, and the loss of the casino's entertainment offerings.

However, Procaccianti Companies has worked closely with community leaders to address these concerns and ensure that the new development is compatible with the needs of the neighborhood.

Lessons Learned

The closure of Twin Rivers Casino provides valuable lessons for policymakers, businesses, and communities:

• Diversify the economy: Relying too heavily on a single industry or business can leave a community vulnerable to economic shocks.
• Adapt to changing market conditions: Businesses must be agile and responsive to shifts in consumer preferences and competition.
• Invest in community partnerships: Businesses that engage with and support their communities build goodwill and resilience.

Strategies for Recovery

Communities affected by casino closures can implement effective strategies to mitigate the economic and social impacts:

• Provide job retraining and placement assistance: Help displaced workers develop new skills and find new employment opportunities.
• Support local businesses: Encourage residents to patronize local businesses and offer incentives for new businesses to open.
• Invest in infrastructure and amenities: Create a vibrant and attractive community that attracts residents, businesses, and visitors.

Why It Matters

The closure of Twin Rivers Casino is a reminder of the fragility of local economies and the importance of diversification. It also highlights the need for businesses to be adaptable and responsive to changing market conditions. By learning from past experiences, communities can develop strategies to recover from economic shocks and build a more resilient future.

Benefits of Transformation

The transformation of the Twin Rivers Casino site into a mixed-use development brings several benefits to the community:

• Economic diversification: The new development will create a diverse mix of businesses and jobs, reducing the reliance on a single industry.
• Enhanced community amenities: The hotel, apartments, retail space, and health and wellness center will provide new opportunities for residents and visitors to enjoy the area.
• Increased tax revenue: The new development is expected to generate significant tax revenue, which can be used to fund essential public services.

The Future

The future of the Twin Rivers Casino site is bright. The mixed-use development project is expected to revitalize the area, create jobs, and provide new amenities for the community. It is a testament to the resilience and adaptability of the Lincoln community and the power of transformation to create a new chapter in a vibrant city.

Stories and Lessons

The closure of Twin Rivers Casino and the subsequent transformation of the site has taught us valuable lessons about the economy, community resilience, and the importance of change.

Story 1: The Loss of a Community Icon

Twin Rivers Casino was more than just a gambling establishment. It was a place where people could gather, socialize, and enjoy entertainment. Its closure left a void in the community, particularly for those who had relied on the casino for employment or recreation.

Lesson: The closure of any major business or institution can have a profound impact on a community, both economically and socially. It is important to support local businesses and organizations to ensure the vitality and resilience of the area.

Story 2: Opportunity in Crisis

The closure of Twin Rivers Casino presented a unique opportunity for Procaccianti Companies to invest in the area and create something new. The mixed-use development project is a testament to the power of private investment and the ability to transform a struggling property into a thriving hub.

Lesson: Even in the face of adversity, there are always opportunities for growth and renewal. It is important to think creatively and seek out new ways to revitalize communities.

Story 3: The Importance of Partnerships

Procaccianti Companies has worked closely with community leaders to address concerns about the new development and ensure that it meets the needs of the area. This collaborative approach is essential for ensuring the success of any major project.

Lesson: Partnerships between businesses and communities are essential for creating developments that benefit everyone. It is important to involve residents in the planning process and listen to their feedback.

Additional Information

Table 1: Twin Rivers Casino Revenue

Table 2: Economic Impact of Twin Rivers Casino Closure

Table 3: Proposed New Development

Conclusion

The closure of Twin Rivers Casino was a significant event for the city of Lincoln and the surrounding communities. However, the transformation of the site into a mixed-use development project represents a new chapter of growth and prosperity. By learning from the past and embracing the future, Lincoln is building a more resilient and vibrant community.