Newport’s $134 million Margaritaville Resort gets first approval for tax incentives

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Gov. Andy Beshear’s office released details on the planned Margaritaville Resort in Newport, which the city council approved in April, in a press release Wednesday.

The $133.6 million resort “is expected to create 282 jobs, 187 full-time and 95 part-time, and provide an economic boost to the region,” the release reads.

“We just celebrated our best year on record for Kentucky tourism in 2022, and with exciting projects like Margaritaville being announced, we know this success will only continue,” Beshear said in the release. “This resort will help drive visitors to the Campbell County area, boosting the local economy and creating 282 new jobs for Kentuckians. We are grateful to these leaders for choosing Kentucky and our workforce.”

The resort will be located at Newport on the Levee. It will feature a full-amenity hotel with 264 rooms, multiple restaurants, bars and retail shops, event and meeting space and a 12th-floor pool. Construction is scheduled to be completed by fall 2026.

By the Tourism, Arts, and Heritage Cabinet’s recommendation, Newport Hotel Associates has been granted preliminary approval by the Kentucky Tourism Development Finance Authority for incentives amounting to approximately $33.4 million for their project. The next step for the project involves seeking final approval from the authority.

Under the Tourism Development Act, eligible tourism development initiatives can recoup up to 25% of their approved development expenses by collecting sales tax generated by the development.

Click here to read the full announcement with information about the businesses involved in the project, additional details on the resort and thoughts from local officials.

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