Thirteen people were onboard the boat when it crashed at about 8:15 p.m.
Some of the passengers had to be rescued from 5- to 6-foot surf by firefighters and lifeguards.
No injuries were reported.
The boat is a 55-foot Sea Ray yacht.
The pier was scheduled to be closed Monday for city engineers to assess the damage to the structure.
The cause of the incident was under investigation; visibility and fog may be factors.
It was earlier reported that the Newport Pier was struck.