The Rhode Island House Finance Committee will review an updated version of the Rhode Island Lottery, IGT and Bally's Corp. gambling contract tomorrow. The updated agreement proposes the creation of new jobs and is expected to bring the state around $ 300 million a year.
RI legislators will check the updated gambling contract
An updated version of the gambling agreement concluded between Rhode Island Lottery, IGT, and Bally's Corp will stay verified by the House Finance Committee able on Thursday this week. The updated contract was announced yesterday and is fixed 20 - year contract between the parties involved.
President of the Senate Dominick Ruggerio who recently spoke with WPRI , said that after "exhaustive review ", the new proposal aims to protect 1,000 jobs in Rhode Island . In addition, he emphasized that the agreement guarantees a significant capital investment and " retains the third largest stream of state income ".
Under the gambling agreement, state gambling industry will be managed by IGT and Bally's. In addition, the duo would be responsible for two state-owned casinos, located in Tiverton and Lincoln . Although no official price is specified in the gambling contract, Rhode Island is expected to receive about $ 300 million a year .
The updated agreement sets out additional terms for Bally's
Updated contract proposal changes upfront payments from $ 25 million to $ 27 million . In addition, under the revised version of the contract, Bally's will have to create 30 new jobs at the company's headquarters in Providence. Bally's commitment to I-195 Commission for Park Renaming Rights is increased by 200,000. In addition, the company is expected to will increase the Lincoln estate by 50,000 square feet, which could cost a business $ 100 million
In a statement, Elizabeth Suever, vice president of government relations at Bally's, said the game room would be enlarged by 40,000 square feet. Additionally, the company will invest in 10,000 square foot spas and modernization of dining facilities. According to Suever, during the 12 to 14 months of construction, around 20 will be taken into account construction industries . Finally, it revealed that the project could easily start two months after the legislation was adopted.
IGT will create more jobs
As with Bally, the updated proposal specifies additional conditions for intra-group transactions. The company's financial commitment has been increased from $ 150 million to
million . In addition, the company is expected to will create 100 new jobs . Additionally, the penalties for lost jobs have been increased from $ 6,400 to $ 7,500 per job. The minimum obligation to solve gambling problems has also been increased from $ 125,000 to a minimum of $ 200,000.
IGT Operations Director, Jay Gendron , said that if this law was passed, IGT will be able to keep its 1,000 well-paying jobs in condition . Moreover, he added that thanks to the new agreement, IGT will be able to increase employment by 100 people. According to him " will ensure the machines continue to drive over 300 million ”Annually through Rhode Island.