{"id":118501,"date":"2019-10-30T07:54:07","date_gmt":"2019-10-30T14:54:07","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=118501"},"modified":"2019-10-30T11:08:55","modified_gmt":"2019-10-30T18:08:55","slug":"twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/","title":{"rendered":"Twin River Dealt a Blow in Quest to Run Rhode Island Lottery"},"content":{"rendered":"

Twin River Worldwide Holdings, Inc.’s (TRWH) effort to wrest control of Rhode Island’s lottery from rival International Game Technology Plc (IGT) may have suffered a blow earlier this week. An executive from the casino operator told policymakers the company would have difficulty matching IGT’s jobs and payroll tallies in the Ocean State.<\/p>\n

\"\"
Twin River Rhode Island president Marc Crisafulli acknowledges the company would have financial difficulty running the state’s lottery. (Image: Warwick Beacon)<\/figcaption><\/figure>\n

TRWH made an offer to run the state’s lottery<\/a> in July. This came.after launching a public relations offensive against IGT and Gov. Gina Raimondo (D-RI), claiming the gaming device maker controlled too much of Rhode Island’s slots market, and that the governor’s plan to give IGT a 20-year, $1 billion contract was anti-competitive.<\/p>\n

The operator of Rhode Island’s two casinos offered an upfront payment of $125 million to manage the Rhode Island lottery, claiming it could keep, if not expand upon, the roughly 1,100 jobs IGT accounts for in the state<\/strong>. Raimondo immediately rebuffed that proposal, noting that TRWH doesn’t have experience running lotteries, and that the jobs and revenue stream are too important to jeopardize.<\/p>\n

In recent testimony before the Ocean State’s Senate Finance Committee, Marc Crisafulli, president of TRWH’s Rhode Island business, acknowledged his company may not be able to match IGT’s jobs commitment.<\/p>\n

There\u2019s a point at which the requirement is too high,\u201d he said, reports GoLocalProv. <\/i>\u201cIf you told me the requirement was a payroll of\u00a0$110 million for 20 years, I would tell you that we could not do that economically.\u201d<\/p><\/blockquote>\n

Twin River previously said it could maintain IGT’s level of employment in the state. But details on that effort were sparse.<\/p>\n

Another Chapter<\/h2>\n

Crisafulli’s comments mark the latest chapter in the multi-month spat between IGT and TRWH, one where Raimondo has been in the center. The governor’s effort to award the 20-year pact to IGT has been scrutinized by politicians from both sides of the aisle, and has drawn an investigation<\/a> from the state’s Ethics Commission.<\/p>\n

\n

Raimondo’s argument for awarding the deal to IGT is centered around three points: keeping the jobs in the state, protecting Rhode Island’s third-largest revenue source, and IGT’s corporate presence there, which comes by way of a 2015 merger with Gtech.<\/p>\n<\/div>\n

The gaming device maker previously said that without the 20-year agreement, it cannot maintain its current level of employment in Rhode Island.<\/p>\n

IGT’s initial accord with the state was signed when Donald Carcieri (R-RI) was governor, and included a clause to maintain at least 1,000 jobs there.<\/p>\n

Costly Endeavor<\/h2>\n

The lottery could prove to be an important revenue source for TRWH, assuming it can win the contract, because new additions to the New England casino market are hampering the company’s<\/a> two Rhode Island venues.<\/p>\n

A recent uptick in sports betting revenue, thanks to the start of football season, is helping Twin River stem some of the lost gaming turnover, because neighboring states Connecticut and Massachusetts currently don’t offer sports wagering. Data indicates sports betting turnover in Rhode Island almost tripled to a record $2.5 million last month.<\/p>\n

As for the lottery deal, the current pact with IGT doesn’t run out until 2023, so there’s time for Ocean State policymakers to make decisions. But TRWH doesn’t appear comfortable with the financials.<\/p>\n

\u201cI\u2019ll tell you now, though, we won\u2019t be comfortable with a guarantee of $110 million [in payroll] over 20 years,\u201d said Crisafulli in his testimony. \u201cI\u2019m certain of that…we simply can\u2019t do that.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Twin River Worldwide Holdings, Inc.’s (TRWH) effort to wrest control of Rhode Island’s lottery from rival International Game Technology Plc (IGT) may have suffered a blow earlier this week. An executive from the casino operator told policymakers the company would have difficulty matching IGT’s jobs and payroll tallies in the Ocean State. TRWH made an […]<\/p>\n","protected":false},"author":46,"featured_media":118503,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13699,61],"tags":[],"acf":[],"yoast_head":"\nTwin River Likely Suffered a Setback in Its Rhode Island Lottery Effort<\/title>\n<meta name=\"description\" content=\"A Twin River executive acknowledged his company may have difficulty meeting the payroll expectations that come with running Rhode Island's lottery.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twin River Likely Suffered a Setback in Its Rhode Island Lottery Effort\" \/>\n<meta property=\"og:description\" content=\"A Twin River executive acknowledged his company may have difficulty meeting the payroll expectations that come with running Rhode Island's lottery.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-30T14:54:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-30T18:08:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/MC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/\",\"url\":\"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/\",\"name\":\"Twin River Likely Suffered a Setback in Its Rhode Island Lottery Effort\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/MC.jpg\",\"datePublished\":\"2019-10-30T14:54:07+00:00\",\"dateModified\":\"2019-10-30T18:08:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"A Twin River executive acknowledged his company may have difficulty meeting the payroll expectations that come with running Rhode Island's lottery.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/MC.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/MC.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Twin River Rhode Island President Marc Crisafulli acknowledges the company would have financial difficulty running the state's lottery. (Image: Warwick Beacon)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Lottery\",\"item\":\"https:\/\/www.casino.org\/news\/lottery\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Twin River Dealt a Blow in Quest to Run Rhode Island Lottery\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Twin River Likely Suffered a Setback in Its Rhode Island Lottery Effort","description":"A Twin River executive acknowledged his company may have difficulty meeting the payroll expectations that come with running Rhode Island's lottery.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Twin River Likely Suffered a Setback in Its Rhode Island Lottery Effort","og_description":"A Twin River executive acknowledged his company may have difficulty meeting the payroll expectations that come with running Rhode Island's lottery.","og_url":"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2019-10-30T14:54:07+00:00","article_modified_time":"2019-10-30T18:08:55+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/MC.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/","url":"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/","name":"Twin River Likely Suffered a Setback in Its Rhode Island Lottery Effort","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/MC.jpg","datePublished":"2019-10-30T14:54:07+00:00","dateModified":"2019-10-30T18:08:55+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"A Twin River executive acknowledged his company may have difficulty meeting the payroll expectations that come with running Rhode Island's lottery.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/MC.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/MC.jpg","width":1200,"height":800,"caption":"Twin River Rhode Island President Marc Crisafulli acknowledges the company would have financial difficulty running the state's lottery. (Image: Warwick Beacon)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/twin-river-likely-suffered-a-setback-in-its-rhode-island-lottery-effort\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Lottery","item":"https:\/\/www.casino.org\/news\/lottery\/"},{"@type":"ListItem","position":3,"name":"Twin River Dealt a Blow in Quest to Run Rhode Island Lottery"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/118501"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=118501"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/118501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/118503"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=118501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=118501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=118501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}