\u201cIGT will continue to seek General Assembly approval for legislation authorizing the governor to extend its contract through 2043,\u201d said the companies.<\/p>\n
\n
There’s a $25 million licensing fee associated with the contract, and assuming Ocean State lawmakers authorize it, TRWH will cover $6.5 million of those costs.<\/p>\n<\/div>\n
That accord isn’t a done deal yet. In a report commissioned by Rhode Island Republicans and authorized by state Democrats, the majority party there, gaming industry consulting and research firm Christiansen Capital Advisors questioned the wisdom of such a long contract, noting standard state agreements of that nature run for 10 years, not 20, with renewal clauses<\/strong>.<\/p>\nBig Expansion<\/h2>\n
TRWH is also pledging a $100 million investment in its namesake gaming property in Lincoln, R.I. That will add 40,000 square feet of gaming space, a 14,000-square foot spa, and fresh adjustments to further divide the venue’s non-smoking and smoking areas<\/strong>.<\/p>\nAdditionally, the company is committing to a 12,000-square foot headquarters in downtown Providence.<\/p>\n
All of this just months after Raimondo, a Democrat, chastised TRWH for being run by hedge funds<\/a> and serving the interests of its shareholders, not Rhode Island taxpayers.<\/p>\n","protected":false},"excerpt":{"rendered":"After a months-long spat, International Game Technology (IGT) and Twin River Worldwide Holdings (TRWH) Inc. are teaming up in Rhode Island. They have announced a partnership that includes the creation of a new company aimed at keeping the Ocean State competitive with neighboring Connecticut and Massachusetts. For Twin River, the operator of Rhode Island’s two […]<\/p>\n","protected":false},"author":46,"featured_media":125683,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\n
IGT, Twin River Decide to Play Nice in Rhode Island<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n