The Rhode Island General Assembly will discuss a deal with gaming technology company IGT and casino operator Bally’s Corp for the operation of most of the state gambling industry.
US.- Rhode Island lawmakers have revealed that the House Finance Committee is considering a new 20-year contract with the technology company IGT and casino operator Bally’s Corp.
The contract is an updated version of the existing gambling contract between the Rhode Island Lottery and the two companies.
If approved by the General Assembly and Governor Dan McKee, IGT and Bally’s would effectively run most of the state’s gambling industry. In exchange, the state would receive an estimated $300m plus per year, according to officials.
According to the Associated Press, it was not immediately clear how much the contract would be worth, but estimations based on 2020 figures would suggest around $1bn over 20 years.
The deal has the backing of both House Speaker Joe Shekarchi and Senate President Dominick Ruggerio.
Ruggerio said the deal would guarantee jobs and revenues for the state.
He said: “The Senate Finance Committee undertook an exhaustive review of this proposal and developed legislation that protects more than 1,000 jobs, guarantees significant capital investment and preserves the state’s third largest revenue stream”.