PROVIDENCE, R.I. (AP) — A 20-year contract between Rhode Island and the state’s largest gambling companies was unveiled this week and will go before the House Finance Committee on Thursday.
If approved by the General Assembly and Gov. Dan McKee, the state would enter a 20-year contract with gaming technology company IGT and casino operator Bally’s Corp, WPRI-TV reported.
IGT and Bally’s would effectively run most of the state gambling industry, and in exchange, the state would receive an estimated total upward of $300 million per year, according to budget officials.
It was not immediately clear how much the contract would be worth. Estimates from 2020 pegged the value at about $1 billion over 20 years.
The deal has the backing of both House Speaker Joe Shekarchi and Senate President Dominick Ruggerio.
Ruggerio and other supporters said the deal would increase state revenue and preserve jobs.
“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,” said Ruggerio, D-North Providence.