The Rhode Island Division of Lotteries will continue to maintain oversight and regulation of all gaming, with all aspects of the lottery and gaming programs will continue to be state-operated. “This announcement signals the start of a strong three way partnership that includes not just the two companies, but the state of Rhode Island as well,” said Robert Vincent, chairman of IGT Global Services. “Importantly, it will harness the strongest attributes of each company to better serve Rhode Island taxpayers, to preserve valuable jobs and to make meaningful infrastructure improvements at the gambling facilities, he continued."
Twin River Worldwide Holdings and International Game Technology have unveiled a new collaboration with the intention of working with Rhode Island policy makers on a variety of issues.
This includes maximising economic development, keeping IGT’s 1,100 jobs, increasing investment in Rhode Island through new construction at Twin River Casino Hotel in Lincoln, ensuring that the gaming floor and its slot machines continue to drive over $300m per year to the state, minimising the risk of systems and technology conversions and enhancing Rhode Island’s gaming competitiveness with Massachusetts and Connecticut.
It is said that the net effect of these transactions would be the creation of a robust, three-way partnership among the state, IGT and Twin River that would benefit all Rhode Islanders.
The new joint venture, which would be a licensed VLT provider and supply the entirety of the gaming machines to the lottery, would be established with effect from January 1, 2022. IGT would gain a controlling 60 per cent stake in the new company, with Twin River owning the remaining 40 per cent.
The Rhode Island Division of Lotteries will continue to maintain oversight and regulation of all gaming, with all aspects of the lottery and gaming programs will continue to be state-operated.
“This announcement signals the start of a strong three way partnership that includes not just the two companies, but the state of Rhode Island as well,” said Robert Vincent, chairman of IGT Global Services.
“Importantly, it will harness the strongest attributes of each company to better serve Rhode Island taxpayers, to preserve valuable jobs and to make meaningful infrastructure improvements at the gambling facilities.
“We appreciate the active involvement of the executive and legislative branches of government for encouraging both organisations to work together in such a unique and highly effective manner.”
The proposal would also see an 18-month $100m-plus investment in the flagship Twin River Casino Hotel, which would add a 40,000 square foot addition to the first floor gaming space and removal of most of the slot machines on the second floor to allow for a new entertainment concept to be announced at a later date.
Marc Crisafulli, executive vice president of TRWH and president of the Rhode Island casino, added: “We all recognise the New England gaming landscape has changed significantly in just the last short five years, and our players have more choices. It is crucial that not only the gaming floor in Rhode Island be as vibrant and content-driven as our competitors, but that the wider range of amenities also meet our customer’s expectations.”
Furthermore, Twin river also states that it will commit to a 12,000 square foot headquarters in the City of Providence.
“We are deeply committed to the City of Providence,” added Crisafulli. “When we announced our decision to locate our headquarters here approximately one year ago we said we were excited to be a part of the revitalisation of this great city. We are equally committed to taking a more active role in that resurgence and establishing deep roots in our hometown is just one of many ways we will achieve that.”
https://www.casinobeats.com/2020/01/31/igt-and-twin-river-reveal-rhode-island-vision/