Twin River Worldwide Holdings and International Game Technology have unveiled a new partnership to collaborate on a variety of issues with lawmakers from Rhode Island.
It includes improving economic development, retaining IGT’s 1,100 jobs, growing investment in Rhode Island through new construction at the Twin River Casino Hotel in Lincoln, ensuring that the casino floor and its slot machines continue to drive over $300 m annually to the state, minimising the risk of device and technology transfers and enhancing the competitiveness of Rhode Island’s gaming with Massachusetts and Connecticut.
The net effect of these transactions is said to be the creation of a strong, three-way state, IGT and Twin River relationship that would benefit all Rhode Islanders.
With effect from 1 January 2022, the new joint venture, which would be a licenced VLT provider and supply the whole of the gaming machines to the lottery, would be formed. IGT would acquire a 60 percent controlling stake in the new company with Twin River owning the remaining 40 percent.
The Rhode Island Lotteries Department will continue to control and govern all gaming, with all facets of the lottery and gaming systems being run by the Government.
The Rhode Island Lotteries Department will continue to control and govern all gaming, with all facets of the lottery and gaming systems being regulated by the Government.
Robert Vincent, chairman of IGT Global Services said: “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.
“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 plan would also see an 18-month $100m-plus investment in the flagship Twin River Casino Hotel, which would add a 40,000 square foot expansion to the gaming space on the first floor and eliminate most of the slot machines on the second floor to allow a later announcement of a new entertainment model.
Marc Crisafulli, TRWH’s executive vice president, and Rhode Island casino president, 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.”
In addition, Twin River also reports that it will commit to the City of Providence’s a 12,000 square foot headquarter.
“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.”