State would get 18% of Twin River table game revenue

RHODE ISLAND would receive 18 percent of revenue from proposed table games at Twin River Casino if voters this November approve allowing the facility to open them there.
Posted 5/25/12

LINCOLN – Rhode Island would receive 18 percent of revenue from proposed table games at Twin River Casino if voters this November approve allowing the facility to open them there.

The state would continue to collect around 61 percent of slot machine revenue under legislation introduced in the General Assembly on May 24.

“It has been our intent that voters of Rhode Island have the full details of the table games tax rate proposal before going to the polls Nov. 6,” Patti Doyle, Twin River spokesperson, said in prepared remarks.

“We see this as a positive beginning in working toward an agreement with the state that is in the best interest of all parties involved,” said Doyle.

Twin River said that the state’s proposed share of revenue from slot machines and table games would total a tax rate over 56 percent and said that would put it near the highest of any such gaming facility in the country, pointing to Connecticut’s 18 percent effective tax rate and the 25 percent tax rate Massachusetts has established in legislation allowing full casinos to be built there.

“We see this proposal as a fair effort to reach a common ground between the state of Rhode Island and Twin River Casino,” Doyle said. “We are focused on bringing table games to Twin River this November.”

Twin River has said that opening table games would create 350 full-time equivalent jobs there and around 300 spin-off jobs within the local community and generate $16 million additional revenue for the state.

The referendum must pass statewide as well as in Lincoln.

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Harrahs deal that voters said no to on 'moral grounds' was 25% to the State but the argument was that we received 50% from Twin Rivers.

Friday, May 25, 2012 | Report this
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