Study: State could net $14M if it bids out Lottery contracts
PROVIDENCE, R.I. (AP) — A study shows Rhode Island could gain $14 million a year in additional gambling revenue if the state could put the Lottery contracts out to bid.
Rhode Island’s Office of Revenue Analysis’ economic impact study was aired during a Senate hearing in Providence on Tuesday.
The Providence Journal reports Twin River Worldwide Holdings has been lobbying aggressively for a chance to submit a bid against International Game Technology, which exclusively holds the Lottery contracts as of right now.
The study requested by the Senate Finance Committee does warn of potential damage to the state’s economy if the gaming company were to leave Rhode Island and none of their more than 1,000 employees were to find new jobs in the state.
IGT’s current contract does not expire until 2023.