International Game Technology (IGT) has just signed an interesting 20 year Rhode Island gambling agreement that has some major benefits for both parties. The deal calls for IGT to make an advanced payment of $27 million to the state.
The deal will give IGT control over most gambling operations the next two decades. They will work with the Twin River casinos in Lincoln, Rhode Island, which is owned by Bally’s Corporation. IGT will drop $100 million for an expansion of the casino.
Additionally, the Rhode Island gambling deal will ensure that IGT will continue to employ over a thousand people in Rhode Island, plus invest over $150 million for technological upgrades.
The President and CEO of Bally’s said: “…we could not be more excited to work alongside IGT and participate in a long-term endeavor that will increase industry competition, preserve and generate revenue, maintain and create new jobs, and provide exciting offerings for our valued customers.”