Rhode Island lawmakers unveil new 20-year gambling contract

IGT Providence headquarters building. File photo by Steve Klamkin WPRO News

PROVIDENCE, R.I. (AP) — A 20-year contract between Rhode Island and the state’s largest gambling companies was unveiled this week.

It will go before the House Finance Committee on Thursday.

WPRI-TV reports that the state would enter the contract with gaming technology company IGT and casino operator Bally’s Corp if the contract is approved by the General Assembly and Gov. Dan McKee.

Budget officials say IGT and Bally’s would effectively run most of the state gambling industry, and in exchange the state would receive an estimated total upward of $300 million per year.

It was not immediately clear how much the contract would be worth, estimates from 2020 pegged the value at about $1 billion over 20 years.