UPDATED: 20-Year Agreement With IGT Guarantees 1,100 Jobs in RI
GoLocalProv Business Team
UPDATED: 20-Year Agreement With IGT Guarantees 1,100 Jobs in RI
Governor Gina Raimondo, Speaker of the House Nicholas Mattiello, and Senate President Dominick Ruggerio announced the new contract extension with IGT for continued partnership with the Rhode Island Lottery on Thursday afternoon.
“Rhode Island’s partnership with IGT over the past two decades has led to the creation of a thousand local jobs and hundreds of millions in economic activity. Today’s announcement ensures the company can continue to grow and thrive in our state while providing Rhode Islanders with some of the highest-quality games anywhere in the country. This innovative agreement keeps Rhode Island – and Rhode Island’s jobs – at the center of this modern and evolving industry,” said Raimondo.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTVincent said the agreement will extend the 500 jobs at the Providence downtown location as well as 150 jobs at the West Side of Providence call center, 400 in West Greenwich and about 50 in Cranston that directly support the lottery.
“Today’s announcement by the Governor and General Assembly leadership of Rhode Island regarding the agreement for the continued partnership with IGT is a product of months of discussions and negotiations. We are pleased we were able to reach agreement on a path forward to continue our successful economic development partnership. Included in the agreement is a significant upfront investment of $25 million and follow-on investments of $150 million and an extension of the terms of our current relationship including a renewed employment level commitment for 1,100 workers until 2043," said Vincent.
Vincent said the $25 million is an upfront payment.
The Agreement
Under the terms of the agreement, IGT will be responsible for a $25 million payment to the State, $150 million in capital investments over the next 20 years, and at least 1,100 permanent jobs in Rhode Island.
“IGT is one of Rhode Island’s most valued corporate partners, and I want them to continue to call Rhode Island home for decades to come. This new agreement increases the company’s investment and guarantees great jobs stay in our state. I am committed to a full public vetting of this proposal and the House will hold hearings in the fall,” said Mattiello.
“IGT’s partnership with the State has been beneficial for both parties. We appreciate the Governor’s submission and support of this legislation and look forward to working with the General Assembly toward passage. We particularly want to thank the Speaker and Senate President for their willingness to address this legislation in a timely manner,” said Vincent.
While the company is now headquartered in London, the de facto United States headquarters is the Providence location near Waterplace.
Vincent said he sees the future of gaming moving more and more to mobile and interactive. "I believe sports betting will grow and grow," said Vincent in the interview. Moreover, he sees potential opportunities for sports betting in Massachusetts.
Additional provisions of the agreement include:
- Anytime IGT plans to create at least 30 U.S.-based jobs or transfer as many employees, where not contractually obligated to another state, the company agrees to give Rhode Island the right of the first offer to make a proposal for IGT to locate those jobs in Rhode Island.
- IGT will maintain its corporate lottery office at 10 Memorial Boulevard in Downtown Providence.
- IGT will install a new, state-of-the-art online lottery solution and will bring its iLottery products to Rhode Island.
- IGT will regularly update its hardware and software to ensure Rhode Island Lottery consistently has state-of-the-art technology. Rhode Island Lottery will also have contractual rights to new technology developed by IGT in the future.
- IGT will replace more than 900 VLTs with brand new machines at Twin River Lincoln (25% of IGT’s machines) by the end of 2020 and will be obligated to replace at least the lowest performing 6% of machines at Twin River Lincoln and Twin River Tiverton every year.
- Instant ticket pricing will be locked in at its current rate through the life of the new contract.
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