GOV. LINCOLN D. CHAFEE approved legislation saying the state 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.
PROVIDENCE – On Wednesday, Gov. Lincoln D. Chafee signed into law legislation that would give the state 18 percent of revenue from proposed table games at Twin River Casino and Newport Grand if voters approve the measure this November.
Twin River, in Lincoln, has said that would amount to around $10.8 million annually if the slot parlor is allowed to add its desired 65 table games.
The company also projects an increase in slot machine revenue for the state of around $12.3 million. The state will continue to collect around 61 percent of slot revenue, giving a total tax rate over 56 percent.
Twin River and Newport Grand, in Newport, want to open full-fledged gambling in order to stay competitive with possible Massachusetts casinos.
Gov. Deval Patrick signed a law allowing up to three such facilities and legislation has established a 25-percent tax rate there.
Twin River also says that table games would generate 350 full-time equivalent jobs and around 300 spin-off jobs.
Voters on Nov. 6 must approve the referendum statewide and in Lincoln and Newport.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.