The Rhode Island General Assembly has voted to approve legislation that will expand the US state’s gaming partnerships with Bally’s Corporation and International Game Technology (IGT).
The Assembly said the legislation, which will now move forward to state Governor Daniel McKee for final sign-off, represents an economic development investment of more than $250m (£176m/€205m) for the state and will preserve Rhode Island’s third-largest source of revenue.
The core component of the legislation is that IGT and Bally’s will establish a joint venture that will operate as a licensed video lottery terminal (VLT) provider in the state and supply all gaming machines to the state lottery.
IGT will have a 60% controlling stake in the venture, with Bally’s owning the remaining 40%.
A minimum annual replacement cycle of VLTs will be set at 6%, with flexibility to replace up to 8% in any year, while at least 5% of VLTs will be premium machines.