Why do we want these things again?
Twin River, the Rhode Island race track and slots parlor owned by the same casino investors backing the Mashpee Wampanoag Tribe, is courting bankruptcy.
Twin River pays Rhode Island 61 cents on every $1 spent at the slot parlor. That's more than double the percentage that Foxwoods Resort Casino and Mohegan Sun pay the state of Connecticut.
Earlier this week, Twin River officials offered Rhode Island an up-front payment of $560 million in exchange for cutting the percentage in half.
Rhode Island expects to get $270 million from Twin River next year. It's the Ocean State's third largest source of revenue, but the state is having financial problems of its own and is reportedly looking to close a $425 million deficit.
Rich Young, president of Casino Free Mass, said the investors' troubles in Rhode Island should be a warning to Massachusetts lawmakers who support expanded gambling.
“Gambling has never solved a problem for any state,” Young said.
“What happens is when they get these deals, the investors have to renegotiate to hurt the taxpayer and get record profits for themselves.”
And on a related note-
UPDATE: I had forgotten about this.