Home General News IGT Looking Forward to Establishing Rhode Island Joint Venture

IGT Looking Forward to Establishing Rhode Island Joint Venture

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IGT Looking Forward to Establishing Rhode Island Joint Venture
IGT is looking to further boost its presence in Rhode Island through a new joint venture

IGT is one of the most prominent, multinational gaming firms which produces slot games and a variety of other casino gaming technology. The company was founded back in 1990. Its main office is based in London, while IGT also has offices in Las Vegas, Rhode Island, and Rome. With the acquisition of Gtech from 2006, IGT significantly increased its global presence and its global activities.

Today, the company has operations in more than one hundred countries in the world and it regularly deals with many different nations, as well as with many different local employment laws, and jurisdictions. Back in July of 2014, Gtech acquired International Gaming Technology for $6.4 billion. The merged entity is based in the United Kingdom and the Gtech name was replaced by IGT which remains one of the world’s biggest slot machine manufacturers.

IGT Inking a New Business Alliance

IGT as one of the most prominent companies in the industry has inked a business deal that could see the company establishing a Rhode Island joint venture alongside the Twin River Worldwide Holdings Incorporated company which is a local casino operator. According to one report released several days ago by The Providence Journal news outlet, the two entities had been at odds over International Gaming Technology’s attempts to secure a twenty-year contract extension which would have given the company the rights to supply the majority of the state’s slot machine needs.

Today, IGT provides about half of the around five thousand slot machines which are operated by the two gambling facilities in Rhode Island. At the same time, the company had been seeking a business arrangement that would grant it the rights to supply almost all of the slot needs within the state. Nonetheless, it seems that the two entities have finally put their differences aside after a new plan was released which includes the establishment of a Rhode Island joint venture.

IGT and Twin River Worldwide Holdings Incorporated

The establishment of a joint Rhode Island venue means that IGT will subsequently seek to secure that rather controversial contract extension. In exchange, the company has already promised to pay around $25 million for licensing fees as well as to invest around $150 million. It was also reported that IGT has promised to invest around $100 million to renovate the Twin River Casino Hotel venue.

According to the IGT’s officials, the company has envisioned to hold around a 60% share in this unnamed Rhode Island joint venture while the remaining stake would be controlled by the Twin River Worldwide Holdings Incorporated company. According to the company’s official press release, securing this Rhode Island contract extension would benefit the entire community as it would maintain more than one thousand jobs.

It was also revealed that this business agreement would also result in a construction of a new 12,000 square feet Providence headquarters. Commenting on the news about this yet unnamed venture, Executive Vice-president for the Twin River Worldwide Holdings Incorporated company Marc Crisafulli said that the project also envisioned adding over 40,000 square feet of designated gaming space alongside a massive 14,000 square feet spa. He also added that this scheme would also separate the venue’s smoke-free and smoking areas as well as add a variety of new entertainment projects.

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