In an unprecedented show of collaboration, Twin River Worldwide Holdings (TRWH)and International Game Technology (IGT) unveiled a proposal it hopes to form to work with the Rhode Island state to maximize economic development and keep IGT's 1,100 jobs, increase investment in the state through new construction at Twin River Casino Hotel in Lincoln, ensure that the gaming floor and its slot machines continue to drive over $300 million a year to the State, minimize the risk of systems and technology conversions and overall, enhance Rhode Island's gaming competitiveness with Massachusetts and Connecticut. Twin River and IGT have ended their months-long dispute with an agreement to join forces to create a new company in Rhode Island, setting the stage for a $100-million renovation and expansion of Twin River’s Lincoln casino and the opening of a 12,000-square-foot Twin River headquarters in Providence. They will seek legislative approval to extend their contract through 2043. TRWH will seek licensing as a technology provider and will acquire nearly 23% of the slot floor from July 1, 2020.
IGT will have a controlling 60% stake in the new company and Twin River the remaining 40%. The new joint venture will be a licensed VLT provider and supply the entirety of the gaming machines to the Lottery, effective January 1, 2022.
