NEW: Chafee Says State Must Protect Gambling Revenue
Tuesday, November 15, 2011
Governor Chafee is weighing proposals from seven potential vendors that want to conduct an economic impact study to assess the various likely competitive threats to Twin River and Newport Grand. On Tuesday, Chafee released the following statement:
“Rhode Island receives more than $300 million annually from the lottery, Twin River, and Newport Grand. This is the third largest source of state revenue.
Given the significance of that revenue stream, I have been closely following the debate in the Massachusetts House and Senate over the question of allowing casino gambling in the Bay State. I have anticipated for some time that today would come and my administration has taken proactive steps in preparation for it.
In June, the state issued a request for proposals for an economic impact study to assess the various likely competitive threats to Twin River and Newport Grand. We received responses from seven potential vendors and a technical review committee made up of representatives of my office and the Departments of Revenue and Business Regulation evaluated each response.
On September 22, the committee made its recommendation to select Christiansen Capital Advisors, LLC to conduct the study. We executed a final agreement with Christiansen on October 26.
Earlier this month, I met with a Christiansen representative and my administration is continuing to work with them to determine the best course of action moving forward. We are prepared for competition – whether it comes from Massachusetts, Connecticut, or New Hampshire – and I remain fully committed to protecting this vital source of revenue.”