Indian Gaming > Narragansett Tribe's casino partner offers more

May 13, 2004

Narragansett Tribe's casino partner offers more

The backers of the Narragansett Tribe's proposed casino in Rhode Island offered to pay the state $100 for a casino license in addition to a revenue-sharing arrangement.

Harrah's Entertainment CEO and president Gary W. Loveman testified before a House committee yesterday and said the tribe would invest $600 million to build the casino, pay $140 in taxes and pay $100 million for the license. In addition, he said the tribe would share 25 percent of on the first $400 million of revenues and up to 35 percent of earnings over $900 million.

Harrah's also estimates the state would see $114 million in new revenues the first year the casino is in operation, $121.3 million the second year and $128.2 million the third.

The tribe has been seeking a casino for several years and needs voter approval. Lawmakers are considering putting the issue on the November ballot.

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