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.

Get the Story:
Harrah's ups the ante (The Providence Journal 5/13)
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Study: Casino would bring new prosperity, burdens (The Providence Journal 5/13)
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Casino hearings begin (The Kent County Daily Times 5/13)
Gaming Giant: Let Us Take On Foxwoods, Mohegan Sun (The New London Day 5/13)
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Councilman seeks to keep Lincoln's options open (The Providence Journal 5/13)
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Harrah's says state can't lose with a casino (AP 5/12)
House panel hears about ``dark side'' of gambling (AP 5/12)
Narragansetts Face Potential Casino Competitor (Turn to 10 News 5/12)