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: