International Game Technology (IGT) has announced a new joint venture with Twin River Worldwide Holdings, with the aim of working together in Rhode Island to improve and expand gambling services in the state.
The proposed joint venture (JV) would be established on January 1, 2022, with IGT holding a 60% controlling stake and Twin River the remaining 40%.
The JV would run as a licensed video lottery terminal (VLT) provider and supply all gaming machines to the Rhode Island Lottery, with IGT machines to make up 40% of the total network.
A minimum of 6% of machines would be replaced each year, while 5% of VLTs would be premium machines. Meanwhile, Twin River would seek to secure a license as a technology provider and also acquire approximately 23% of the slot floor from existing third party vendors at its Twin River Casino Hotel facility.