R.I. Pension Fund Could Benefit From Mass. Casino
Rhode Island has kept an interested eye on the Massachusetts casino situation, as the possibility of slot parlors and resorts could have an adverse impact on its own gambling industry—and resultant state revenues.
But depending on who winds up with the Eastern Massachusetts casino license, Rhode Island might at least have a silver lining.
That’s because, as The Providence Journal reports, the state’s pension fund has about $57.5 million invested with Mohegan Sun’s financial partner for the proposed Revere casino, Brigade Capital. The Revere project is vying against a proposal from Wynn Resorts in Everett for the lone Boston-area casino license.
It’s just a small percentage of the state’s diverse pension fund, which the ProJo says stands at $7 billion. Still, if the casino succeeds, it could serve to strengthen and secure the investment a bit. That’s better than nothing, in the event Rhode Island’s gambling spots suddenly see fewer Massachusetts (or even Rhode Island) visitors if/when the Massachusetts industry gets its feet off the ground.
The City of Providence also has a small investment that stands to gain based on the success of Penn National Gaming’s Plainville slots parlor, which plans to open next year after having been awarded the right to do so last winter.
Still, Rhode Island would probably much prefer to just keep Bay and Ocean Staters alike in Newport and Lincoln, and to keep on collecting taxes on their gambling. That’s a distinct enough possibility, as Massachusetts voters will get a shot to decide on whether or not to go forward with casinos in the state this fall. As ProJo columnist Bob Kerr puts it:
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