 |  | Wednesday, 27 February 2008 |
Harrah's offers Rhode Island town $15 million annually
11 Aug 2004
Harrah's offers Rhode Island town $15 million annuallyHarrah's offers Rhode Island town $15 million annuallyThe financier of a proposed casino in West Warwick has offered the town $15 million yearly, according to a draft agreement presented to town officials last week.Las Vegas, NV August 11, 2004 -- The financier of a proposed casino in West Warwick has offered the town $15 million yearly, according to a draft agreement presented to town officials last week.
The draft shows that Harrah's Entertainment would pay West Warwick $13 million in the first year, $14 million in year two, and $15 million in the third year and every year thereafter. The money would come from 2 percent of the casino's adjusted gambling revenue, plus commercial property taxes it would pay the town, according to the draft agreement obtained by The Providence Journal from Mark Fleury, the one councilman to vote against the casino.
The casino is a partnership between Las Vegas-based Harrah's and the Narragansett Indian Tribe. The General Assembly has voted to put the question before voters this November, but it's being challenged in the courts by the governor and others opposed to another casino in Rhode Island. Lawyers for and against the casino argued over the constitutionality of a referendum on the issue before the state Supreme Court on Friday. The court may issue a decision as soon as this week.
The proposed $15 million annual payment is about one-fifth of West Warwick's current operating budget. The Rhode Island Public Expenditure Council determined in a study in 2002 that West Warwick had the highest effective tax rate in the state. Tax reduction is one reason why some residents support the plan. Others say the money would be used for school aid, and police and fire services.
The Harrah's proposal was presented to town leaders last month. The council sent it back "with substantial changes," according to Town Manager Wolfgang Bauer.
Besides the payments, the agreement earmarks $100,000 for a "human-services fund," which Bauer told The Journal would be used to help problem gamblers and their families.
Harrah's has said it expects to bring in between $450 million and $500 million in each of its first three years. |
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